saveyourassetsfirst3

Austria joins the hit parade
A Year Without A Santa Claus For ALU
Bundesbank Won't Explain Sale of Gold Even if it's Only to Finance Ministry for Coins
Dollar Doomsayer, Jim Rickards, Predicts Fed Won't Stop Printing
Bristol-Myers Bolsters Portfolio With EU Approval For New Kind Of Diabetes Drug
Peter Schiff On The Crash Still To Come, Foreign Bonds, And How To Fix The U.S. Government
How To Tell When The Commodity Supercycle Is Over
Gold and Silver Market morning, November 22, 2012
Prepare For A Possible Price Spike In Gold And Silver
HUI-Gold Ratio; 3 Views, 1 Conclusion
Debt Crisis Solutions are Leaving Investors Behind
Is Gold Money?
Currency Devaluation: While Europe Gets Sinned, Australia Sins
Petition for Secession: The United is States Starting to Crack
The Soros Position Nobody is Talking About
Webbot: Clif High 11/18/2012
Silver and gold rise/silver OI rises to 150,000 contracts/Brazil adds 17.17 tonnes of gold/Russia adds 3.11 tonnes/No Greece deal last night/TelAviv bus explodes due to a bomber/Cease fire in Israel
CHANNEL RESOURCES OUTLINES MAJOR NEW EXPLORATION TARGETS

Posted: 22 Nov 2012 09:03 AM PST

Call to bring Austrian gold back home from the UK

22. 11. 12. - 13:00

There is heated debate in Austria after it was revealed that the country's National bank (OeNB) 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 OeNB 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.

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.

http://austriantimes.at/news/Busines...me_from_the_UK

A Year Without A Santa Claus For ALU

Posted: 22 Nov 2012 08:25 AM PST

By Markos Kaminis (Wall St. Greek):

Alcatel-Lucent (ALU) has coal in its stocking this Christmas, and shouldn't see any significant upside through December in my estimation. Given the stock's price decline this year, I expect it to be burdened by the weight of more tax loss selling through November and perhaps through December as well.

Alcatel-Lucent shares are off little on the dollar scale, but they're down approximately 62% off their 52-week high, and that'll hit your wallet well enough. So, investors who bought in recently on hopes of a quick turnaround could now be selling to capitalize on tax loss opportunities, or they should be anyway in my estimation. That's because you can reestablish your position after 30 days to avoid wash sales and at the same time take your tax loss. Much of this type of selling occurs earlier than December, due to sophisticated investor planning to beat the masses at it to limit

Complete Story »

Bundesbank Won't Explain Sale of Gold Even if it's Only to Finance Ministry for Coins

Posted: 22 Nov 2012 05:45 AM PST

¤ Yesterday in Gold and Silver

The spike in the dollar index produced a corresponding drop in the gold price in mid-day trading in the Far East yesterday. The low price tick of the day came somewhere just below the $1,720 spot price mark at the beginning of the lunch hour in Hong Kong.

From there, the gold price began to rally, but it was obvious from the price pattern that there was a not-for-profit seller lurking about...especially during the Comex trading session in New York...as every rally attempt ran into resistance. The New York low came at London p.m. gold fix, which was 10:00 a.m. Eastern time.

The high price tick came at 1:00 p.m...and from that point, gold got sold off immediately going into the Comex close thirty minutes later. After that, the gold price traded sideways for the rest of the electronic session.

Gold closed at $1,729.20 spot...up $1.10 on the day. Gross volume was pretty heavy, as there were lots of roll-overs out the December contract. Net volume was very light at around 88,000 contracts.

The silver price followed the same downward price pattern in Far East trading that gold did...and the low of the day came at around 1:00 p.m. Hong Kong time. Silver then spent the rest of Wednesday trying to claw its way back above its Tuesday closing price...finally making during the New York lunch hour.

Silver's high tick [$33.53 spot] came at the same time as gold's...a few minutes after 1:00 p.m. Eastern...and from there the metal traded sideways into the 5:15 p.m. close of electronic trading.

Silver closed at $33.39 spot...up 20 cents on the day. Gross volume was big because of switching volume...but the net trading volume was only around 22,500 contracts.

