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- How may the 2012 U.S. presidential election outcome influence the global economy and the gold price
- Daniel Ellsberg debates David Swanson: Lesser of Two Evils Voting in Swing States
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- Precious Metals & the Presidential Election
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| How may the 2012 U.S. presidential election outcome influence the global economy and the gold price Posted: 06 Nov 2012 07:00 PM PST Here a quick collection of opinion about the election outcome. |
| Daniel Ellsberg debates David Swanson: Lesser of Two Evils Voting in Swing States Posted: 06 Nov 2012 10:56 AM PST The Unknown Transcriptionist was been at work again, and donates the following transcript to the NC community. Older vs. younger, Voting vs. Movement Building, Lesser Of Two Evils vs. If Not Now, When? Lots to consider here. There's are some interpersonal issues at the start, and I'm leaving that material in, those who study debates understand that such issues come up all the time, and practice in dealing with them is required. Emjoy! * * * KPFK radio program cite;audio file; Daniel Ellsberg debates David Swanson Partial transcript – last half * * * […] 27:30 DANIEL ELLSBERG: …In fact, the impression would be given to a reader that this is an election between Jill Stein and Barack Obama. Now if that were the case, there'd be no problem for me, I'd be on the side of Jill Stein, absolutely. But that isn't the case, actually. In fact, when we talk about conscience here, I think that conscience that tells you "pay no attention to the consequences of your actions for other people" is an ill-formed conscience giving some bad advice here. I would say that the consequence of progressives, who know the crimes of Obama, to be led by those, that awareness, not to vote at all – and it's a very understandable reaction humanly – or to vote for Jill Stein in a swing state, but much more important, to encourage other people not to vote for Obama – that's the message that my friend Dave gave to Albright, not to vote – and the people listening, of course, you didn't care about Albright – "Don't vote for Obama." My question there is – and again, I didn't like the challenge to me here, what would you, Daniel, have said to Albright. I would have had no problem raising that. But if I were picking that thing to raise in this week in Virginia in a close election, a week away from election – or you may have been a couple of weeks away – and not go to the Republicans and ask a similar question, is simply telling people, "Don't vote for Obama, do anything else, stay home, or as I prefer, you should vote for Stein." That's not without consequences. By letting Romney off, as you do in this piece, failing to say – oh, I'm sorry, I take it back. Toward the end of the piece – I take it back. I formed that opinion before I got to the very end. In the very end you do at last bring in Romney – and we'll get to that – and you do acknowledge that he would be worse – and that's another matter we need to get to, because I think the implication of what you're saying is there, "Yes, I'll stipulate that Romney would be worse," but the implication of what you're saying is, "but worse is better." DAVID SWANSON: Dan, could I get in a word that might be helpful here? ELLSBERG: Yeah, go ahead. LILA GARRETT: By all means. SWANSON: Well, I'm sorry, Dan, that you didn't receive the e-mail from me late last night in which I sent this article to you and Lila before I sent it to anyone else, and I did so in response to your having sent me numerous past communications with me and other writings of yours on this subject that you wanted me to read. I did not intend a preemptive strike. I did not intend an attack. I did not intend anything – ELLSBERG: [inaudible] SWANSON: – open-ended or aggressive. I intended to be doing what I understood you and Lila to be asking me to do. I was writing an article in – ELLSBERG: Okay, I see it here. It was late at night. I didn't see it. I'm looking at it at my computer now. I didn't see it. It was about 10 o'clock at night. GARRETT: Well, let's let David continue his point. Go ahead, David. SWANSON: So, again, I'm very sorry for the bad feelings here and the ill will, because what I actually like about this debate that you and I have been having through various media, and I had hoped would be having here today on this radio show, is that we are doing it as friends, as people who respect each other's intentions. If you look at the actual website, Firedoglake, which for whatever bizarre reason is the one place that you're citing for this article that is all over the Internet, you look at comments that are endlessly focused, rather oddly, not on the debate at hand but on praising me for the incredible respect for you in the article, and additional comments expressing other people's sincere respect for you. I mean, that's the takeaway that the people on Firedoglake have from the article is, what a wonderful thing that these two individuals are debating this topic in this extremely unusual manner in which they respect each other. And I do appreciate the kind words you had for me before you got to the misunderstandings, and I have nothing but the highest respect for you and for that group of people that I consider relatively small who really understand the need for the serious mass movement that we need in this country if we are to survive – not if we are to reach Utopia, but if we are to survive, environmentally, in terms of weaponry and so forth, and believe that such a mass movement is compatible with lesser-evil voting. My argument is that the two have not proven compatible. ELLSBERG: Okay, I accept that. If you want to, we can move right to your actual substance if you want. I do appreciate – SWANSON: So my concerns with what you said, very briefly. Number one, Romney is mentioned by name numerous times and is a huge focus of the article. I'm sorry you missed that, but maybe we shouldn't discuss an article you haven't had time to read. You have been addressing e-mails to me and conversations to me and to others on this topic for many months, so this is not something limited to the week before the election, but you do say, in your comments just before these, that when it is the week before the election in a swing state, our behavior should change. I shouldn't address that kind of question to Madeleine Albright – ELLSBERG: I don't say that. But go ahead. SWANSON: – in a Democratic campaign office unless – ELLSBERG: I don't object to your raising it, period. I'm asking you whether you addressed such a thing to Romney as well. Did you? To a Romney person. SWANSON: I have encouraged protests of both Romney and Paul. Paul has been here many times. I protest these challengers to power and I protest those in power and I protest former officials who come to this town, Republican and Democratic alike. There is evenhanded protest of bad policy from me. [crosstalk] ELLSBERG: See, now, it's a swing state. That's a battleground state. There must have been a lot of Romney people in Virginia. Have you actually done to one of them what you did to Albright – which I would encourage, fine, [inaudible] – have you done that? SWANSON: There is no Romney office in Charlottesville. There have been Romney events in Virginia to which I have encouraged people to go and protest. I have not been able to make it myself. But when I ask what would you have done yesterday in that office in Charlottesville, it's not meant to be an attack or an assault or some sort of violence directed at you. Dan, it's a serious question, because I can't go and work with that office and join in their phone calling and their door knocking and carry around posters objecting to Obama's kill list. I cannot do both. They won't allow it, they won't stand for it, they won't have any idea what I'm talking about. They've never heard of Obama's kill list. [crosstalk] ELLSBERG: If you are – SWANSON: I have to choose. ELLSBERG: – campaigning right now, you're campaigning against Obama, which is very like campaigning for Romney, but you're doing it of course for Stein. The only effect is, as you know, and we both agree, Stein is not going to win even Virginia or any one state, but the effect is that what you're saying – and I do object to this, and no, I do hope we will remain friends, and I certainly will read your pieces with very great respect. But I am saying that someone, a progressive like yourself, who tells people in a swing state like Virginia – and that's what counts, not how you vote. You by the way said that I would think that your voting for Jill Stein yourself in Virginia was catastrophic. Well, that would be stupid, and I'm not stupid. I don't think that, as you've said yourself, and I agree with you, your vote will have any real-world consequences whatever, or anybody else's vote, yours or mine, in any state. These elections are not won by one vote. So that's not a matter for conscience. It doesn't have real-world consequences. Now you've said very well in this piece – and I agree with it – that what does matter, what has consequences, is what you do actively to, and communicate your views and try to influence other people. You and I both could influence 500 people – and that by the way is what the election turned on in the year 2000 in a swing state. We can perhaps influence a thousand people. Normally, in many elections, you and I would not have any effect because it's not that close. That's true in at least half the elections or more. In some states where there's a close election like this year, then what a relatively few people do in a relatively few states makes a difference, and your influence and my influence can actually make the difference there, or at least contribute, or, you know, if there's a dozen of us talking this way. Now, a dozen people in Virginia, or in Florida, or Ohio, who generally agree with you and me – and we agree with each other on everything I think outside this particular discussion – I haven't found any other disagreement – but a few dozen people who say to such people, "Obama is so bad, you can't vote for him," so that either means – which you do say, correct