saveyourassetsfirst3 |
- Great Panther Silver's CEO Discusses Q3 2012 Results - Earnings Call Transcript
- Silver’s Smoking Guns, Part I: Mining Paradox
- Central Bank Gold Demand Still On Track To Hit Highest Level Since 1964
- Gold Investment Demand Up as QE fears grow – ETF’s Rise 56% in Q3 – The World Gold Council
- How nano silver turns people blue
- Silver price could increase 400pc in three years
- A (Federal Reserve) bank run: German style
- Requiem for a Twinkie
- Major Bullion & Miners Buying Opportunity
- Silver Update: President Obama 11.14.12
- SilverFuturist: New Tax lLaws “Better” For Gold/Silver
- Santilli: Law Enforcement Now Being Informed Of Coming Collapse & “Survival War”
- Turkey Pushes For Gold & Global Gold Production To Plummet
- Global Gold Production Is Poised To Fall Off A Cliff
- Norcini – The World Is Balancing On A Razors Edge
- China Says It Must Add To Gold Reserves
- Gold and the Cold War
- QE Fears Grow & ETFs Up 56% – World Gold Council
- Syrians convert gold into cash to survive
- Euro Zone in Recession, Q3 Global Gold Demand Down
- Gold’s Relative Strength & What it Means
- Links 11/15/12
- Platinum and Palladium Will Return to the Biggest Shortages in at Least a Decade
- House Report Says Corzine’s Risky Bets Aided MF Global’s Fall
- Hong Kong Gold and Silver Exchange seeks warehouse in China
- Global gold demand slips 11% in Q3 as China's economy bites - WGC
| Great Panther Silver's CEO Discusses Q3 2012 Results - Earnings Call Transcript Posted: 15 Nov 2012 01:01 PM PST Great Panther Silver Ltd (GPL) Q3 2012 Earnings Call November 15, 2012 10:00 AM ET Executives Rhonda Bennetto – VP, Corporation Communications Bob Archer – CEO Analysts Heiko Ihle – Euro Pacific Capital Jeff Wright – Global Hunter Securities Christos Doulis – Stonecap Securities Joseph Gregor – Global Hunter Securities Presentation Operator Good morning Ladies and gentlemen. Thank you for standing by. Welcome to the Great Panther Silver Limited Third Quarter 2012 financial results conference call. As a reminder all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator instructions) I would now like to turn the call over to Rhonda Bennetto, Vice President Corporate Communications. Please go ahead. Rhonda Bennetto Thank you, Denise. Good morning. And thank you for taking the time to join our call today. Mr. Bob Archer, Great Panther's CEO and Jim Complete Story » |
| Silver’s Smoking Guns, Part I: Mining Paradox Posted: 15 Nov 2012 10:32 AM PST When a reader (and fellow silver-mining investor) recently expressed his frustrations on our Forum regarding the absurd valuations which most of these miners currently exhibit, I decided it was once again time to try to shed some light (and sanity?) on this subject. When I began investing in these silver miners many years ago; one of the first anomalies to which I was introduced was that the vast majority of silver produced in the world (more than 75% at that time) was produced as a "byproduct" of other mining. While I immediately recognized that this was an extremely important factoid, at that time I lacked the level of understanding necessary to glean its true significance. Since that time, the ramifications of these incredible parameters in silver mining are now apparent to me. Sadly, however, this important analytical point does not seem to be as apparent to others. While I've covered this subject matter once already in a prior commentary, the lack of general awareness in this area clearly merits repetition of this analysis. The basic parameters for the mining of metals on our planet are simple and clear. With nearly every commercially-produced metal on the planet, the vast majority of that metal is produced via "primary" mining – mines which "primarily" produce that particular metal. The reason for this should be obvious. At the large scale at which the modern, global economy operates; the need develops to secure large supplies of these metals. For purposes of both efficiency and a secure supply-chain; it is natural/preferable to seek to develop "copper mines" to meet copper demand, "zinc mines" to meet zinc demand, etc. We would thus expect all of these commercially/industrially consumed metals to have production models where the vast majority of supply came from primary mining, with the metal which was produced as a "byproduct" (through the primary mining of other metals) being merely incremental to supply. Indeed, with any/every metal for which there is this commercial/industrial demand, there are only two market paradigms where we would not expect the majority of (new) supply to come from primary mining, but rather as a byproduct of other mining: a) Metals with a low level of demand, and/or only limited or specialized uses; b) Metals which are found in either such small quantities or trace amounts that "primary" mining