As you can see from the 3-day dollar index chart below, the index blasted skyward about 11:25 a.m. Hong Kong time yesterday morning...and within forty-five minutes, the rally had topped out. The price hung in there until around 3:20 p.m. in Hong Kong before rolling over, hitting its New York low at the London p.m. gold fix...10:00 a.m. Eastern, 3:00 p.m. GMT. From there the index traded sideways until just about the close, when it hit another air pocket, dropping about 14 basis points in just a few minutes.

When all was said and done, the dollar index closed at 80.80...down 20 basis points from Tuesday's close, with almost all of the 'loses' coming in the last few minutes of trading.

Here's the Wednesday chart on its own.

Not surprisingly, the gold shares sold off a bit at the open, hitting their low of the day at gold's low...minutes after 10:00 a.m. at the London p.m. gold fix. From there they rallied about two percent by shortly before lunch in New York...and then more or less traded sideways into the close of the equity markets at 4:00 p.m. Eastern. The HUI finished up 1.47%...and the usual chart from ino.com is M.I.A., so here is a little dinky one that I stole from Kitco.

The silver stocks performed much better yesterday than they did on Tuesday...and Nick Laird's Silver Sentiment Index closed up 1.37%.

(Click on image to enlarge)

The CME's Daily Delivery Report showed that 21 gold contracts were posted for delivery on Monday, the 26th.

For the first time in quite a while, there were no reported changes in either GLD or SLV.

The U.S. Mint had a decent sales report. They sold 4,000 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and 225,500 silver eagles.

Over at the Comex-approved depositories on Tuesday, they did not receive a single ounce of silver...but they did report shipping 927,344 troy ounces out the door. Almost all of it came out of Scotia Mocatta. The link to that activity is here.

Here's a chart that Australian reader Wesley Legrand sent our way yesterday. It's from the good folks over at www.chartoftheday.com. Here are the comments that came with it...

"For some perspective on the long-term performance of the stock market, today's chart presents the Dow priced in another global currency -- gold (i.e. the Dow/gold ratio). For example, it currently takes less than a mere 7.5 ounces of gold to 'buy the Dow' which is considerably less than the 44.8 ounces it took back in 1999. Priced in gold, the Dow has been in a massive 12-year bear market. The current downtrend channel is the third of this bear market. While this latest channel is the least steep of the three, the Dow priced in gold has just failed to punch through resistance for the fourth time."

I have the usual number of stories today...and I hope you have the time to run through all of them before my next column, which will be on Saturday.

I really don't know how things are going to play out between now and year end...and neither does anyone else.

Indian government may offer bonds payable in gold. Hyperinflation and Complete Collapse – Nick Barisheff. Gold...We Haven't Seen Anything Yet: Ian McAvity. John Embry interview at GoldSeek.com.

¤ Critical Reads

Even Muni Bonds May Be Targeted in 'Fiscal Cliff' Talks

Politicians working to avert the "Fiscal Cliff" may take away some of the advantage of tax-free municipal bonds, dealing a blow to investors as well as local governments.

While Congress isn't yet expected to try to change muni bonds' tax-free status, industry experts think lawmakers could take a first step by limiting how much income investors could deduct under the popular tax break, which has been around since 1913.

Limiting the tax deduction could make muni bonds less popular, resulting in higher borrowing costs for state and local governments, particularly those in the weakest financial positions.

Our first story of the day is this CNBC piece that was picked up by the finance.yahoo.com Internet site yesterday...and I thank Texas reader Roger DeReu for sending it our way. The link is here.

View full GSD edition

Billionaires Dumping Stocks, Economist Knows Why

Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks...and fast.

Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of "disappointing performance" in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.

In the latest filing for Buffett's holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in "consumer product stocks" by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.

With 70% of the U.S. economy dependent on consumer spending, Buffett's apparent lack of faith in these companies' future prospects is worrisome.

Unfortunately Buffett isn't alone.

This item showed up on the moneynews.com Internet site on Tuesday...and I thank reader Glenn Jeffs for bringing it to our attention. It's worth skimming...and the link is here.