me if I'm wrong – then I can't vote for him but you can't vote for him, it's wrong, in fact you're voting for a murderer and it's in effect agreeing support for murder or something. Then that leaves them a couple of choices. Most of them will stay home. Most of the people who agree with Jill Stein and her program will not bother to vote. Some will vote for her, and some of those would have voted for a Republican, as in the case of Nader. But most of them, if they would have voted otherwise without her on the ballot, would have voted for Obama. So it is on balance stealing votes away from the Obama column in a close state. That has the consequence – it's the same consequence as if they'd voted for Romney. And since you and I are agreeing – not everybody would – that there is a difference between them, that means that the world, I think, will be a worse place. Not so much on some of the very worst things that Obama does – it won't be that much worse – but war with Iran, which I think Romney is much more likely to do than Obama, even though Obama sadly might end up – not sadly, horribly – might end up doing it, but much more likely; Romney has practically promised that. Roe versus Wade? Women's choice? Romney has virtually promised that he will put judges on that will bring that about, and I expect him to keep that promise. I think that the Republican economic program would have put us into depression if McCain or Romney had been in instead of Obama the last four years, not just a recession. And I think that right now Romney is very likely, with his absolute eschewing of stimulus and total reliance on tax cuts for the rich, essentially – I think he might very well prolong this recession and cause depression. That's not a minor problem. And for the world. So I am critical, though I know it's done with the best intentions, I'm critical of this 50 states program campaign for a third party as opposed to a campaign that emphasized the 35 or so safe states, raised all the problems that you're talking about, the issues that you're talking about, but did not offer itself as tipping the election to Romney. SWANSON: Well, let me be clear once again that I agree with all of that. I agree with everything you've said. It's an argument that is crystal clear, I think, to just about anyone, that if a candidate is worse and you either vote for him or her, or you vote for an independent third party candidate in our corrupt system, or you don't vote, then you are in those terms making things worse. I mean, we just have to get beyond thinking that anyone doesn't understand that, and to grant it, and then hear my argument, because my argument is that to the extent that you must expend energy on these elections, you should do so in a way that doesn't handicap the creation of the sort of movement we need against this kind of agenda of both of these parties, one a little bit worse than the other in some ways, or we are done for. ELLSBERG: I agree. SWANSON: We are done for environmentally, we are done for in terms of militarism, we are done for in terms of the loss of civil liberties and the loss of representative government. Here we have a president who has come in and expanded all of the abusive powers of the last guy, and the next president could come in and Romney could conceivably expand them further faster than Obama. We have to grant that. But the two evil candidates – and you have to grant that they are both remarkably evil as individuals or as collections of teams of partisans – are going to be worse four years hence, and then four years after that we make this rational calculation, we vote for the lesser evil of the two, and we get a pair of choices that again are worse. And every four years, every eight years, we're staring at two choices that are demonstrably worse than the two choices before, even when we have chosen the lesser evil the times before. And so something else is needed or we're going toward disaster; it's a question of what speed. And so we have to build a movement. And we cannot do it, we cannot do it, whether it's for a w– again, I'm still completely unclear on this from you, but is it a week, is it six months, is it a year and a half? – but we cannot do it when we take these breaks for whatever period it is and do it only in the non-swing states, which are absolutely devoid of candidates, of journalists, and apparently people in the non-swing states have got a moral duty to spend a significant amount of time trying to recruit the people in the swing states to vote for the Democrat. I mean, you cannot deny that you have spent a great deal of time on this in the past months, as someone in a non-swing state, trying to recruit people in the swing states to vote for Obama. We cannot build a movement against lawless imprisonment, drone wars, rendition, the concentration of wealth, the attacks on Social Security and Medicare, the destruction of our environment – ELLSBERG: We agree on all that. SWANSON: No, we don't agree! I'm saying we cannot build the movement we need to survive – ELLSBERG: Yeah. SWANSON: – if we do this lesser-evil strategic voting routine. It is too much of a hindrance. GARRETT: Just a moment, gentlemen. My turn. Are you saying that we cannot survive – you have just said, we cannot survive if we spend our energy on this election, on the lesser-of-two-evils concept, we cannot survive unless we build a movement. Are you saying it's one choice or the other? Or are you saying that in swing states it is all right to vote for Obama, it is preferable to vote for Obama because Romney is worse, as long as you promise that you don't mean it, and that what you really want is to build a movement. So now that the election is over, onward with the movement. Is that what you mean? SWANSON: Well, I prefer someone who the next day is out pushing for peace and justice to someone who isn't. But I think to the extent that we're going to be involved in wasting energy on these elections at all – and by the way, I sincerely wish we had elections. I'm not anti-elections. I wish that we had elections free of the money, with access to the media and the ballot and without the gerrymandering and the electoral college and so forth – we aren't going to get those changes through elections. We aren't going to vote them in. Women didn't vote themselves the right to vote. When the labor unions used to not focus on dumping all their money into Democratic campaigns asking nothing in return but went out and struggled and striked, that's when they grew. I mean, this is how change happens in the world. And so to the extent that you're going to put time into these elections, you're going to be forced to take a position on these elections, it ought to be in the way that encourages independent activism and a principled, uncompromising stance – ELLSBERG: Can I – SWANSON: – and access to information by the greater group of people. And so I say vote for Jill Stein. Because it's easier for most people to vote for a legitimately great candidate like Jill Stein and not tie their hands behind their backs. I mean, we had a peace movement in '05-'06, we had a peace movement, because the people who opposed wars when the president's a Republican were lined up with the people who actually opposed wars. And we were large enough that we were beginning to have a major influence. I mean, still pathetically small, immorally, disgracefully small, but we were having a significant impact on Washington. We ended the war in Iraq, together with the Iraqis and the rest of the world, and we shut it down. We shut it down because it was time, it was inappropriate, it was the wrong week or the wrong year. We can't keep doing that. GARRETT: David, I must have a clear answer on this for our listeners, and by the way for myself. Are you saying that even in swing states, do not do this to yourself, do not vote for the lesser of two evils? SWANSON: I am. GARRETT: So, vote for Jill Stein or someone of your choice or Rocky Anderson, despite the fact that you are in a swing state. Do not compromise your position. Is that what you're saying? SWANSON: Yes! That is what I am saying. GARRETT: Okay, now. SWANSON: Do not imagine you're fixing the world that way. Understand that I'm telling you to do that so that you can move on to important work and not handicap that work in the meantime. That's why I'm telling you to do that. GARRETT: Okay, now. Now, Dan Ellsberg, what he's saying is do not compromise your position, because in the end it diverts your energy and somehow or other you are never able to get that moment back and propel yourself forward sufficiently. What's your response to that? ELLSBERG: Well, first of all, I'm sure that Dave did not mean to include me in those who are corrupted by my work this month and last month so that I won't be getting arrested or resisting or protesting next month as before. He can correct me if I'm wrong here, but I'm sure – SWANSON: You're right. ELLSBERG: – he didn't mean to include me in that. Now, he has said sometimes, rather flatteringly, that Dan Ellsberg can do this, as he said, both criticize and protest Obama and protest Romney to the point of urging a vote for Obama in swing states – he says that it takes an Ellsberg to do that, and he mentions a couple of– That's not my experience at all. Virtually everyone I know, not only the people I get arrested with, like Hedges or Dave Swanson or whoever, and protest – they all do manage to be very clear-sighted about Obama, that I know – I don't, maybe the circles I run in. But let me get to the precise point that Dave has been making, because we do have a disagreement here, despite the fact that we have a very fundamental agreement, and that is, things can't go on this way. They can't go on the way we're going, toward climate change, which is not a factor in this election in the major candidates, nuclear proliferation, the doomsday machines that I'm spending my time writing about right now, that are missing even from the progressive agenda on the whole, the inequality, the poverty, the very many things here in this society that will not be cured by this election, that we have to find a way to transform this society and really the world in many ways. It will not happen quickly and it will not happen