is not commercially feasible. It is abundantly obvious that silver doesn't come close to meeting either of those two conditions. With respect to its level of demand and its multitude of commercial/industrial applications; silver is literally in a class by itself. With its aesthetic appeal (it's the brightest of all metals) and malleability, it is (along with gold) the world's best and oldest form of real "money". On that basis alone there is significant investor demand for silver. Meanwhile, with new patents for silver-based industrial applications outnumbering those of any other metal; industrial demand for silver is large, strong, and growing. The demand parameters are unequivocal: the majority of silver mined in the world should come from primary silver mining. This leaves the issue of supply. Is silver so rare in quantity and/or purity that primary silver mining is not feasible? Absolutely not. |
| Central Bank Gold Demand Still On Track To Hit Highest Level Since 1964 Posted: 15 Nov 2012 10:04 AM PST |
| Gold Investment Demand Up as QE fears grow – ETF’s Rise 56% in Q3 – The World Gold Council Posted: 15 Nov 2012 09:58 AM PST gold.ie |
| How nano silver turns people blue Posted: 15 Nov 2012 09:48 AM PST |
| Silver price could increase 400pc in three years Posted: 15 Nov 2012 09:46 AM PST |
| A (Federal Reserve) bank run: German style Posted: 15 Nov 2012 09:45 AM PST Call it wishful thinking, but a small part of me thinks that the real reason why German officials are starting to ask tough questions about their gold reserves is because it is losing confidence in ... |
| Posted: 15 Nov 2012 07:40 AM PST
So now, as the Twinkie market fades away, this seemed a touch ironic:
Normally — at least in keeping with the twinkie version of "normal" — a tidbit like the below would get pulses racing:
 Today, though, there is more focus on the fiscal cliff fist-fight, and stuff like this:
Wall Street has been conditioned to ignore the Middle East after countless isntances of "boy who cried wolf" syndrome. There is always some drama on the brink of escalating over there. Thomas Friedman wonders aloud, however, if "the big one" could be coming:
What about fundamental reasons to maintain optimism? Again, this goes back to the "twinkie" problem:
Those who look at the markets as a sporting event are typically wedded to one side — the bullish side – and tend to "root for their team" under all circumstances and conditions. (Some root for the bear team at all times — ahem, Zero Hedge cough cough — but they are far fewer in number in terms of actual market particpants). Those who look at markets as a narrative, however, can see larger developments unfolding that are not necessarily favorable to one side or the other.
In the aftermath of the 2008 financial crisis, the greatest globally coordinated stimulus push of all time was conducted. At the same time, epic levels of corporate down-sizing and cost-cutting were implemented. Meanwhile, weak to nonexistent recovery and crisis threats from Europe provided cover for even more central bank stimulus. Markets rose powerfully for a multi-year stretch on bolstered corporate profits and near zero interest rates. At the same time, China rose mightily in 2009 and took on a seeming role as the new "engine of growth to the world." Also against this backdrop, Apple (AAPL) became the most beloved company of all time on a consumer tech tablet / smartphone tidal wave… And Silicon Valley again turned white hot on a powerful social media / venture capital boom. The entire chapter of the story as just described is coming to a close now. Like the Bush tax cuts, all of the above drivers are threatening to either STALL, EXPIRE or REVERSE. R.I.P. Twinkie Market: March 2009 – Nov 2012??? JS (jack@mercenarytrader.com) p.s. Like this article? For more, visit our Knowledge Center!p.p.s. If you haven't already, check out the Mercenary Live Feed!  Similar articles you might like: |
| Major Bullion & Miners Buying Opportunity Posted: 15 Nov 2012 07:27 AM PST This is that period of time that comes only once or twice a year when the chartists get fleeced. The charts always say the market is going lower at intermediate bottoms. This is why chartists always miss these major bottoms. |