View full GSD edition

Dollar Doomsayer, Jim Rickards, Predicts Fed Won't Stop Printing

When it was released a year ago this month, James Rickards' "Currency Wars: The Making of the Next Global Crisis" was widely hailed and quickly adopted as a guidebook of sorts for economic conservatives, Fed critics and especially gold bugs, given Rickards' support for a return to the gold standard.

And he's still sticking with a long-term forecast of the dollar's demise as the world's reserve currency. "The Fed wants a cheaper dollar, but that doesn't mean they're going to get it" right away, says Rickards, a partner at JAC Capital Advisors. "If they don't get it, they'll have to try harder."

As evidence, he cites Fed Chairman Ben Bernanke's "blunt and threatening" speech in Tokyo last month, which many observers took as a response to criticism of Fed policy by global finance ministers, notably Brazil's Guido Mantega.

"What Bernanke said, reading between the lines is: 'Do what you want; we'll keep printing until the dollar gets weaker. Your choices are inflation if you want to keep pegged [to the dollar] or higher export prices if you let your currency go up.'"

This CNBC story from yesterday has a 4:18 minute video interview with Mr. Rickards embedded in it...and the video is definitely worth your time...and I thank West Virginia reader Elliot Simon for his first offering it today's column. The link is here.

View full GSD edition

Give Thanks for Low Food Prices as They'll Rise Next Year

Americans may want to freeze the leftovers from Thanksgiving dinner, as retail food prices are expected to rise next year, sparked by the country's worst drought in more than half a century.

The dry conditions sent corn futures to a record and wheat prices to the highest in four years. They had less of an effect on food costs than expected earlier this year because slowing economies and oil demand have offset price pressures, economists say. Thanksgiving dinner will cost only 0.6 percent more than in 2011, the American Farm Bureau Federation said, with a 3.1 percent jump in turkey prices leading the way.

Next year, retail poultry prices are projected to increase as much as 4 percent, beef by 5 percent and dairy products by 4.5 percent because of higher feed prices and as herds thinned by the drought tighten supplies, the U.S. Department of Agriculture said. The drought's effects on food prices may linger as late as 2016, said Christopher Hurt, a livestock economist at Purdue University in West Lafayette, Indiana.

This story was posted on the Bloomberg website late on Tuesday evening Mountain time...and I thank Elliot Simon for his second offering in a row. The link is here.

View full GSD edition

Doug Casey on the America That Was - Now the United (Police) State of America

"The U.S. Constitution was essentially a coup; the delegates to what we now call the Constitutional Convention were not empowered to replace the existing government - only to improve upon the Articles of Confederation between the then-independent states. The framers of the Constitution drafted it with the notion of a national government already in place, but calmed fears of loss of state sovereignty by calling the new government the "United States of America" - a verbal sleight of hand that worked for over half a century. Then the southern states decided to exercise what these words imply; their right to leave the union. While slavery was and is a wholesale criminal activity I object to in every way possible, the southern states did have the right to secede, both legally and ethically. But the question was settled by force, not reason, and the wrong side won."

As the years go by, Doug Casey is becoming even more strident...and even more politically incorrect [if that's possible]. He is literally screaming at all Americans to leave the U.S. far behind. I hope all my American readers at least have gold and silver stored safely abroad someplace...and a current passport so they can leave if they have to.

This is the latest edition of Conversations with Casey...and it's a must ready for sure. As usual, Louis James is there to goad Doug along...not that it takes much these days. The link is here.

View full GSD edition

Leahy scuttles his warrantless e-mail surveillance bill

Sen. Patrick Leahy has abandoned his controversial proposal that would grant government agencies more surveillance power -- including warrantless access to Americans' e-mail accounts -- than they possess under current law.

The Vermont Democrat said today on Twitter that he would "not support such an exception" for warrantless access. The remarks came a few hours after a CNET article was published this morning that disclosed the existence of the measure.

A vote on the proposal in the Senate Judiciary committee, which Leahy chairs, is scheduled for next Thursday. The amendments were due to be glued onto a substitute (PDF) to H.R. 2471, which the House of Representatives already has approved.

Leahy's about-face comes in response to a deluge of criticism today, including the American Civil Liberties Union saying that warrants should be required, and the conservative group FreedomWorks launching a petition to Congress -- with more than 2,300 messages sent so far -- titled: "Tell Congress: Stay Out of My E-mail!"