within the parties without outside pressure. So we absolutely agree, there has to be a movement to do this of a kind that doesn't exist now and a kind incomparably greater than the peace movement that Dave says he perceived in 2005-2006. I was part of that movement, such as it was. I'm sorry, we need something an awful lot bigger than that. And the idea that putting Democrats in office in the House in 2006 killed the movement seems to me absurd, absolutely absurd. We didn't have anywhere near what we needed then and there wasn't that big a chance; it just didn't cure anything. I would have hoped it would make a difference, and it didn't. Now, I am saying, though, that here's where we do disagree. In building that movement, I do not believe that a third party which is reasonably blamed, as was Nader in 2000, despite his denials of this – it was reasonably blamed as having made a difference – not being solely responsible, but having facilitated the election of George W. Bush, the election of definitely a worse candidate here which led to the Iraq war and other matters, and the civil liberties abuses which Obama has continued. A party that is blamed for that, with reason or without reason, is not going to be the core of a growing movement. In fact, it's going to be pretty much the end of that party, as happened to the Greens, who went from 2.7%, small enough, in 2000, down to half a percent plus another half a percent for Nader in 2004. The idea that worse is better because it will wake up the Democrats to criticism, it will wake up the public because they'll get to the verge of nonviolent revolution – SWANSON: Yeah, these aren't my arguments, Dan. ELLSBERG: – where the Democrats – and you may not be saying that – where the Democrats will be forced to move left by this outside pressure, that was tested in 2000. We had all that. We had the third party there, with Nader. It did in fact show the Democrats that such a party could have clout and could affect the election. And did it move the Democrats to the left? No, we know that it didn't. I would say that that would happen again, that if Romney were elected and did cause, let's say – if he had no effect, then it doesn't help or hurt the movement. If he is worse, in fact – as Dave is ready to concede, as not all third party people are, by any means, but Dave does, we agree on that – if Romney is worse than that, will that move the Democrats to the left, or will it say to our side, or will it, as in the past, always in the past, move them to try to win back some of those independents, undecideds, centrists supposedly in the left by moving further to the right? If we have four years of Romney, the effect will be like eight years of Bush. Anybody but Bush, anybody but Romney, if he does turn out to be as bad as I expect. And that will not be Jill Stein, it will not be Rocky Anderson or a Kucinich, it will be somebody like Obama. It'll be another centrist. In other words, I think that it could be doom for a movement to earn blame for making the world worse, as happened in the year 2000, only 12 years ago. That does not help a movement. And that the movement we need has to be done by other means – that is, everything else, everything that Dave and I do do in the way of – he does a lot more writing than I do; I wish I had the eloquence and facility that he does – but writing, lobbying, protesting, demonstrating, strikes – which, by the way, I think would have been very appropriate in the year 2000 about the election – but a general strike, and demonstrations – all that sort of thing, everything else is what's needed. Remember, neither the civil rights movement nor the union movement joined a new party or started a new party. When we talk about the effect they had – SWANSON: Or an old one. ELLSBERG: – if they had it without that – if the Tea Party right now had started a new party, which they were, I would say, wise enough tactically not to do, Obama would have a walk-in right now, a landslide. But they took over one of the parties, which is I think what I would like to see progressives do to the Democratic Party. GARRETT: Let me interrupt you at this point, Dan Ellsberg. You made the very cogent point that if in fact Obama loses this election, that in four years or in eight years we will be facing the same problem and it may become even worse, that we will not have a choice of someone who is really good, of a Dennis Kucinich for example, and therefore you feel that in swing states – please reiterate your position, we should do what? ELLSBERG: In swing states recognize that Romney is even worse – it doesn't involve saying anything good about Obama – that Romney is even worse and that you should vote against Romney and Ryan by voting for the only real alternative, which is Barack Obama. And I will spend the rest of my life, and Dave will too, working for a society in which – let me put it this way – a George McGovern, or a Stein, or a Dave Swanson, could be the Democratic nominee and could win, could win. That's the society we need to have. That'll take a while and it'll take a lot of work and it will not be advanced by this having on your shoulders this stigma of electing Romney-Ryan. GARRETT: Now, let me ask you this question, and I just want a yes or no answer. If in fact we do follow your suggestion, and in swing states people do vote for Barack Obama in the hope that in the next four years a better person will come along rather than forcing us to make this same lesser-of-two-evil decision again, do you think that we will be able to accomplish during the next four years of Obama a movement which will make it possible for us to nominate such a person? Daniel Ellsberg, answer that question. ELLSBERG: It's hard to say. If I had to say one word, if you said – I would have to say no, because it's too difficult. It's not likely. It's what we need to work at. Dave is quite right. Whatever he or I or anybody else does, four years from now I don't foresee enormous change. What I do want to see on November 7th and 8th are progressives and other people working immediately on President Obama to avoid the austerity program that's going to be pressed on him, to avoid moving in the direction of compromise with the Republicans in favor of no taxes for the rich and taxes for everybody else. We've got our work cut out for us, November 8th, whoever wins. That's what is important. And I agree totally with Dave on that point. What is more important for us to do in the next four years – he keeps asking me how many months. I would say for the next three years and ten months, roughly – is that a precise answer to you, Dave? – that I would think not to think about elections – putting aside congressional, which are very important, but let me say on presidential. Two months four years from now is not too much to be working to avert the worst. SWANSON: Can I correct the record on a couple points? ELLSBERG: Sure. GARRETT: Wait a minute, David. I'm going to ask you the same question, because time is really of the essence at this point. If in the next four years we do in fact elect Obama – same question – is that enough time to develop a candidate whom we really want, and if not, how much time do you think it will take? Short answer, please. SWANSON: It – is – the – wrong – question. We do not want to develop a candidate, a messiah, a savior, or a leader. We want to develop a people's movement. And I want – ELLSBERG: I agree. I agree with that. SWANSON: And I know you do, Dan, and I think it's right and I think you're absolutely right that we need to build a massive movement unlike what we've seen. And I don't want people to vote against evil candidates in swing states in order to get the worst guy in and fantasize that that will bring people around. I want people, as I've said repeatedly, to begin now, today, thinking of themselves as independent, principled activists, including in elections. And if you look at the citation in that article I wrote from Michael Heaney and Fabio Rojas, they document the partisan basis for the collapse of the peace movement in recent years. It's a study that is at least worthy of looking at. We've tried taking over the Democratic Party for many years. It's not a new idea. It hasn't worked yet. I think if anything of value could be produced by those of us in this conversation, it is a book on nuclear weapons by Dan Ellsberg. And every time I've heard from you, Dan, in recent months on topics I agree with – ELLSBERG: Two months. SWANSON: – and topics like this that I think are a distraction, I have said I would prefer to see you writing that book because I think we need it. GARRETT: Gentlemen, thank you so much for joining me. Where is Candy Crowley when I need her? Thank you, Dan Ellsberg. Thank you, David Swanson. It was a very lively, exciting discussion. Daniel, I forgive you for being angry at the beginning of the show and taking it out on me, and David, for saying that I asked the wrong question, I may forgive you. SWANSON: (la |
| New Video Got Gold Report Courtesy Release Posted: 06 Nov 2012 10:39 AM PST HOUSTON -- On Sunday, November 4, we shared a new video Got Gold Report update with our valued paying Subscribers in the GGR Video section of the Subscriber Pages. Today, after a short delay and as a courtesy to our entire readership, we have added that video update – in its entirety – to our YouTube hub for the general public. We hope you find it worthy of your time. More… This report takes a look at one of our most important indicators, the rate of change in the positioning of the largest, best funded and presumably the best informed large traders of gold futures – the Large Commercial Hedgers in New York. It explains one reason why we have been reluctant to reenter our gold and silver trades since being profitably stopped out on October 15 and one of the important signals we look for to support our taking a new long position. We also take a look at several of our Subscriber Charts for gold, silver and mining shares. We end the video with a look at two of the fully fledged Vulture Bargain issues we believe are exceptionally cheap, with compelling reasons for near term price improvement. Timberline Resources (NYSE Mkt: TLR) and Channel Resources (TSX: CHU.V or CHJRF).
