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• The Best Way To Trade The Currency Wars - Buy Gold Yen
• Gold ETFs Drop 2% As Prices Test $1,600 An Ounce
• Gold slips further as Soros, Moore Capital sell gold ETFs. Paulson stands firm
• How To Protect Your Wealth From Inflation
• Is A Big Correction For Gold And Silver In The Offing?
• Idiots!
• This Time it WILL be Different
• Three resource legends just gave a "must-see" presentation
• This HUGE U.S. dollar trend could be coming into play again
• Falling pound keeps up Gold in Egypt
• Gold Slumps as Meteor Explodes over Russia, 500 Hurt
• Is This the Start of 2008 All Over Again?
• Chinese infrastructure giant eyeing Canadian gold
• The untold reality of gold and silver price controls
• Bank short silver positions near record, risk squeeze
• COMEX Open Raid Smashes Gold & Silver to $1500, $29 Handles!
• GEAB N°72 est arrivé ! Crise systémique globale - Second semestre 2013 : La réalité ou l’anticipation de l’effondrement du Dollar oblige le monde à se réorganiser sur de nouvelles bases
• India buys 100 tons of Gold in January
• Gold feels technical selling pressure
• Is gold becoming a risk-off asset?
• Dollar rally & Soros sales see gold hit 6-month low
• Gold Safety blanket or quilting essential?
• Hedge funds move from GLD to other ETFs and safety of allocated gold?
• Gold weaker until the next disaster?
• Massive Meteor Strike in Russia, 500 Injured
• Gold price falls to level seen on January 4th – matches low for 2013
• German Automaker Reportedly Hoarding As Much Physical Silver As it Can Acquire
• Central bank gold demand at post-1964 high
• South Korea now 36th largest gold reserves holder
• Central banks Gold buying breaks 50 year record in 2012
• Global Gold Reserves In 2012 By Central Banks
• Pakistan launches first open end Gold Fund
• Global Gold Demand 2012
• Q4 leap helps India beat China again as top Gold consumer
• A Bottom and a Buy Signal: Gartman Shorts Gold
• Silver: right now [probably] the best asset in the world
• Currency wars come to Moscow as G20 meets
• Gold demand dips 3.85% to 4,405.5 tons in 2012
• NEW 2013 Canadian Wildlife Series Wood Bison As Low As $2.89 Over Spot!!
• Gold heads for biggest weekly fall in 2 months

The Best Way To Trade The Currency Wars - Buy Gold Yen Posted: 15 Feb 2013 11:52 AM PST By Joe Gelet: Gold dipped below $1,600 an ounce today, during an otherwise bullish gold market: Gold futures dropped Friday as upbeat data on U.S. industrial production and New York manufacturing activity helped dull the metal's safe-haven appeal, prompting prices to briefly breach the $1,600-an-ounce support level. News that George Soros cut his holdings on a major gold fund also added pressure as investors assessed reported comments from the Group of 20 nations, as the group's meeting got under way in Moscow. This dip came shortly after news was released that Central Banks are buying Gold at a record pace, the most since 1964: Central bank buying for 2012 rose by 17% over 2011 to some 534.6 tonnes. As far as central bank gold buying, this was the highest level since 1964. Central bank purchases stood at 145 tonnes in the fourth quarter. That is up 9% from the fourth quarter Complete Story »

Gold ETFs Drop 2% As Prices Test $1,600 An Ounce Posted: 15 Feb 2013 11:42 AM PST By Tom Lydon: Gold ETFs were down nearly 2% on Friday as April futures contracts briefly dipped below $1,600 an ounce. The precious metal ETFs were on track for weekly declines of about 4%. Gold was weak following reports that George Soros cut back his position in the largest bullion-backed ETF. Soros was selling gold in the fourth quarter as demand hit an all-time record at the end of 2012 on greater investment interest in gold and related exchange traded funds and increased central bank hoarding. Annual gold demand on a value basis rose to $236.4 billion in 2012 as gold prices record another yearly high, according to a World Gold Council annual report. Considering gold demand on a value basis, both jewelry and investment demand hit their highest level in six quarters, with jewelry demand at a record value in 2012. However, on a tonnage basis, demand was 4,405.5 metric tons Complete Story »

Gold slips further as Soros, Moore Capital sell gold ETFs. Paulson stands firm Posted: 15 Feb 2013 11:40 AM PST Gold has turned down again following the news of some big liquidations by Soros Fund management and Moore Capital in their SPDR Gold trust holdings and others.