This is a pleasant surprise. This story was posted on the cnet.com Internet site at lunchtime Pacific time on Tuesday. I thank Tom Germain for finding it for us...and the link is here.

View full GSD edition

French officials accuse U.S. of hacking Sarkozy's computers

The United States used U.S.-Israeli spy software to hack into the French presidential office earlier this year, the French cyber-warfare agency has concluded, according to the newsmagazine l'Express.

The magazine reported late Tuesday that the computers of several close advisers to then-President Nicolas Sarkozy — including Chief of Staff Xavier Musca — were compromised in May by a computer virus that bears the hallmarks of Flame, which was allegedly created by a U.S.-Israeli team to target Iran's nuclear program. Anonymous French officials pointed the finger at the United States.

"You can be on very good terms with a 'friendly' country and still want to guarantee their unwavering support — especially during a transition period," an official told the magazine. The alleged spying attack took place a few days before the second round of the French presidential elections, which Sarkozy lost to Francois Hollande, a socialist.

This story showed up on thehill.com Internet site around supper time in Washington on Tuesday. I borrowed it out of yesterday's edition of the King Report...and the link is here.

View full GSD edition

Dollar Doomsayer, Jim Rickards, Predicts Fed Won't Stop Printing

Posted: 22 Nov 2012 05:45 AM PST

Dollar Doomsayer, Jim Rickards, Predicts Fed Won't Stop Printing

When it was released a year ago this month, James Rickards' "Currency Wars: The Making of the Next Global Crisis" was widely hailed and quickly adopted as a guidebook of sorts for economic conservatives, Fed critics and especially gold bugs, given Rickards' support for a return to the gold standard.
And he's still sticking with a long-term forecast of the dollar's demise as the world's reserve currency. "The Fed wants a cheaper dollar, but that doesn't mean they're going to get it" right away, says Rickards, a partner at JAC Capital Advisors. "If they don't get it, they'll have to try harder."

read more

Bristol-Myers Bolsters Portfolio With EU Approval For New Kind Of Diabetes Drug

Posted: 22 Nov 2012 04:45 AM PST

By Trefis:

Bristol-Myers Squibb (NYSE:BMY) and AstraZeneca (NYSE:AZN) have received approval from the European Commission for their new anti-diabetic drug Forxiga (dapagliflozin).^{Forxiga treats type 2 diabetes by lowering sugar levels in the blood.}

The market for treatment of type 2 diabetes has been long dominated by insulin. However, SGLT2 the class of anti-diabetic drugs to which Forxiga belongs could potentially challenge this dominance as this new class of anti-diabetic drugs work independently of insulin. Forxiga reduces blood sugar levels by removing the excess sugar in the blood through the urine. It thus reduces the work for insulin.

The current market for type 2 diabetes treatment in the European Union is an expanding multi-billion dollar one. Thus, Forxiga's sales in this market will add to the top line growth of Bristol-Myers and help to offset the decline in its sales post patent expiry of its blockbuster drug Plavix in May earlier this year.

Complete Story »

Peter Schiff On The Crash Still To Come, Foreign Bonds, And How To Fix The U.S. Government

Posted: 22 Nov 2012 03:21 AM PST

By Learn Bonds:

I recently had a great conversation with Peter Schiff, author of Crash Proof, the famous book in which predicted the 2008 financial crisis. We discussed his new book, The Real Crash, how investors can protect themselves with foreign bonds, and how the country could prevent the real crash from happening.

Peter Schiff On The Real Crash

I started our conversation by asking him to explain the difference between Crash Proof and The Real Crash. His answer is not for the squeamish. In Peter's view the crash that he predicted in his first book has still not happened. In short, the 2008 real estate crisis was simply "the tremor before the earthquake".

What is the real crash?

A crash in the value of the US Dollar, and US Government debt which leads to hyperinflation. In Peter's view all of the problems that we had before the 2008 "tremor" including too much

Complete Story »

How To Tell When The Commodity Supercycle Is Over

Posted: 22 Nov 2012 03:20 AM PST

By Cam Hui:

Further to my last post (see Why China won't cause a commodity crash (yet)), I got a number of questions of what indicators I watch beside the Vancouver residential property market to see when the commodity supercycle is over.