We rely pretty heavily on the changes in positioning of the natural hedgers who use the COMEX and futures to limit their price risk. Their positioning sends us signals. Importantly, it is not just the high or low level of their positioning that we take into account. For just one of many examples, very large weekly changes all out of proportion to the movement in the price of precious metals can be a reliable short term "tell." Sizable changes in the opposite direction from "normal" are another potential semaphore we should not ignore. The signal we focus on in this video is the pace of reduction in hedges by the Big Hedgers as gold and silver correct in price. Typically during metals pullbacks a fast pace of net hedge reduction is a bullish influence to our deliberations and vice versa. Here at Got Gold Report we also enjoy gaming the smallest, most volatile junior miners and explorers with a small portion of our overall trading line – for fun and, hopefully, for profit. The past two years have been brutal for the prices of most juniors, removing an enormous amount of the inherent price risk. But our view is that the market for juniors has recently bottomed, with a new cyclical bull market just now beginning. Thus, we believe an unusually robust opportunity currently exists for some of the companies we refer to euphemistically as The Little Guys. Below are two charts of the small junior mining and exploration companies we mention in this report. Note that the trading is compared to popular indexes which track small mining shares.
There are currently artisanal miners working the Tanwaka prospect, so we can reasonably assume that there is considerably more gold to be found by this undervalued explorer. Due diligence a must on both. Link to view the GGR Video on YouTube Disclosure: Members of the GGR team hold long positions in the companies mentioned. |
| Silver Jumps To Two Month Highs As Oil Reverts Posted: 06 Nov 2012 10:07 AM PST http://www.zerohedge.com/news/silver...hs-oil-reverts Silver Jumps To Two Month Highs As Oil Reverts  Submitted by Tyler Durden on 08/20/2012 12:40 -0400 Silver has popped almost 2% today - its biggest jump in 3 weeks - as it nears its 100DMA. So what? It's still down notably from its Q1 swing highs but two things stand out to us as intriguing. First, oil priced in ounces of silver has seen a very narrow range of values since Bernanke's Jackson Hole speech in 2010 (QE2) when money-printing went full retard; and very recently the price of oil in silver had reached the upper end of that channel - and is now reverting. Second, the recent outperformance of silver over Gold has reverted the gold/silver ratio to its post-Bretton-Woods (1971) average at around 56x (up from a recent low of around 32x in April 2011). It seems there are stirrings in the real asset markets as energy and hard-money revert. Silver outperforming Gold today...  As Oil priced in Silver begins to revert back to its post-Jackson Hole average - after touching the top of its range once again...  and Silver and Gold have reconnected in 'value' terms relative to post-Gold-Standard levels...  |
| Who Needs Nate Silver When We’ve Got NC Readers? Posted: 06 Nov 2012 09:14 AM PST Prediction contest! NC will award digital prizes to the NC readers who most accurately predict:
So, readers, leave your predictions in comments! (We will need a real email address to award your digital prize.) You may Of course, in the words of the great Peggy Noonan, "It would be irresponsible not to speculate," so consider this an open thread on the election 'til I start the live blog at 4:00. * * * Digital prizes will be announced at NC and awarded as follows via email, in order by category above:
Decisions by The Judge are final! NOTES AND CAVEATS 1. That is, the legacy party candidate: Whether, Obama or Romney. Winners like "the banksters," or losers like "the American people" will be disallowed. 2. Date, hours, minutes, e.g. 2013-04-01 at 4:20PM or equivalent. If you believe that the election will be contested, write in the date that you feel that the election will be resolved. ADDING 1:07PM "Major network" means ABC, NBC, CBS, FOX, CNN (and not NPR or CBN). 3. For example, "Obama 332, Romney 206″ (Kos), or "Obama 440, Romney 98 (Cramer) or somewhere in between. Totals must add to 538! 4. Your total must add to 100%. That means you must predict the performance of third parties. This was Yves's idea but I wrote it up, so any errors are mine.