How To Protect Your Wealth From Inflation Posted: 15 Feb 2013 11:38 AM PST ByMacro Investor: With the Federal Reserve engaged in heavily expansionist policies, investors in the USA have been wary about impending inflation and a corresponding reduction in the standard of living. The Federal Reserve is committed to buying $85B in Treasuries and Mortgage Backed Securities until unemployment comes down to 6.5% from the current 7.9%. It is willing to let inflation rise to 2.5% in the process. This, many believe, will cause hyperinflation in the U.S. Dollar. While the rumors of hyperinflation are greatly exaggerated, there is reason to believe that inflation will rise moderately in the long run in the USA. In fact, that will be a great thing for the U.S. economy. Rising inflation expectation cause people to spend more today, rather than waiting for prices to drop tomorrow and then buy. This causes increased economic growth from higher demand. For now hyperinflation, or even inflation, remains Complete Story »

Is A Big Correction For Gold And Silver In The Offing? Posted: 15 Feb 2013 11:30 AM PST By BubbleBustInvesting: Gold was in another correction mode on Friday -- the fifth in less than a month -- dipping briefly below $1600; a big disappointment to the bullish crowed betting that the yellow metal will hit $3000 early this year. Silver dipped below $30. (Click to enlarge) (Click to enlarge) Gold ETFs like SPDR Gold Shares (GLD) were also sharply lower (down 1.83 percent); silver ETFs like iShares Silver Trust (SLV) followed through in sympathy (down 2.42 percent). Strong U.S. consumer data; a stronger dollar; and technical factors were all cited as the factors behind the sell-off in precious metals. Are these corrections the signal of an even bigger correction? As I wrote in a previous piece, it all depends on the time frame of this question -- as well as assumptions made about the future state of the world economy. In the short-term, gold and Complete Story »