| Silver Update: President Obama 11.14.12 Posted: 15 Nov 2012 07:12 AM PST Do you talk to people? from brotherjohnf: 1 Let every soul be subject unto the higher powers. For there is no power but of God: the powers that be are ordained of God. 2 Whosoever therefore resisteth the power, resisteth the ordinance of God: and they that resist shall receive to themselves damnation. 3 For rulers are not a terror to good works, but to the evil. Wilt thou then not be afraid of the power? do that which is good, and thou shalt have praise of the same: 4 For he is the minister of God to thee for good. But if thou do that which is evil, be afraid; for he beareth not the sword in vain: for he is the minister of God, a revenger to execute wrath upon him that doeth evil. 5 Wherefore ye must needs be subject, not only for wrath, but also for conscience sake. 6 For for this cause pay ye tribute also: for they are God's ministers, attending continually upon this very thing. 7 Render therefore to all their dues: tribute to whom tribute is due; custom to whom custom; fear to whom fear; honour to whom honour. Romans 13 This video is for purposes of criticism, comment, news reporting, teaching, scholarship, and research. All video and audio content is my own creation and is protected by Creative Commons Attribution-NoDerivs 3.0 Unported License. All other images and articles shown in this video are for purposes of "fair use" under Section 107 of the Copyright Act 1976. Netdania screenshots provided per Netdania permission based upon verbal attribution per Izabela Mindak at Netdania.com. Thumbnail images come from free use archive at Wikimedia Commons. ~TVR |
| SilverFuturist: New Tax lLaws “Better” For Gold/Silver Posted: 15 Nov 2012 07:10 AM PST |
| Santilli: Law Enforcement Now Being Informed Of Coming Collapse & “Survival War” Posted: 15 Nov 2012 07:03 AM PST On this episode of The Pete Santilli Show: Pete talks about the Petraeus saga as it continues to get stranger and more complicated. Exactly what is it we are being distracted from?Ð’ Be ready for anything as this story unfolds and we will be covering it.Ð’ from petersantillitv: Pete covers todays events and takes callers. At the end of the show he has a message for people who troll you won't want to miss. The Bunker News Break is brought to you by occupycorporatism.com and Susanne Posel. Susanne is live starting at 8:08 P.M. PT giving you a sneak preview ofÐ’ her latest and best articles on occupycorporatism.com and coverage of the days most important events. In this episode Susanne covered: ~TVR |
| Turkey Pushes For Gold & Global Gold Production To Plummet Posted: 15 Nov 2012 06:55 AM PST
from kingworldnews.com: Today one of the wealthiest men in the resource space urged people to take very seriously Keith Barron's warning that global gold production was poised to fall off a cliff. Rick Rule also spoke about comments from Turkey's leader that gold should be considered when it comes to stabilizing the financial system. Here is what Rule had to say: "The President of Turkey was speaking in the context of the European Economic Community, reserve currencies and exchange mechanisms, and he asked the assembled political leaders, 'Why not gold? What's the matter with gold? Nobody can print gold.'" Keep on reading @ kingworldnews.com |
| Global Gold Production Is Poised To Fall Off A Cliff Posted: 15 Nov 2012 06:51 AM PST
from kingworldnews.com: Today a legend in the business surprised King World News when he warned that "… global gold production is poised to fall off a cliff." Keith Barron, who consults with major gold companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also spoke about the tragic events which are taking place in Europe. Here is what Barron had to say: "It was just announced that the creditors for Greece had gotten together and decided they are not going to impose the severe austerity they had been talking about. The European Central Bank is aware that Greece has a shortfall between now and 2016 of 32 billion euros. They have no idea where Greece is going to find it." Keep on reading @ kingworldnews.com |
| Norcini – The World Is Balancing On A Razors Edge Posted: 15 Nov 2012 06:49 AM PST
from kingworldnews.com: On the heels of some wild trading in many key global markets, today acclaimed trader Dan Norcini told King World News, "It is a good question for people to be asking themselves, can gold and silver continue to stay firm in the face of weakness in the stock market, as well as the mining shares themselves? There are traders that have been buying gold in anticipation of stronger demand from India during Diwali, which is right around the corner." Dan Norcini continues: "This buying has been helping gold recently. We also had an Israeli strike take place on a Hamas leader yesterday in the Middle-East, which also put a safe haven bid in gold. It is also worth mentioning that we saw some strength in the crude oil market yesterday and this also helped put a bid in the gold market. Keep on reading @ kingworldnews.com |