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| Posted: 06 Nov 2012 08:48 AM PST t24_ag_en_usoz_168x114.gif Saved for posterity. Will this one be disappeared from the charts tonight? |
| Posted: 06 Nov 2012 08:39 AM PST brotherjohnf: Silver Update 11/5/12 DTCC ~TVR |
| David Morgan: The Ultimate Silver Interview Posted: 06 Nov 2012 08:34 AM PST |
| Look to Midtier and Small-Cap Gold Equities for Growth: Joe Foster Posted: 06 Nov 2012 07:53 AM PST |
| Preventing the Bio-Weapon HIV: New Test Uses Cancerous Nanoparticles Posted: 06 Nov 2012 07:26 AM PST
from occupycorporatism.com: Scientists at the Imperial College at London have developed a nanotechnology that can be utilized in an HIV test for "better diagnosis and treatment in the developing world." Molly Stevens, lead researcher explains that this type of test analyzes saliva; however the acute sensitivity of this particular test will "be able to detect infection even in those cases where previous methods, such as the saliva test, were rendering a 'false negative' because the viral load was too low to be detected." This test identifies the HIV biomarker called p24; which if present will cause microscopic gold nanoparticles to clump together and turn a shade of blue. In contrast, a negative result will cause generate a red color. Keep on reading @ occupycorporatism.com |
| Posted: 06 Nov 2012 07:04 AM PST mainstream media defense cuts war profiteering military industrial complex crime pentagon propaganda mitt romney obama president 2012 election mox news from moxnewsd0tc0m: ~TVR |
| John Embry talks with King World News Posted: 06 Nov 2012 06:46 AM PST John Embry talks with King World News
To Listen to the Interview goto kingworldnews.com: John Embry: Chief Investment Strategist for Sprott Gold & Precious Minerals Fund – John joined the now $10 billion strong firm SAM as Chief Investment Strategist in 2003, with a focus on the Sprott Gold and Precious Minerals Fund. He plays an instrumental role in the corporate and investment policy of the firm. Mr. Embry, an industry expert in precious metals, has researched the gold sector for over thirty years and has accumulated experience as a portfolio management specialist since 1963. John was named Vice-President, Equities and Portfolio Manager at RBC Global Investment Management, a $33 billion organization where he oversaw $5 billion in assets, including the flagship $2.9 billion Royal Canadian Equity Fund and the $250 million Royal Precious Metals Fund #1 ranked fund across the country for its 2002 net performance of 153%. Listen to the Interview Now @ kingworldnews.com |
| James Turk – Fed Allowing Lehman-Type Blowup To Occur Posted: 06 Nov 2012 06:43 AM PST
from kingworldnews.com: Today James Turk spoke with King World News about the Fed purposely allowing a Lehman-type blowup to occur, the stunning news about what is taking place with the Fed's balance sheet, Friday's gold and silver smash, as well as what to expect going forward. Here is what Turk had to say: "When we get days like Friday with big price drops in the precious metals, Eric, two things come to mind. First, there have been a lot of similar smashes in precious metal prices over the past decade, particularly on a Friday. Why on Fridays?" Keep on reading @ kingworldnews.com |
| Here Is Why A Monumental Move Is Coming In Gold & Silver Posted: 06 Nov 2012 06:42 AM PST
from kingworldnews.com: Today acclaimed commodity trader Dan Norcini, and 54-year veteran of the markets Ron Rosen sent King World News exclusively some outstanding charts and commentary for our global readers. This will give KWN readers an important snapshot of where we are in the current bull market in the metals, and also lay out why a monumental move is coming in gold and silver. Keep on reading @ kingworldnews.com |
| ‘Collapse of the Dollar’ now available in Spanish Posted: 06 Nov 2012 06:15 AM PST The Collapse of the Dollar and How to Profit from It: Make a Fortune by Investing in Gold and Other Hard Assets, written by James Turk and John Rubino and first released in 2004, has just been ... |
| Posted: 06 Nov 2012 06:07 AM PST Metals markets opened marginally higher on this US Election Day as the US dollar traded virtually flat and as crude oil advanced by about thirty cents per barrel. Speculative participants appeared to be willing to take only small bites at the market. |
| UK Royal Mint Plans Expanded Bullion Vaulting Posted: 06 Nov 2012 05:27 AM PST Gold is relatively unchanged on Tuesday as investors await the US presidential election results, and remain cautious with news of Greece's two-day general strike against the new austerity package plus the upcoming Chinese leadership transition. |
| Precious Metals & the Presidential Election Posted: 06 Nov 2012 05:09 AM PST Market strategists in the precious metals markets generally expect that an Obama win is good for gold and silver prices, while they will sell off on a Romney victory. It may not be so simple, not only because in a close-run race we may not know the result immediately. |
| Beyond Election, Fiscal Cliff 'Could Propel Gold Higher' Posted: 06 Nov 2012 04:38 AM PST Wholesale market gold prices extended their gains from a day earlier Tuesday, rising above $1,690 an ounce in London this morning – 1% up on yesterday's two-month low – while stocks and commodities also ticked higher and US Treasury bonds fell. |
| Cosmos Chiu Finds Mine Opportunities Around the World Posted: 06 Nov 2012 04:26 AM PST The director and research analyst with CIBC in Toronto, focuses on midtier gold producers, but his coverage gives him a leg up on truly understanding royalty companies' assets. |
| Posted: 06 Nov 2012 03:35 AM PST Lambert will be liveblogging the election starting at 4 PM! Be sure to come back, bring popcorn, and discuss in comments. And you should give him a big round of applause for his stalwart and thorough coverage of the runup to the election. Your humble blogger is also under the weather, big time. So please be nice to the guest bloggers! How I Hacked An Electronic Voting Machine PopSci (Robert M) Water supply 'at weather's mercy' BBC 0 Percent Comparison Rate. Skippy tells us subprime auto finance is alive and well in Oz too. And this, also from Skippy, is just puzzling: Green Moon owner Lloyd Williams spends $30 million to win Melbourne Cup but he doesn't watch it live News.com.au Briton Killed in China Had Spy Links Wall Street Journal China's economic destiny in doubt after leadership shock Ambrose Evans-Pritchard, Telegraph Apple Explores Switch From Intel Chips for the Mac Bloomberg. Ah, yes, the original NeXT had Motorola chips… Storm porn continues (Lambert has more granular stuff in Campaign Coverage):
Re-elected Obama would push quickly for fiscal deal -party aides Reuters Fiscal cliff looms over campaign climax Financial Times. Larry Fink is positioning himself to be Treasury Secretary, as the more effective Erskine Bowles. Why Californians MUST Vote George Washington What a ginormous pile of crap! bob somerby. A must read. On the origins of post-truthiness Gov. Cuomo allows displaced New Yorkers to vote anywhere Raw Story (furzy mouse) Goldman Sachs slashes number of partners Guardian Hero of the day, CPDO edition Felix Salmon (John M) and Australian Court: Standard and Poor's Liable for Bad Ratings on Securities Firedoglake. Ha, no one overseas cares about the US First Amendment "journalism" nonsense. Wait until German investors get their teeth into this. Wonder how the plaintiffs collect on these cases, though…. War of words erupts among rating agencies Financial Times Foreclosures Drawing Cash as 401K Returns Sag: Mortgages Bloomberg (Lisa E) Crystal Ball Department: Bankruptcy Filings to Rise in a Few Years Jean Braucher, Credit Slips Supreme Court Hears 2 Cases Over Class Actions New York Times Bank of America doubles repurchase risk exposure Housing Wire * * * lambert here: Mission elapsed time: T + 57 and counting* 24 24 hours to go / I wanna be sedated. — The Ramones, I wanna be sedated Occupy. Occupy Sandy: "Distribution centers and volunteer hubs are now located in Sunset Park, Astoria, Brighton Beach, DUMBO, East Village, Lower East Side, Jersey City, Red Hook, Rockaway, and Staten Island." Hurricane Sandy NY. Maypr-for-Life Bloomberg's generator clusterfuck: "The city left more than a dozen generators and other pieces of heavy equipment — desperately needed by cold and hungry New Yorkers who lost their homes to Hurricane Sandy — still stranded in Central Park yesterday and this morning. Five light towers, that can expand up to 30 feet in the air, were sitting unused on the east side of Central Park near 72nd Street today, as horrified passersby demanded to know why the equipment hadn't been deployed to