Chart of the Day's latest chart showed a graph of the Dow/gold ratio. Watch for a reversal of that trend - then you'll know that paper is triumphant over hard assets (commodities).

Disclaimer: Cam Hui is a portfolio manager at Qwest Investment Fund Management Ltd. ("Qwest"). This article is prepared by Mr. Hui as an outside business activity. As such, Qwest does not review or approve materials presented herein. The opinions and any recommendations expressed in this blog are those of the author and do not reflect the opinions or recommendations of Qwest.

None of the information or opinions

Complete Story »

Gold and Silver Market morning, November 22, 2012

Posted: 22 Nov 2012 03:00 AM PST

Prepare For A Possible Price Spike In Gold And Silver

Posted: 21 Nov 2012 11:23 PM PST

HUI-Gold Ratio; 3 Views, 1 Conclusion

Posted: 21 Nov 2012 11:19 PM PST

Debt Crisis Solutions are Leaving Investors Behind

Posted: 21 Nov 2012 11:00 PM PST

Bullion Vault

Is Gold Money?

Posted: 21 Nov 2012 10:30 PM PST

Currency Devaluation: While Europe Gets Sinned, Australia Sins

Posted: 21 Nov 2012 07:25 PM PST

Hans-Werner Sinn is a German economist. He's famous for legally challenging the European politicians' efforts to save the euro. And he recently gave one of the funniest interviews we've ever seen.

Here's the highlight reel straight from Der Spiegel newspaper:

Spiegel: Mr. Sinn, Chancellor Angela Merkel feels as though economists have left her in the lurch. She once said that the advice that she receives from economists is "about as diverse as it gets." Can you see where she is coming from?

Sinn: No.

Spiegel: Excuse me?

We've always wanted to see what a one word answer would do to an interviewer. But Der Spiegel had the last laugh. This is how Sinn is depicted in the article:

Spot the German Economist

Source: Der Spiegel

Now onto some more meaningful banter between the newspaper and Sinn:

Spiegel: Now you are appealing to the financial markets to be reasonable. Yet they often overreact and behave irrationally.

Sinn: Where have you seen that?

Spiegel: Minor events are often enough to spark sharp increases in sovereign bond interest rates for countries in Southern Europe.

Sinn: But the markets are reacting rationally when they get cold feet and pull out of bad investments in Southern Europe. Last winter, interest rates rose in some cases to over 6.5 percent. Before the introduction of the euro, these countries had to pay interest rates of between 10 and 15 percent. The interest rate reflects the risk that investors will never see their money again. What's irrational about that?

Indeed, what is irrational about the way the world is reacting to Europe? Investors are doubting the solvency of nations. That's nothing new, unusual, surprising or devastating. Greece has spent much of its history in default.

What's surprising is that the Euro system can't withstand something as common as a sovereign debt crisis in peripheral nations. These countries often default. Who builds a currency union that can't handle something which is so common?

Sinn's last name means 'sense' and not 'sin', by the way. And he's full of common sense, for the most part. His point is that everything is following a well trodden path in Europe. The only difference this time around is that everyone is using the same measuring stick these days - the euro.

In times gone past, the Greeks would just change how many millimetres make up a centimetre to make their economy look bigger and better. That's a metaphor for this: they would print money and devalue their currency against the other currencies of Europe. That allowed them to repay debts, and it encouraged the local economy.

This makes you wonder why countries like Greece wanted to join the euro in the first place. Who would want to compete with a German on even grounds?

The South Melbourne Aussie Rules football team did just that yesterday. Your editor's German athleticism is foreign to Aussie Rules and was promptly put in its place. What about our other European half, the English one? How are the Poms faring when it comes to Europe's crisis?

One Foot In It

The Brits played smart when it came to Europe. They only put one foot in the European boat and kept the other in their own dingy. They accepted Europe's policies, but kept the pound sterling and thereby kept control over their own monetary policy. But now that Europe is in trouble, the Brits have got to decide whether they're Europeans or British.