Idiots! Posted: 15 Feb 2013 11:00 AM PST Tweet Some days it takes me about 5 or 10 minutes before calling "bull" on something which gives me a topic to write about.  Not today.  Today I turned on CNBC to immediately hear "Has gold lost its luster?" and "Usually when gold changes direction it stays that way for 20 years or more so it might be 2030 before we see $1,900 again."  Really?  Are you people complete idiots?  20 years?  What, 20 years to the downside but this bull market is a 13 year abortion?  Forget about "time," why has Gold rallied to the current levels in the first place?  Fundamentals? Surely it cannot be the fundamentals of gold.  Definitely not the fact that global supply has not met global demand in over some 20+ years.  It couldn't be because the Fed has printed wildly and blown its balance sheet to oblivion.  20 years?  Do you really believe the U.S. Treasury will even exist in its current form by then?  Oh yes, I know, gold is down from where QE 3 and 4 were announced so let's extrapolate the move.  "The move" which by the way is being caused by high frequency trades of paper contracts with no gold available for delivery.  "The move" which the CFTC does nothing (wink wink) and cannot find any perpetrators who "make" the price in the paper markets. Relax people, this must be the 20th "bear market" for gold and silver in the last 10 years.  Do you remember the last campaign?  I think they called it "the death of gold."  I checked on mine and believe it or not… it's still shiny!  No wheezing, coughing or clutching its chest in pain… nope, it's still there.  …And no matter what Washington, Wall St., CNBC or even Mayor Bloomberg want you to believe or legislate… it's still MONEY! In fact, I would wager that some 20 years or so from now, no one and I mean NO ONE on the planet will part themselves with even one ounce of gold for ANY amount of today's dollars.  Do you see what I just said?  I said (in much simpler terms) that QE to infinity, unlimited printing, unlimited debt AND a dollar that will at some point not spend… for ANYTHING much less REAL money! Yes, yes… the fundamentals.  Were gold to actually back all of our current debt owned by foreigners it would be somewhere around $10,000.  If it were to back all debt it would be well north of $20,000.  …and if you include all of the guarantees, promises and future benefits?  Well over $100,000.  So we are being told that gold and silver are now "dead in the water" investments with no future at all.  Everyone is so down trodden, scared and ready to commit the financial suicide that this "operation" was designed for in the first place.  How many times in the past did they "shake the tree" like they are now?  10 times already?  Why would the result be any different now other than the fact that there is now less gold available to deliver and more paper outstanding than previous "shakes."  How many times has "top" been called?  "Bear market in gold and silver"? Actually, you could have told me 13 years ago with Gold at $260 that it would rise to $1,600 and I would have believed you.  However, if you told me the sentiment would be worse at $1,600 per ounce than it was back in the "lonely" $260 days I would have laughed until I broke a couple of ribs!  Seriously, it does not matter what "price" they can knock the metals down to.  It doesn't matter how loud the "top" calls are screamed.  What does matter is that you own precious metals when the world's central banks and treasuries default us into a banking holiday.  This is math.  It is pure logic.  It is not rocket science and I am no brilliant mind.  This is just pure common sense and street smarts.  Please, spend some time over this long weekend and think about why you purchased metals in the first place.  Have events passed for which you originally made purchase to protect yourselves from?  Is any bank, broker, central bank or treasury stronger financially today than from when you made your purchases? Just because the "made for TV" paper price of gold and silver are less today than they were 2 or 3 months ago it does not mean that they are less "valuable."  If you can understand this previous sentence and what I am truly saying then sit back, relax and enjoy your weekend.  If you don't… then re read it a few times until you do.  If you still can't understand it then, well, sell all of your precious metals investments and buy AAPL and Treasury bonds.  At least you will "feel good" …until you don't.  On a side note, I have often thought that it must be a wonderful thing to be "oblivious" and not have a care in the world… Similar Posts: None Found

This Time it WILL be Different Posted: 15 Feb 2013 10:00 AM PST Tweet READ THE FULL NEWSLETTER My son Andy, his wife and two children arrived late on Thursday.  It will be hectic around here for the next week.  I will try my best to knock out a newsletter every day, but I will minimize my personal comments in today's letter. I found Richard Russell's comments that gold could drop to $1550 but the last two times it did, it rebounded to $1800.  The Cartel still has a lot of "shaking the tree" to do before that occurs. Jim Sinclair expects the key central banks to up their gold reserves to 15% by 2015.  That would put a lot of pressure on the "physical" market and is the fuel behind his prediction of $3500, minimum. I like Bill Holter's comments from yesterday.  He is right.  This time it WILL be different.  2008 was just the opening act and the problems were never solved, just pushed out of sight with phony non-standard GAAP valuations allowed on their balance sheets.  We keep piling debt upon debt and creating money upon money with no regard to consequences.  But there are always consequences.  Gold, if left alone to do its thing, would already be sounding the warning siren.  But that is not allowed.  If gold is not rising, the problems do not exist – except they do. Check out these two short articles by Kitco News.  It's hard to be bearish on gold with information like this.  The physical gold market is ON FIRE. WGC: Central-Bank Net Gold Purchases In 2012 Most Since 1964 WGC: Global Gold Demand Posts Second-Highest Quarter Ever; India Remains Top Consumer In 2012 Although I live in Miami for half of every year, it is not a vacation.  I spend at least six hours a day, and often more, reading and putting together the daily newsletter.  It's not a chore.  I enjoy it.  We are living in the most exciting period of history since the end of WW2.  If you think that things have changed a lot lately, wait – you ain't seen nothing yet! The last vacation I took was 18 months ago.  Every time I plan to take time off, I end up writing.  I guess it's now in my blood.  Have a nice weekend – everything IS fine in gold and silver land.  Let the hedge funds keep beating each other up.  If you have taken my advice and own physicals, free and clear with no margin, this HFT nonsense will soon be behind us.  The sellers will flip-flop and become the buyers. See the following sage advice from Jim Sinclair.  He and Richard Russell have been through this before and this is not new to them.  Take their advice.  They are right, you know. Gold Will Balance The Balance Sheet Of The Transgressors – Jim Sinclair Similar Posts: Rumors from the FOMC minutes or Jim Sinclair? Don't Let the Cartel Get the Best of You There Are Always A Few People Who Get Angry If I Write Something That They Disagree With