devastated neighborhoods. Stashed near the finish line of the canceled marathon yesterday were 20 heaters, tens of thousands of Mylar 'space' blankets, jackets, 106 crates of apples and peanuts, at least 14 pallets of bottled water and 22 five-gallon jugs of water." Photos. Bonus fun: Read the story to parse "Mike's" statement! …Mayor-for-Life Bloomberg offers a helping hand: "You can die from being cold." No, duh! Maybe if you distributed some Mylar blankets? .. Brooklyn: "The impromptu charging station was set up by a company called BioLite [here], which enables users to 'cook dinner and charge electronics anywhere, with just a handful of kindling.' We're told that the stoves can charge a cell phone in the time that it takes to charge up your phone using a laptop. The stoves can also be used to power LED lights." … Staten Island: "After talking with city and Office of Emergency Management officials, each of whom had a different answer to what was needed and where–and if anyone was in charge, no one knew who it was, or at least they weren't telling the Islanders and volunteers asking for answers–we headed down the road to the next relief station, where the rough consensus was that our supplies would be better put to use. En route, 'our' cop stopped to talk with several colleagues he knows–none of whom knew what was happening beyond their sight lines. "It's complicated" was the refrain we kept hearing from dispirited city officials (Cops just said "I don't know," or "maybe try over there." … Red Hook: "A full week after Hurricane Sandy came and went, thousands of furious Housing Authority tenants in Brooklyn, Queens and Manhattan struggled Monday to survive in squalid conditions as NYCHA scrambled in vain to turn on power, heat and water. "Nobody comes here to help. It's the land of the lost," declared a frustrated Ralph Fret, 64, pointing at the black fetid water that remained in the basement of his building – nearly to the ceiling. "You see all that water? You see a pump anywhere? They're not doing anything.'" Who's in charge of NYCHA? Some privatizing mole? … Breezy Point: " Breezy Point could have been mistaken for a Soweto shanty town Sunday as residents picked through the ruins of their homes and used blankets to ward off the cold." … Rockaways: "FEMA "stacked everything in front of the building and a lot of people couldn't come down to get it." Residents of the 12-story Dayton Tower high-rise co-op on Shore Front Parkway developed a system to deal with the lack of elevators by deputizing younger residents as runners to communicate with the elderly and infirm. 'We run up and down the buildings and ask people what they want — milk, toilet paper, water,' said Kevin Garcia, 15."Solidarity! … Rockaways: "There are no stores open in the eastern reaches of the Rockaways. There is nowhere to buy food. There is no subway service. There are no cabs. If you lived in Edgemere and you had a car, it has almost certainly been totaled by seawater. There is no light in these towers. Elevators don't work and the windowless stairways are dark with a darkness that most New Yorkers never see, a pervading absolute blackness like something from the lower reaches of an uncharted cave." … Food: "More than 1.1 million pounds of food will pour into areas of New York devastated by Hurricane Sandy after the United States Department of Agriculture (USDA) approved the state's request for emergency food resources." … FEMA: " Homeland Security Secretary Janet Napolitano said Monday 4,800 staffers from the Federal Emergency Management Agency are in the area, working to solve the mammoth housing crisis — and that solution may include trailers and pre-fab houses similar to those deployed after Hurricane Katrina." Oh, that's a relief. … Information blackout: "Of the total, at least 20,000 are in public housing, some of which will be out of commission for 'a very long time,' Bloomberg said without naming which NYCHA developments will be shut for repairs. Milda Arriaga, who has lived in the houses for five years, said the week-long power outage was made worse by an information blackout. "Nobody is telling us anything. If it's not safe, we wouldn't even know," the 31-year-old physical therapist said." … Photos: Gallery. … Photos: Iwan Baan on his already famous Manhattan SOPO photo for New York Magazine (here): "As I looked at the glowing Goldman Sachs tower and the bright buildings surrounding this financial icon–I saw who has the power and how problematic that is for this country." NJ. Earthquake: "This [new Noreaster] comes in addition to a minor earthquake that shook northern New Jersey in the middle of the night." From the Department of Please! Make It Stop! … Jersey City: "'Give us power!' Those were the words shouted from an upper-floor window by a resident of the Marion Gardens public-housing complex in Jersey City, where the power has been out since Hurricane Sandy made landfall last Monday" … FEMA: "FEMA won't duplicate benefits paid by private insurance, so homeowners must settle claims before FEMA will evaluate, said FEMA Administrator Craig Fugate. And most of its recovery aid comes in the form of low-interest disaster loans, he said. 'If you have insurance, file your claim. That's the first answer,' Fugate said. 'If you don't have insurance or have uninsured losses, the next step is an SBA disaster loan." Yes, let's get the post-disaster economy roaring back to life. … Petroleum: "Still, two NJ refineries and 10 regional petroleum terminals remain off-line, according to the Department of Energy." NOTE: Swing states in bold italic, with (poll closing). CO (9:00pm ET) Legalization: "According to PPP, 52 percent of voters support Amendment 64 while only 44 percent are opposed to the measure leaving the state 'set to legalize marijuana tomorrow,' PPP's Tom Jensen writes about the results of their latest survey. FL (7:00pm ET for eastern part of state; 8pm ET for the west) Voting: "Early voting and in-person absentee ballots in FL: [T]wo different systems to verify the identify of the voter, with two different sets of possibilities of a ballot being accepted or rejected." What could go wrong? IA (10:00pm ET) The Romney: "[ROMNEY:] 'You measure change in achievements. His record is very different from his words," Romney said, pointing to higher health care costs, higher gasoline prices and lower take home pay as vestiges of the president's White House term." All true, sadly. Still, at least a neo-liberal shill won't win. Oh, wait… NJ. Voting: "Late today, Ernest Landante, a spokesman for Lt. Gov. Kim Guadagno, said the state does require e-mail voters to also send in hard copies of their ballots by regular mail immediately, and no special exemptions are being made for Sandy victims." … Voting: "County election administrators are, according to anecdotal reports, simply not responding to all requests for ballots. In two major counties, the email address advertised on the website of the county clerk is not even accepting email. " NH (7:00pm ET for most of state; 8pm ET for a few bigger cities). Results: "This year ten voters showed up [at the Dixville Notch midnight vote] and they split evenly — five votes apiece — for Obama and Romney. Dixville Notch and its 10 voters may be symbolic, but they're not a bellwether for the state. " NY. Greens: "Donald Hassig, the Green Party candidate in the 21st Congressional District, will be voting for D incumbent Bill Owens [as LOTE] on Tuesday, according to a post on Hassig's blog filed Saturday evening — two days after the release of a Siena poll showing Hassig pulling 4 percent in a race that's a statistical dead heat: Owens led R Matt Doheny in that survey by a point, 44-43 percent. The state Green Party repudiated Hassig after his comments at a voter forum knocking Mexican farm laborers as potentially harmful to cattle due to their poor English skills. The candidate claimed his comments were mischaracterized." … Greens: "It may be one of the closest congressional races in the country. It would be tough to get any closer. A final poll shows R Ann Marie Buerkle and D Dan Maffei each with 44% of the vote. A third party [Green] candidate, Ursula Rozum, has eight percent support. Just three percent are undecided." … Voting: "As of yesterday, less than 72 hours before Election Day, tens of thousands of voters were confusingly assigned new poll sites after Hurricane Sandy knocked out power to or damaged the usual spots where they cast their ballots." NV (10:00pm ET). Ryan: "The battle for NV's six electoral votes came down to the wire Monday as R vice presidential candidate Paul Ryan made a final stop [in Reno] while campaign workers for Obama worked phones, fanned out into neighborhoods and handed out fliers." Note