The proper solution is of course to become Australian. But that's another story. The truth is that Britain is itself in as bad a pickle as southern Europe anyway. But they can still change how many millimetres are in a British centimetre - they can devalue the pound to spur on the UK economy.

It's cheating and it doesn't work in our opinion, but what actually works isn't relevant in politics. What matters is that countries think that devaluing their currency will be good for their economy. And so countries that can devalue, which is to say those not in the euro, will do so by printing money.

Australia's Very Own Stealth Currency Devaluation Program

What might surprise you is that Australia is on this war path too. This from the Australian Financial Review:

'The Reserve Bank of Australia could already be printing Australian dollars and selling them directly to foreign central banks in an effort to reduce buying pressure on the currency, according to investment bank UBS.'

Would you believe it, the AFR beat us to the punch line: The RBA is printing money!

What's going on here is that the RBA is creating dollars to provide them to foreign central banks. The question is whether the RBA is, somewhere else, doing the opposite to balance out the transaction.

If they aren't, they're creating brand spanking new money. And it looks like that's just what's going on. We won't go into 'Other Outright Transactions', but you can get the nitty gritty here if you want to.

But here's the kicker. In a central banker's world, and in the world of a two year old, it doesn't matter what you actually do, it's all about what you were trying to do. 'I didn't mean to hurt you' is a fat lot of good if you've been hurt. But it's an excuse that works for central bankers.

The explanation given for why the RBA isn't actually printing money is that it's not trying to do that. It's just handing out Aussie dollars to foreign central banks without offsetting that transaction by buying Aussie dollars elsewhere.

Even though the effects are to increase the amount of Aussie dollars in the world, it's not creating money, because it's not trying to do that. What a load of baloney.

By the way, Greg Canavan, editor of Sound Money. Sound Investments, pointed out that the RBA is reacting to foreign central banks here. It is trying to counteract the rise of the Aussie dollar which has happened because other countries are printing money and thereby devaluing their currency. Two wrongs might not make a right, but at least Australian manufacturing doesn't have to suffer a high Aussie dollar.

Anyway, this tells you that the RBA is already active in the world of currency manipulation. That has big implications for anyone expecting a deflationary shock. The RBA is already messing about in the currency in a way that creates inflation.

They are getting ready to offset any deflation we get as our economy worsens. But, for now, our position is that the RBA will be overwhelmed. Their inflationary efforts will fall short as Aussie house prices fall.

Similar Posts:

The Soros Position Nobody is Talking About

Posted: 21 Nov 2012 05:28 PM PST

Just about everyone in the gold and money management communities, is aware that billionaire George Soros' hedge fund, Soros Fund Management LLC, is heavily invested in gold and gold mining equities. Additionally, in the past few days, a flurry of new articles have been written, detailing the Soros Fund's most recent 13-f filing. In case anyone is unfamiliar, a 13-f filing is a document which contains a fund's investments held during a financial quarter, and when we compare a recent 13-f with a previous 13-f, we can see the buying and selling activities of a fund during a given time frame.

In the most recent 13-f filing on November 14th, the Soros fund increased its position in gold via the GLD fund from 884,400 shares, to 1.3+ million shares. That represents a sum of about $200 million. The fund increased its position in the GDX gold miners ETF from 1 million shares, to over 2.3 million, it added a 1.7 million share position in Kinross Gold, and finally, maintained a nearly 2.4 million share position in the GDXJ junior gold miners ETF.

But it seems I left something out. Along with all the other financial news editors.

The Soros Fund added what appears to be a $9 million call option position on the GDX.

What might that mean?

Well, it could mean a few things. It could mean that George Soros and his fund management team listen closely when a 100 year old man speaks. It might also mean the team felt that gold mining equities were extremely undervalued on a short term basis…and it might also mean the team sees money to be made over the next 6-12 months, via a sharp move higher in the GDX.

One thing we do not know, is the expiration date and strike price of the options. However, given the size of the fund, and size of the option position, it's very unlikely that the options are short-term(less than 6 months), and due to necessary volume to fill such a position, they are likely "close to the money"—to use a piece of option jargon.

It's encouraging to see one of the world's most successful billionaire investors moving cash into the gold mining equity space, especially during a time in which many a smart market commentator has pounded the table to anyone who will listen, of the value to be had in the sector. There is no doubt great numbers of retail investors have abandoned the mining equity space this year.