Three resource legends just gave a "must-see" presentation Posted: 15 Feb 2013 09:54 AM PST From Zero Hedge:   In this candid discussion, precious metals experts Eric Sprott, John Embry, and Rick Rule discuss a wide range of topics related to precious metals investing, including macroeconomic issues, expanding central bank balance sheets, and the role of precious metals in protecting your purchasing power.   A detailed analysis of the gold, silver, and platinum/palladium markets, and a Q&A session round out this great discussion.   Watch the video here...   More on the resource sector:   This could be the easiest way to buy the world's most explosive silver stocks   Casey Research shares some "lessons learned" from 20 years of resource speculation   A story on the U.S. energy renaissance that could shock the "peak oil" crowd

This HUGE U.S. dollar trend could be coming into play again Posted: 15 Feb 2013 09:54 AM PST From Kimble Charting Solutions:   The U.S. dollar has lost over a third of its value inside of the 10-year falling channel above, leaving it little to brag about as it continues to create a series of lower highs!   Over the past year, the dollar has held on a small rising support line.   The falling channel and rising support line has created a flag pattern, that has to end soon at (2), which should cause the dollar to pick up volatility. The dollar looks to have created a...   Read full article...   More on the U.S. dollar:   The world's biggest hedge fund is super-bullish on stocks and commodities now   Top fund manager reveals a shocking statement from inside the Obama administration   The U.S. dollar has been following this unusual "road map"

Falling pound keeps up Gold in Egypt Posted: 15 Feb 2013 09:05 AM PST The Egyptian central bank began a managed depreciation of the pound towards the end of December to maintain the country's foreign reserves, as political turmoil gripped the country and investors headed for the exit.

Gold Slumps as Meteor Explodes over Russia, 500 Hurt Posted: 15 Feb 2013 09:00 AM PST SOUTHEAST TEXAS -- While knees are jerking, reacting to the gold and silver sell down this morning; with gamers dumping their junior miner positions, as if it matters whether gold has a $1,600 handle or $1,500 handle (it does not matter for juniors, but there you go), we take a, uh, "short" break from fishing to view one of many fascinating videos of the very large fireball meteor that exploded in an "air burst" over Russia earlier today. (Click through to Page 2 for a full size video.)     Tens of other videos have been uploaded at YouTube, including some that captured the multiple very loud sonic booms and smallish, but nevertheless frightening blast wave. (More...) It is a reminder that space stuff could hit the earth anywhere, anytime.  We once witnessed a large meteor crash into the Gulf of Mexico from a small boat about 100 miles out of Freeport Texas.  It took about three or four minutes for the quadruple sonic boom(s) to arrive at our position but the sound was still so loud that it was shocking.   Like double bombs going off.  That meteor exploded also, we would guess a few miles high, but there were many pieces that continued, harmlessly into the sea, just over the horizon.  Their con trails stayed in the air for minutes. Sadly, we had no way of capturing the event on film then. Just a reminder while we are out of pocket and while gold and silver work their way down into probably overwhelming support.  The bargain loving Chinese, who have been on holiday all this week, return to the metals markets in force Monday.  Have a good one.  Gene Arensberg for Got Gold Report   Source: YouTube http://www.youtube.com/watch?v=aAHFew_ptjY&feature=player_detailpage