| China Says It Must Add To Gold Reserves Posted: 15 Nov 2012 06:29 AM PST I lifted this Zero Hedge article from Harvey Organs site, http://harveyorgan.blogspot.com/. If per the speculation in the article that China already has 6,000 Tons of gold and they announce it, how bonkers will gold go? China Says It Must Add To Gold Reserves To Promote Yuan Globalization And As An FX Hedge Submitted by Tyler Durden on 11/13/2012 23:14 -0500 Back in September, when we provided the monthly observation on what has become a record year to date surge in Chinese imports of gold from Hong Kong, we reminded readers that "in December 2009, the China Youth Daily quoted State Council advisor Ji as saying that a team of experts from Beijing and Shanghai have set up a "task force" last year to consider growing China's gold reserves. "We suggested that China's gold reserves should reach 6,000 tons in the next 3-5 years and perhaps 10,000 tons in 8-10 years," the paper quoted him. Has China managed to accumulated 6,000 tons yet? We won't know for sure until the official disclosure which will come when China is ready and not a moment earlier, but at the current run-rate of accumulation which is just shy of 1,000 tons per year, it is certainly within the realm of possibilities that China is now the second largest holder of gold in the world, surpassing Germany's 3,395 tons and second only to the US." Two days ago we showed that the relentless importing of gold in China continues, yet what has been missing is an update directform the horse's mouth how China feels toward gold (because we certainly know how it feels toward US Treasury paper). Today, we finally got one straight from Beijing, and that during a very carefully supervised time when the 18th Communist Congress is still in session, and every word out of China has profoundly telegraphic implications. From Bloomberg: China needs to add to its gold reserves to ensure national economic and financial safety, promote yuan globalization and as a hedge against foreign- reserve risks, Gao Wei, an official from the Department of International Economic Affairs of Ministry of Foreign Affairs, writes in a commentary in the China Securities Journal today. While gold prices are currently near record highs, China can build its reserves by buying low and selling high amid the short-term volatility, Gao writes in newspaper China's gold reserve is "too small", Gao says And there it is: while many have speculated that China, which has not given an update of its official holdings in nearly 4 years, is quietly building up its gold reserve holdings behind the scenes, there was no reason to worry. The time to worry would be when China was starting to give indications it is prepared to tell the world what its true gold holdings are (by now certainly well over 1000 tonnes). And the above piece from Wei is just that: because in saying very little, the Chinese official with a key political post has just given the first hint that China is preparing to give its official gold far greater focus. And from there, the time until China releases an IMF update on its official reserve holdings will be measured in days if not hours. Because all the gold will have long been accumulated. And once that happens it will be too late to buy any incremental gold. Or tungsten. end |
| Posted: 15 Nov 2012 05:54 AM PST |
| QE Fears Grow & ETFs Up 56% – World Gold Council Posted: 15 Nov 2012 05:28 AM PST Gold edged down on Thursday, but the looming US fiscal cliff, Eurozone debt problems and rising Middle East tensions continue to enhance the yellow metal's safe haven appeal. |
| Syrians convert gold into cash to survive Posted: 15 Nov 2012 05:25 AM PST Syrians convert gold into cash to survive By AFP Damascus In a Damascus jewelry shop, the customer's jaw drops when he hears what he is being offered for his gold ring. Barely $100. "Can't you do any better?" he asks timidly before accepting the deal. After nearly 20 long months of conflict, many Syrians are now digging deep into their pockets, with many having to sell their jewelry -- including family heirlooms -- just to survive. The conflict between government troops and the rebels may have brought the economy to a stalemate, but the gold market is experiencing an unprecedented frenzy. For those who have lost their livelihood with the closing down or destruction of their workplace, selling off jewelry is an unwelcome but necessary option so they can feed their families. For the rich, the precious metal represents a bulwark against the collapse of the Syrian pound. According to Sonia Khanji, a member of the Damascus Chamber of Commerce, 30 percent of small and medium enterprises in the country have now closed, throwing roughly a quarter of the workforce out of a job. In the jewelry souk of Hariqa in the heart of the capital, one young woman tensely discusses the price of an enormous ring inherited from her grandmother. "I'll buy it for 55,000 Syrian pounds ($740) when you've made up your mind," says the prospective buyer. She goes on her way, convinced that his offer is too low. "She'll be back," he says, confidently. "It looks like she needs the cash." Long accustomed to stable prices and currency, Syrians have seen rampant