We should also note many of the retail and institutional investors who abandoned their ships (positions) over the last six months, may have inadvertently been selling their holdings directly to the Soros Fund Management LLC team.

In betting who will ultimately be right or wrong from a financial perspective, I'll be placing my bets on the Soros Fund.

Best of luck in the months ahead,

Tekoa Da Silva website

Webbot: Clif High 11/18/2012

Posted: 21 Nov 2012 05:12 PM PST

Clif discusses disgusting pedophiles, war, gaza, silver, earthquakes, banks, succession and more.

from webbotproject:

~DF

Silver and gold rise/silver OI rises to 150,000 contracts/Brazil adds 17.17 tonnes of gold/Russia adds 3.11 tonnes/No Greece deal last night/TelAviv bus explodes due to a bomber/Cease fire in Israel

Posted: 21 Nov 2012 03:24 PM PST

CHANNEL RESOURCES OUTLINES MAJOR NEW EXPLORATION TARGETS

Posted: 21 Nov 2012 12:48 PM PST

• Multiple mineralized structures indicated within a six square kilometre prospective envelope
• Gold anomalies coincident with magnetic features
• Rock grab samples up to 35.1 grams gold per tonne ("g/t Au") collected from artisanal workings within the anomalous structures
• Soil anomalies encompass an area approximately twice the size of the Mankarga 5 Deposit
• Illustrative maps and photos available at www.channelresources.ca/i/pdf/112112nrmaps.pdf, and shown below.

Vancouver, BC - Channel Resources Ltd. ("Channel" or the "Company", TSX.V:CHU) is pleased to report that a soil sampling survey at the Tanwaka exploration target on the Tanlouka Gold Project has outlined major new gold anomalies that, together with other exploration activities undertaken to-date, shows signatures that are approximately twice the size of those that led to the discovery of the Mankarga 5 deposit for which the Company has recently announced a first resource estimate.

The Tanwaka zone is located approximately ten kilometres north of the Mankarga Zone along a 12 kilometre long anomalous trend. A soil-sampling program was conducted on a nine square kilometer grid with lines 100 metres apart and 25 metre sample intervals. A total of 4,280 samples, including check samples, were analyzed for gold.

Tanwaka Soil Anomalies Established Over Six Square Kilometre Prospective Area

Map 1: Identified structures labeled on gold-in-soil contours
Map 2: Identified structures on high resolution magnetic gradients
Map 3: Rock samples (grabs) and artisanal workings with identified structures www.channelresources.ca/i/pdf/112112nrmaps.pdf , and shown below

An oval shaped central area of six square kilometres, measuring approximately 3 kilometres in a NNE direction and 2 kilometres in an EW direction, has been identified in the central/east portion of the grid with background gold-in-soils concentration of 10 ppb. Within this area are numerous zones encompassed by the 50 ppb gold contour, most of which are focused in two "corridors" labeled C1 and C2 and in three areas labeled M1, M2 and M3 (Map 1). Peak gold values within each of these areas are 1300 ppb in C1, 1815 ppb in C2, 2220 ppb in M1, 641 ppb in M2, and 1145 ppb in M3. (n.b.: 1000 ppb = 1 g/t Au).

Corridor C1 is a 400 metre-wide structural feature clearly identified on magnetic gradient maps (Map 2) and hosts numerous NNW trending gold anomalies with over 1,600 metres of strike length. C2 is a 250 metre wide feature that is also identifiable on magnetic gradient maps and contains numerous NS trending gold anomalies along a strike length of 1,300 metres. Quartz veins within both C1 and C2 corridors have the same orientation as the contoured gold anomalies within each corridor. The orientation of the contoured gold trends within C1 and C2 is similar to that of subsidiary structures contained within the bounding faults of a classic shear zone system. Grab samples taken from quartz vein material at artisanal mining sites within C1 and C2 returned gold values up to 3.06 g/t Au (Map3) (Cautionary Note: grab sample results are indicative only and do not represent average grades).