the editorialzing photo: Ryan with a spike in his head. OH (7:30pm ET). Voting: "Under a little-noticed provision of Ohio law, federal election results cannot be challenged in state court." … Swing state Keynsianism: "[T]his year polls suggest that Ohio is slightly D-leaning. That divergence — driven by the auto rescue and the state's improved economy, local analysts said — may prove determinative" (Nate SIlver) Why bail out the American people when you just need to bail out and industry in two swing states? It's visionary minimalism! The trail. Military voting:" 'Among presidential swing states, CO now allows [military] voters to email ballots if mail is unavailable, FL permits them to fax ballots, IA accepts emailed or faxed ballots from those in 'imminent danger' and NV allows email or faxes from those who attest to their voting eligibility under penalty of perjury.' David Jefferson, a computer scientist at California's Lawrence Livermore National Laboratory who calls email and fax transmission "by far the most dangerous forms of voting ever implemented in the U.S.," said that the Pentagon program's and Carey's advocacy 'have done grave damage to U.S. national security, and it will be very difficult to undo it.'" … Microtargeting: "The parties have both embraced research showing that nothing beats a personal appeal from 'trusted peers'–friends, neighbours, relations or those with shared interests–either on a doorstep or by telephone. The psychology of shame has been scoured for tips about the importance of securing an 'affirmative' pledge to vote." Iin other words, the entire process has become something nobody with any sense of shame whatever should even think of participating in, much like all other forms of human interaction devised by rentiers. … Gallup: "Romney takes 49% support over Obama's 48% in the poll of likely voters. The survey was conducted between Nov. 1 and Nov. 4 and has a 2 percent margin of error. Romney led the same poll 51 to 46 percent on Oct. 28, the final day Gallup polled ahead of the storm." … Nooners: "We begin with the three words everyone writing about the election must say: Nobody knows anything. Everyone's guessing. I suspect both Romney and Obama have a sense of what's coming, and it's part of why Romney looks so peaceful and Obama so roiled. " (haw). … Nate Silver: "When the hurricane made landfall in New Jersey on Oct. 29, Mr. Obama's chances of winning re-election were 73 percent in the FiveThirtyEight forecast. Since then, his chances have risen to 86 percent, close to his highs on the year." (Nate Silver). * Slogan of the day:'Field Training Will Make Our Blue Heart Follow The Obama Forever! * * * Antidote du jour (furzy mouse):
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| Do JPMorgan Chase and Scotiabank/Scotia Mocatta Operate the Silver Price Fixing Scheme as a Team? Posted: 06 Nov 2012 03:21 AM PST ¤ Yesterday in Gold and SilverIt was a reasonably quiet trading day in gold on Monday...but there was some structure to the trading action. After gaining about five bucks or so in early Far East trading on Monday, gold then tracked sideways right up until shortly after 3:00 p.m. in Hong Kong. Then gold dipped to its low of the day, which occurred a bit over an hour later at around 8:30 a.m. GMT in London. From that low, gold climbed slowly higher, reaching its high tick about ten minutes after the 1:30 p.m. Comex close in New York...and from there it traded more or less sideways into the 5:15 p.m. Eastern time electronic close. The gold price closed at $1,685.00 spot...up $8.10 from Friday's close. Net volume was pretty light at around 109,000 contracts.
Monday's silver chart was a virtually carbon copy of Monday's gold chart, with the only difference worth mentioning was the fact that silver's high tick [$31.35 spot] came at 2:30 p.m. in electronic trading in New York...and from there it got sold off a bit before trading almost ruler-flat into the close. Silver closed at $31.18 spot...up 27 cents from Friday. Net volume was pretty light as well...around 31,500 contracts.
The dollar index opened at 80.55 in Tokyo on their Monday morning..and then sank a few basis points up until 3:30 p.m. in Honk Kong trading. Then in less than an hour, the index jumped just about 30 basis points to about 80.78...and from there traded sideways until early afternoon in New York, when it sagged a bit...closing at 80.71. There was no co-relation between the gold and silver price activity and the dollar index movements that I could tell.
Not surprisingly, the gold stocks opened in positive territory...but that happy state of affairs didn't last long...and shortly before noon in New York, the share prices sank into negative territory and then stayed there for the rest of the day. The HUI finished down 0.67%. I wouldn't read much into that action, but neither can I explain it based on Monday's price activity in gold.
The same can be said for the silver shares...and they got it in the neck far worse than the gold shares. I have no explanation for that, either. Nick Laird's Silver Sentiment index closed down a chunky 1.66%.
(Click on image to enlarge) The CME's Daily Delivery Report was another exercise in watching grass grow, as only 1 gold and 13 silver contracts were posted for delivery tomorrow within the Comex-approved depositories. No surprisingly, considering the price action on Friday, an authorized participant withdrew 125,969 troy ounces of gold from GLD on Monday. What was a surprise was that an authorized participant added 871,421 troy ounces of silver to SLV. The U.S. Mint had a decent sales report yesterday. They sold only 2,500 ounces of gold eagles...but a very chunky 800,000 silver eagles. That makes 1 million silver eagles sold already this month. As I keep pounding away about...I do hope you're getting your share. Over at the Comex-approved depositories on Friday, they reported that 40,108 troy ounces of silver were received...and 342,029 troy ounces of same were shipped out the door. The link to that activity is here. My initial look at the Commitment of Traders Report in this column in my Saturday column [which has now been replaced by this commentary] was about as wrong as I could possibly get. I don't know where my head was at when I was looking at it, as in reality there was improvement in the Commercial category in both gold and silver. My apologies for this error. In silver, the Commercial net short position improved by 1,767 contacts...as the Commercials went long 1,153 contracts and also decreased their short position by an additional 614 contracts. The Commercial net short position is now down to 53,732 contracts, or 268 million ounces. The 'Big 4' are short 243.5 million ounces...which represents 44.0 percent of the entire Comex futures market in silver on a net basis. The '5 through 8' largest traders are short an additional 8.8 percentage points. So the 'Big 8' are short 52.8% of the entire futures market on a net basis...but it's actually slightly higher than that once all the extra spread trades that only show up in the Disaggregated COT Report, are subtracted. In addition, the 'Big 4' are short 91 percent of the Commercial net short position in silver. In gold, the Commercial net short position improved by 9,901 contracts...and is now down to 222,764 contracts, or 22.28 million ounces. The 'Big 4' are short 14.64 million ounces...and this represents 34.4% of the entire futures market in gold on a net basis. The '5 through 8' traders are short an additional 12.7 percentage points...so that takes the 'Big 8' short position up to 47.1 percent of the entire futures market on a net basis. In addition, the 'Big 4' are short 65.7 percent of the Commercial net short position in gold...not nearly as big a percentage as in silver, but still huge nonetheless. Needless to say, there has been a vast improvement in the net short position in both gold and silver since the Tuesday cut-off...especially after Friday's shenanigans. But, as Ted Butler pointed out in his Saturday column, there is still much more potential selling left by the technical funds, as they still hold significant long positions compared to the July lows. But can they or will they sell out this time? Who knows...but if they do, it will take lower prices to do it. This sell off that began during the first week of October, is not shaping up like the 'normal' engineered price decline that preceded it...at least not from a COT perspective, especially silver.
The above was courtesy of Washington state reader S.A...as is the chart below showing the gold price, it's 65-week moving average...and the presidential election cycle. Let us all join hands and pray that the pattern repeats itself...starting immediately!