inflation reduce their purchasing power by one third since the revolt against the regime of President Bashar al-Assad broke out in March 2011. Damascus blames the country's economic woes on sanctions imposed by Europe and the United States, whose administrations accuse the regime of conducting a bloody crackdown on its own people. "The demand for jewelry has declined significantly over the past two years over the rising price of gold on the world market and the weakening of the Syrian pound" which has lost half its value against the dollar, according to jeweler Bassil Mdari. Today, those who still have a steady income put their faith in gold. "People prefer to buy gold or sterling ounces rather than trinkets," Mdari says, adding that people are hunkering down for a protracted period of unrest. "People have lost faith in the national currency. Whenever new economic sanctions are announced, I notice that the rich flock to buy gold. They believe that acquiring the yellow metal offers security," says Michel, a jeweler. Damascus industry professionals agree that the precious metal provides a form of savings that appreciates in times of political and economic uncertainty. "To save money, people prefer gold. They fear a rising dollar and the fall of the Syrian pound, and gold is easier to transport if we need to leave quickly," said Hisham, a goldsmith on Abed Street in downtown Damascus. He acknowledges that it is mostly the upper and middle classes who invest in gold, "as in most countries in the world." The rise in price of gold shows no signs of abating, going up 265 Syrian pounds ($3.60) per gram in the past week alone, government daily Al-Thawra said on Sunday. "Gold is on track to reach new heights," Georges Sarji, the head of a local jewelers' association, was quoted as saying. He blamed the price hikes on soaring international markets, but insisted that "the sales market is improving, despite the fact that Syrians continue to sell their gold." According to Sarji, more than 100 pounds in weight of gold are now sold daily in Damascus -- $2.8 million dollars' worth. The price of an ounce of gold finished the week at $1,739.04 on the international market. http://english.alarabiya.net/article...12/249143.html |
| Euro Zone in Recession, Q3 Global Gold Demand Down Posted: 15 Nov 2012 05:03 AM PST The dollar gold price drifted lower to $1,720 an ounce during Thursday morning's London session, around $10 down on the week, as stocks and the euro also drifted lower following the release of weak economic growth data from the euro zone. |
| Gold’s Relative Strength & What it Means Posted: 15 Nov 2012 04:20 AM PST The real price of gold is trending bullish which implies good times ahead for precious metals in the coming months. The poor outlook for oil and industrial prices is a good thing for gold and silver producers as their margins could expand. |
| Posted: 15 Nov 2012 03:54 AM PST This is Naked Capitalism fundraising week. 560 donors have already invested in our efforts to shed light on the dark and seamy corners of finance. Join us and participate via our Tip Jar or WePay in the right column or read about why we're doing this fundraiser and other ways to donate, such as by check, on our kickoff post or one discussing our current target. Study suggests humans are slowly but surely losing intellectual and emotional abilities Medical Xpress (furzy mouse). The creepy bit is that the "city life leads to weaker human stock" is the same line eugenicists used to demonize immigrants, who typically sought work in major cities. And I doubt the rise in ADD and narcissism can be attributed mainly to nature (the article basically admits that, pointing out the genetic decay is pretty gradual). Vegetative Ontario man Scott Routley 'talks' to researchers through brain scans The Star Judge certifies class-action lawsuit against Papa John's for alleged text spam ITWorld BP in 'Deepwater Horizon plea deal' Guardian. Mirabile dictu, a criminal settlement Shale Gas Bubble Bursting: Report Debunks "100 Years" Claim for Domestic Unconventional Oil and Gas Steve Horn, Firedoglake What is China's new investment surge building? MacroBusiness Xi Jinping appointed new Chinese leader Financial Times S&P: Australia is Spain in waiting MacroBusiness. I hate to sound mean spirited, but even if home prices in Sydney fell 40%, how affordable would they be? Debt crisis: Eurozone enters enters double-dip recession Telegraph Rajoy's Path to Bailout Clears as EU Endorses Austerity Bloomberg Hamas: Israeli attack on Gaza opens 'gates of hell' Guardian Three Israelis killed by rockets fired from Gaza Telegraph Another War On Gaza Moon of Alabama Panetta unaware of any more names in Petraeus case USA Today. That's a remarkable headline. Obama 'withholds judgment' on Petraeus Financial Times. Ringing Pontius Pilate. Uprooted