The highest concentration of gold anomalies in the area can be found where the NW trending C1 and NE trending C2 corridors intersect. In this area (area 'A' on Map 3) artisanal miners are exploiting multiple mineralized quartz veins that are hosted by granodiorite and diorite to the west and mafic schist to the east, indicating that an intrusive margin is also present. In this junction area there is a prospective EW trending rectangular block measuring 800 metres X 300 metres with gold in soil values exceeding 50 ppb Au and with a maximum of 1300 ppb Au.

Gold-in-soil anomalies labeled M1, M2 and M3 coincide clearly with magnetic highs (Map 2). Within the M1 anomaly, mineralized quartz veins found in artisanal workings (B, C, D and E on Map 3) have a roughly NE orientation parallel to the magnetic trend. Grab samples of quartz vein material hosted in granodiorite from these sites returned values ranging up to 35.1 g/t Au (Map 3).

A NW trending placer gold deposit being worked by artisanal miners (area F on Map 3) features a drainage approximately 800 metres long where sands and gravels are being washed to recover gold. The pay zones are in the order of 0.30 to 0.75 metres thick and are buried under approximately 2 metres of recent sediments. Sampling of these gravels returned values ranging from 0.08 g/t Au to 2.45 g/t Au in material that contained significant quartz vein debris. This seasonally dry alluvial channel is downstream of the area covered by the anomalous C1 zone located to the east and south of the placer deposit.

Gold Anomalies at Tanwaka Encompass Twice the Area of Mankarga 5 Map 4: Mankarga 5 gold-in-soil structure relative to drilled structures www.channelresources.ca/i/pdf/112112nrmaps.pdf , and shown below.

A soil sampling survey was carried out on the Mankarga 5 area in 2011 on a 20 metre by 50 metre grid in order to test the effectiveness of the soil sampling methods and for evidence of mineralized footwall structures in the deposit. This survey, which covered approximately 66% of the strike length of Mankarga 5, clearly identified the mineralized shear zone (Map 4). The 50 ppb Au contour proved to be particularly important in identifying the surface outline of individual mineralized structures as later defined through drilling and used in the NI43-101 Resource Estimate published in July 2012. Assuming a consistent relationship between mineralized structure and soil anomalies for the full length of the Mankarga 5 deposit, the area encompassed by the 50 ppb Au contour at Tanwaka is approximately twice the size of that at Mankarga 5.

Roadmap to Discovery at Tanwaka

"The Tanwaka soil grid has generated gold-in-soil anomalies that have a strength and a continuity that are very compelling," commented Colin McAleenan, Channel's President and CEO. "These soil anomalies align themselves very well with bedrock structures identified on our high-resolution magnetic gradient map with at least two mineralization settings suggested. With the benefit of the experience gained from our successful exploration programs at Mankarga 5 we believe that these structures at Tanwaka represent exciting drill targets and potential to add to the initial resource identified at Mankarga 5. Channel will immediately follow up on these successful results at Tanwaka by trenching segments of identified structures and outlining specific drill targets."

For further information: Colin McAleenan, President & CEO

Telephone: 604.684.7098
www.channelresources.ca

Cyrus Ameli, Senior VP

info@channelresources.ca

Experienced personnel employed by Channel Resources Ltd. and its Burkina Faso subsidiary conducted the soil sampling activities described herein. Garmin GPS units pre-programmed with sample location UTM coordinates were used to locate sample points in the field. Two to three kilograms of sample material were systematically taken at a depth of 50 cm. No samples were taken in areas of transported material (dried river beds, artisanal spoil heaps etc.). Samples were bagged and returned to company facilities in Mogtedo where standards and sample duplicates were inserted. Samples were submitted for analysis at ACTLABS - Burkina Faso SARL and at Abilab Burkina SARL (ALS Laboratory Group) in Ouagadougou, Burkina Faso. The soil sampling program was supervised by John Adams P.Geo., a qualified person as defined by NI 43–101, who has reviewed the contents of the news release.

Some of the statements contained herein are forward-looking statements involving known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the price of minerals, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of factors, whether as a result of new information or future events or otherwise. Further disclosure on risk factors is available in the Company's various corporate filings at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Map Package

(Tanlouka Target Zone Location Map. Click on the images for a larger version.)

Map 1