This next chart is courtesy of reader 'David in California'...and requires no further embellishment from me.
(Click on image to enlarge) Considering it's my Tuesday column...I don't have that many stories for you today. We are much closer to a bottom than a top...but I'm always on the lookout for "in your ear". Hurricane's aftermath gives NY Fed a rationale for suspending access to gold vault. Hugo Salinas Price: On the use of gold coins as money. Battling emus and gold, India wants more people to buy shares. ¤ Critical ReadsSubscribeDestroyed by Total Capitalism: America Has Already Lost Tuesday's ElectionGermans see the US election as a battle between the good Obama and the evil Romney. But this is a mistake. Regardless of who wins the election on Tuesday, total capitalism is America's true ruler, and it has the power to destroy the country. The United States Army is developing a weapon that can reach -- and destroy -- any location on Earth within an hour. At the same time, power lines held up by wooden poles dangle over the streets of Brooklyn, Queens and New Jersey. Hurricane Sandy ripped them apart there and in communities across the East Coast last week, and many places remain without electricity. That's America, where high-tech options are available only to the elite, and the rest live under conditions comparable to a those of a developing nation. No country has produced more Nobel Prize winners, yet in New York City hospitals had to be evacuated during the storm because their emergency generators didn't work properly. Anyone who sees this as a contradiction has failed to grasp the fact that America is a country of total capitalism. Its functionaries have no need of public hospitals or of a reliable power supply to private homes. The elite have their own infrastructure. Total capitalism, however, has left American society in ruins and crippled the government. America's fate is not just an accident produced by the system. It is a consequence of that system. Well, dear reader, if total capitalism had been allowed to function without interference, we wouldn't be in this mess anywhere in the western world right now...including the United States. Only the direct interference by government for the favoured few has put us in the position where were are today...a process that really began to gather steam in the late 1960s. I thank Donald Sinclair for sending me this spiegel.de piece from yesterday...and the link is here.  Queens residents arm themselves in the post-storm blackout from lootersResidents feel isolated and some use guns, baseball bats, booby traps — even a bow and arrow — to defend themselves. When night falls in the Rockaways, the hoods come out. Ever since Sandy strafed the Queens peninsula and tore up the boardwalk, it's become an often lawless place where cops are even scarcer than electrical power and food. Locals say they are arming themselves with guns, baseball bats, booby traps — even a bow and arrow — to defend against looters. Thugs have been masquerading as Long Island Power Authority (LIPA) workers, knocking on doors in the dead of night. But locals say the real workers have been nowhere in sight, causing at least one elected official — who fears a descent into anarchy if help doesn't arrive soon — to call for the city to investigate the utility. Further exacerbating desperate conditions, it could take at least a month to repair the bridge that connects the Rockaways to the city subway system, officials said. This story showed up on the New York Daily News website on Friday evening...and I thank Washington reader S.A. for sending it along. The link is here.  Gretchen Morgenson: One Safety Net That Needs to ShrinkElection day is upon us, and neither President Obama nor Mitt Romney has really addressed one of the nation's most pressing economic issues: the risk that one day taxpayers might have to bail out swashbuckling financial institutions again. Granted, the economic pain many are feeling now — the snail's pace recovery, the stubbornly high unemployment — is foremost in voters' minds. But given all we've gone through after the last binge in the financial industry, failing to confront the too-big-to-fail question is a serious oversight. Many Americans probably think the Dodd-Frank financial reform law will protect taxpayers from future bailouts. Wrong. In fact, Dodd-Frank actually widened the federal safety net for big institutions. Under that law, eight more giants were granted the right to tap the Federal Reserve for funding when the next crisis hits. At the same time, those eight may avoid Dodd-Frank measures that govern how we're supposed to wind down institutions that get into trouble. In other words, these lucky eight got the best of both worlds: access to the Fed's money and no penalty for failure. This piece showed up on the nytimes.com Internet site on Saturday...and I thank Phil Barlett for sharing it with us. The link is here.  A year after MF Global failure, customers safer than before collapseWow! I'd suggest taking a Gravol before reading this article. Terrence Duffy is the grand poobah of the CME Group...and one of the organizations that aid and abets the criminal price management schemes in all the precious metals. I can't believe that this guy has the gonads to say what he does in light of the MF Global debacle...which the CME Group has yet to make whole. If they ever bring back the guillotine...this is the one first guy whose head should roll. It was posted on the futuresmag.com Internet site a week ago today...and I thank Quebec reader John Bastian for finding it for us. The link is here.  UK will have say on EU, says Duncan SmithSpeaking on The Andrew Marr Show the Work and Pensions Secretary said public opinion had "shifted dramatically" and did not rule out a referendum on the UK's position in Europe, but did not provide specifics as to what the question would be. "The prime minister has always said he is not against one and it is just a case of when and what," he said. "We have time and we need to get this one right." Nearly a third of voters in David Cameron's own constituency would "seriously consider" voting against the Prime Minister if he does not offer a vote on Britain's European Union (EU) future, according to a new poll. Mr. Cameron is in Europe this week to vote on the EU budget, just days after he suffered a stinging Commons defeat over Europe as Conservative backbenchers told him he must deliver real reductions in the European Union budget. This story showed up on the telegraph.co.uk Internet site Sunday at 10:34 a.m. GMT...and I thank Roy Stephens for his first offering in today's column. The link is here.  HSBC to face £1bn fines over money-launderingHSBC is set to face a final bill for fines as high as $1.5bn (£937m) for the "shameful and embarrassing" US money-laundering scandal that has engulfed Britain's biggest bank. The lender is tomorrow expected to spell out the full financial damage caused by the crisis, which erupted earlier this year. The bank stands accused of leaving America's financial system exposed to Mexican drug cartels and rogue nations such as Iran and Sudan, by failing to enforce US anti money- laundering laws. HSBC said at its half-year results in the summer that it had set aside $700m to cover the cost of the scandal. The bank said at the time that the huge sum was only its "best estimate" for the fines and penalties it would face from US authorities. But Stuart Gulliver, HSBC's chief executive, admitted the actual total could be higher. The final bill is now expected to have more than doubled to $1.5bn, forcing the bank to make a further provision of up to $800m in its third quarter results tomorrow, according to Sky News. This is the second story in a row from The Telegraph. This one showed up on their website on Sunday evening GMT...and I thank Donald Sinclair for his second offering in today's column. The link is here.  |
| Indians head for gold as Diwali closes in Posted: 06 Nov 2012 03:21 AM PST  In a run up to the Diwali festival next week and the marriage season which is around the corner, leading jewellers and bankers are already quoting positive signs on gold sales. |
| Battling emus and gold, India wants more people to buy shares Posted: 06 Nov 2012 03:21 AM PST  A year ago, S. Kashinath, an illiterate laborer from India's southern Tamil Nadu state, lost 300,000 rupees ($5,600) in savings he invested in a pyramid scheme promising high returns from emu farming. Now Kashinath, and around 23 million other low- to middle-income Indians, are being courted by a government scheme to boost investment in local stock markets. The ambitious scheme, which aims to broaden share ownership, re-energize an unprofitable mutual fund industry, and bring some structure to a patchy investment landscape, faces formidable barriers -- not least India's love affair with gold. |
| Gold and Silver Market morning, November 06, 2012 Posted: 06 Nov 2012 03:00 AM PST |
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