Students Endure Trek to Class New York Times. Sandy aftermath. Zillow: Fiscal cliff may derail negative equity decline Housing Wire. Yet more fiscal cliff threats (I'm not saying it's good, I'm sayin' December 31 is a phony deadline). Obama Meets C.E.O.'s as Fiscal Reckoning Nears New York Times Did climate change controversy cause UVA's sacking of Teresa Sullivan? Guardian. Lambert was onto this when the story was hot! Go Lambert! Black Friday slips to 'Grey Thursday' Guardian. Will the union supporters protest, or impede the shoppers (like filling carts full of stuff and abandoning them in the aisles, or buying batteries and paying for them with small change?). I'm not sure what approved shopper WalMart petty sabotage looks like, but if I find out, I may go out on Turkey Day and cause a bit of trouble. Corzine blamed for MF Global collapse and MF Global accused of misleading regulators Financial Times. Looks like I have my reading cut out for later today Want Less Inequality? Tax It American Prospect Business Confidence Continues Its Stunning Collapse Clusterstock Where has all the Risk gone? Golem XIV BofA v. MBIA and the Future of Private Label Securitization Adam Levitin, Credit Slips Antidote du jour (furzy mouse): 
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| Platinum and Palladium Will Return to the Biggest Shortages in at Least a Decade Posted: 15 Nov 2012 03:24 AM PST ¤ Yesterday in Gold and SilverI wouldn't read much into yesterday's price action in gold, as it was just another day off the calendar as Ted Butler is wont to say. The low came around 12:30 p.m. in London local time...7:30 a.m. in New York...and the gold price attempted to rally from there. The strange event of the day was the spike high tick [$1,735.50 spot] that came at precisely 2:00 p.m. Eastern time in the New York electronic market. It, along with every other tiny rally during the Comex trading session, got cut off at the knees before they could really develop into anything. Gold closed at $1,727.60 spot...up $2.70 on the day. Net volume was pretty light at around 130,000 contracts...about 15 percent higher than on Tuesday.
Here's the New York Spot Gold [Bid] chart on its own. The spike at 2:00 p.m. is very noticeable here. I'm not sure it means a whole heck of a lot, put you hardly ever see this kind of price action in the New York electronic market.
The silver price action on Wednesday had a lot more structure to it...although its overall price pattern was virtually the same as gold's. The low, like gold [around $32.35 spot], came at 12:30 p.m. GMT in London...and the subsequent rally got hit at the 2:00 p.m. spike high [$33.05 spot] in New York electronic trading. The rally from the low to the high was around 70 cents. Needless to say, the silver price got sold off after that...and closed at $32.74 spot...up 24 cents. Net volume was around 35,000 contracts...about 1,000 less than Tuesday.
I was going to post the New York Spot Silver [Bid] chart at this point but, once again, it's M.I.A. on Kitco's website. It should be obvious once again that without the intervention of JPMorgan and friends, both silver and gold would have finished materially higher on Wednesday...and that applies to Monday and Tuesday New York price action as well. The dollar index spent the second day in a row chopping around mostly above the 81.00 mark...and finished the day at 81.12.
Despite the fact that the gold price traded mostly in positive territory yesterday, the gold stocks turned out to be just stocks, as they got caught up in the sell-off of the general equity markets as well. Their price path mirrored the DOW almost exactly...and when the smoke cleared, the HUI was down 4.59%...closing almost on its low of the day.
The silver stocks got smoked as well...and Nick Laird's Silver Sentiment Index closed down 4.97%.
The CME's Daily Delivery Report showed that 14 gold and 1 silver contract were posted for delivery on Friday from within the Comex-approved depositories. Over at GLD, an authorized participant withdrew 77,512 troy ounces of gold...and there were no reported changes in SLV. There was a small sales report from the U.S. Mint. They sold 5,500 ounces of gold eagles...500 one-ounce 24K gold buffaloes...and 500 silver eagles. There was big activity over at the Comex-approved depositories on Tuesday. They reported receiving 1,145,782 troy ounces of silver...and shipped 1,514,655 troy ounces out the door. The link to that activity is here. I have no charts today, so here are a couple of 'critter' photos that Nick Laird sent me over the last few days. The first is an Australian Bushturkey that he photographed from his front verandah. Unlike the domesticated variety, this fellow can fly and, despite its name and their superficial similarities, the bird is not closely related to the American turkey.
The spider below is not related to Shelob...but looks like it could be. It's a Golden silk orb-weaver...and in real life is about 15 cm [6 inches] across...which gives you some idea of the size of the web they spin. I saw one of the South American varieties of this spider when I was visiting Pucallpa in Peru...and it gave me the horrors. A big spider here in Canada would be 2 cm.
I have the usual number of stories for a week day, so I hope you have the time to at least skim the parts that I've cut and paste from each one. The first story could have come right from the front page of the National Enquirer...but it's actually from The Telegraph. All us old warriors in the GATA camp will have our hi-gain antennas turned up in anticipation of a price smash. 76 Carat Archduke Joseph Diamond fetches record $21.5 million. Hong Kong Gold and Silver Exchange seeks warehouse in China. Diwali gold sales surge but, rural buying slumps. Global gold demand slips 11% in Q3...WGC ¤ Critical ReadsSubscribeDavid Petraeus affair: Florida twins courted generals and racked up millions in debtTwin Florida socialites who are at the centre of the David Petraeus affair gained intimate access to America's military and political elite through their high-rolling lifestyles even as they quietly racked up millions of dollars in debts and credit card bills. Jill Kelley, whose complaint over threatening emails prompted the FBI inquiry that has ensnared two top generals, is mired in lawsuits from a string of banks totalling $4 million (£2.5 million), court filings obtained by The Daily Telegraph in Florida show. Meanwhile Mrs. Kelley's identical twin Natalie Khawam – who obtained testimonies to her good character from both Gen Petraeus and Gen John Allen during her own separate legal battle – declared herself bankrupt earlier this year with liabilities of $3.6 million, filings show. Someone is either going to make a movie out of this, or maybe even a television series...and I'm sure that someone has already started on the first of many books. This will get much uglier before this story breaths its last. I found it in yesterday's edition of the King Report...and the link is here.  White House: Obama Won't Compromise On Extending Cuts For Top 2%In the run-up to negotiations that begin later this week over averting the looming fiscal cliff, the White House Tuesday made clear that only a balanced plan that does not include tax cuts for the wealthy will secure President Barack Obama's approval, and urged immediate action on extending the tax relief for middle class Americans. In a daily press briefing that was dominated by questions about the ongoing soap opera surrounding disgraced former CIA Director David Petraeus, Press Secretary Jay Carney laid out what the president's parameters will be heading into talks with senior lawmakers that kick-off Friday. Obama is committed to extending the Bush-era tax cuts for 98% of Americas, Carney said, but will not sign a bill that extends the Bush-era tax cuts for the top 2% — and such a bill would not pass the Senate — because "it's not good policy." This story was posted on the forexlive.com Internet site yesterday...and is the second in a row that I borrowed from yesterday's King Report. The link is here.  U.S. Budget deficit rises to $120 billion in OctoberThe budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape. The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011. Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion. This Reuters story from Tuesday was posted on the news.yahoo.com Internet site yesterday...and I thank Scott Pluschau for sending it. The link is here.  U.S. credit rating could again take hit in 2013In 2011, the United States emerged from a damaging budget battle with a downgrade of its pristine triple-A rating for the first time in history. In 2013, it could be dealt even a bigger blow. The battle over avoiding the so-called fiscal cliff is the first of a likely series of partisan confrontations in Washington in the coming year that, if not resolved, could cause more downgrades of the U.S. credit rating. "The rating is in the hands of policymakers," said John Chambers, chairman of Standard & Poor's sovereign rating committee, the agency that downgraded the United States in August 2011. In interviews with Reuters since the November 6 election, all three major rating agencies said cutting the U.S. debt rating - still among the world's strongest - is highly likely if next year's budget process replays 2011's debt ceiling debacle or if the seemingly simple goal of cutting deficits goes unmet. No surprises here. This Reuters story showed up their website very late yesterday afternoon Eastern time...and I thank Roy Stephens for his first offering in today's column. The link is here.  Small U.S. banks battle regulators on capital requirementsCommunity banks say they may be pushed out of the residential mortgage market, leaving it in the hands of a few lending giants, because of an effort by global regulators to make banks hold more in their reserves in the event of a crisis. The move will hit smaller banks harder than big ones, lessening their ability to provide mortgages and other loans to consumers, community bank advocates say. Their complaints, which will be aired during a hearing on Capitol Hill Wednesday afternoon, follow long-standing concerns that out of the crisis a few behemoths, such as JPMorgan Chase and Wells Fargo, are dominating banking. This story showed up in The Washington Post on Tuesday...and is Donald Sinclair's first offering of the day. The link is here.  House Report Says Corzine's Risky Bets Aided MF Global's FallCongressional investigators on Wednesday took aim at a former colleague, Jon S. Corzine, blaming the onetime senator's risk-taking at MF Global for accelerating the brokerage firm's demise. In excerpts from a broader MF Global report that is to be released on Thursday, Republican members of a Congressional panel outlined a withering critique of Mr. Corzine's 19-month reign at the firm. Mr. Corzine, a former Democratic senator and governor from New Jersey, resigned as MF Global's chief executive last fall after the firm raided customer accounts during a futile fight for survival. The attack on Mr. Corzine, leveled by Republicans on the oversight panel of the House Financial Services Committee, appeared to delineate political battle lines that have emerged after MF Global's collapse. Democratic members declined to endorse the report, saying they needed additional time to study the findings. What a surprise! This story showed up on The New York Times website early yesterday afternoon Eastern time...and I thank Washington state reader S.A. for being the first one through the door with this article. The link is here.  CME gets more time in U.S. compliance spat with CFTCU.S. exchange operator CME Group has been granted more time to report trading data by the Commodity Futures Trading Commission after it sued the regulator in a spat over compliance that has split the derivatives industry. The CME is suing the markets watchdog, seeking to prevent the enforcement of rules that require it to report swaps transaction data to a third party and which were due to go into effect on Tuesday. The CME wants to rely on its own data warehouse, or Swaps Data Repository, instead, and is seeking permission from the CFTC to operate one. The CFTC has now granted the CME until December 4 to comply with the rules but it remains unclear whether this extension means it is likely to gain permission for its own data warehouse. I ran this story past Ted Butler...asking him "How significant is this in the grand scheme of things?' His reply..."The main significance is that it confirms that the two main adversaries to the CFTC are the CME Group and JPMorgan Chase." Well, dear reader, why should we be surprised about that? This Reuters story was picked up by the finance.yahoo.com Internet site yesterday...and I thank Scott Pluschau for his second offering in today's column. I consider it a must read...and the link is here.  Ron Paul departs with 'Our Constitution has failed'U.S. Rep. Ron Paul, the iconic libertarian congressman from Texas, h |
| House Report Says Corzine’s Risky Bets Aided MF Global’s Fall Posted: 15 Nov 2012 03:24 AM PST  Congressional investigators on Wednesday took aim at a former colleague, Jon S. Corzine, blaming the onetime senator's risk-taking at MF Global for accelerating the brokerage firm's demise. In excerpts from a broader MF Global report that is to be released on Thursday, Republican members of a Congressional panel outlined a withering critique of Mr. Corzine's 19-month reign at the firm. Mr. Corzine, a former Democratic senator and governor from New Jersey, resigned as MF Global's chief executive last fall after the firm raided customer accounts during a futile fight for survival. |
| Hong Kong Gold and Silver Exchange seeks warehouse in China Posted: 15 Nov 2012 03:24 AM PST  Hong Kong's Chinese Gold & Silver Exchange Society (CGSE) is in initial talks with Chinese officials to set up a bonded warehouse on the mainland in a bid to boost business with exchanges and traders there, its president said on Tuesday. The CGSE is a leading physical gold marketplace in Asia. President Haywood Cheung said the CGSE was seeking to set up a warehouse for gold and silver in Qianhai, a new financial zone in the southern city of Shenzhen. "We are definitely interested in setting up warehouses in the mainland," Cheung told Reuters in an interview. "Officials for Qianhai have said that initially this can be considered and is a good idea." |
| Global gold demand slips 11% in Q3 as China's economy bites - WGC Posted: 15 Nov 2012 03:24 AM PST  Global gold demand dropped 11 percent in the three months to September from record levels seen in the same period last year, dampened mainly by fading Chinese fervour as its economy slowed, with stronger Indian demand stemming a larger fall, the World Gold Council said. Chinese gold consumption fell 8 percent in the July to September period to 176.8 tonnes, the WGC's quarterly demand trends report showed on Thursday, with both jewellery and investment demand hurt by a slowing economic growth. Data last month showed China's economy slowed for a seventh straight quarter in the July to September period. Chinese bar and coin investment dropped 12 percent to 53 tonnes, while jewellery buying fell 5 percent to 123.8 tonnes. |
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