Is This the Start of 2008 All Over Again? Posted: 15 Feb 2013 08:30 AM PST Submitted by SD reader BH: Do you remember 2008?  …and what led up to it?  Do you especially remember all of the assurances made that "everything would be OK"? It smells again like 2008 but this time much MUCH worse.  Consumer debt levels have barely subsided from those back in 2008.  Taxes are higher and [...] Check out these similar articles: Inside Job Director Charles Ferguson on the Financial Landscape after 2008 Peter Schiff: US Heading Towards Collapse Worse Than 2008 or Europe THIS IS NOT 2008 ALL OVER AGAIN…Here's why:

Chinese infrastructure giant eyeing Canadian gold Posted: 15 Feb 2013 08:08 AM PST Sona Resources says it has brought a Chinese engineering, procurement and construction firm, China Machinery Engineering, on board to help arrange financing for a gold mine restart in BC.

The untold reality of gold and silver price controls Posted: 15 Feb 2013 07:56 AM PST The financial backdrop to the current prices of precious metals like silver and gold is that trillions of dollars and other currencies have been created to reflate stock markets and attempt to create a recovery in the property market.

Bank short silver positions near record, risk squeeze Posted: 15 Feb 2013 07:50 AM PST The non-U.S. banks increased their short silver positions by 457 contracts, representing more than 42 million ounces between them to give a total short position of 277,810,000 ounces, the second highest on record.

COMEX Open Raid Smashes Gold & Silver to $1500, $29 Handles! Posted: 15 Feb 2013 07:44 AM PST After consolidating throughout the overnight Asian and London session, the latest COMEX open raid has finally achieved the cartel's target in silver, with $30 broken to the downside as silver was smashed to $29.84. Gold has also been hit on … Continue reading →

GEAB N°72 est arrivé ! Crise systémique globale - Second semestre 2013 : La réalité ou l’anticipation de l’effondrement du Dollar oblige le monde à se réorganiser sur de nouvelles bases Posted: 15 Feb 2013 07:39 AM PST - Communiqué public GEAB N°72 (15 février 2013) - De même que la crise de l'Euro a poussé l'Europe à moderniser et à adapter aux enjeux du XXI° siècle sa gouvernance économique et financière, la terrible crise du Dollar US va obliger la planète à transformer l'ensemble des structures de gouvernance mondiale, en commençant bien sûr par le système monétaire international pour calmer la tempête qui s'apprête à frapper les monnaies. Selon nos anticipations, cette réorganisation, qui ne commencera à se concrétiser qu'avec le G20 de Septembre, risque malheureusement de se faire dans la précipitation puisque notre équipe prévoit les premiers grands effrois quant au Dollar pour la période mars-juin 2013. Une phrase d'Antonio Gramsci (1) décrit magnifiquement la longue période de transition dangereuse que nous vivons actuellement : « Le vieux monde se meurt, le nouveau monde tarde à apparaître et dans ce clair-obscur surgissent les monstres ». Cette période va enfin s'achever mais les monstres s'agitent encore. Sans surprise, l'un des puissants facteurs qui vont accélérer la perte d'influence des États-Unis sur le monde concerne le pétrole. On assiste en effet aux derniers jours du pétrodollar, élément clé de la domination US. C'est pourquoi nous avons décidé de traiter longuement dans ce GEAB la problématique mondiale du pétrole. Nous donnons également les GEAB Dollar-index et Euro-index pour suivre de manière plus fiable l'évolution des monnaies dans la tempête monétaire actuelle. Enfin nous terminons comme d'habitude par le GlobalEuromètre. Dans ce communiqué public du GEAB N°72, notre équipe a choisi de présenter la série d'indices de crise qui l'amène à maintenir son alerte « crise systémique globale » pour la période mars-juin 2013 ainsi que son anticipation du risque d' « islandisation » de la gestion de la crise bancaire. Des indices de crise en rafale, ou pourquoi nous maintenons l'alerte mars-juin 2013 Depuis le mois dernier (GEAB n°71), le faisceau de tendances lourdes et d'indices annonçant une catastrophe dans la période mars-juin 2013 s'est encore renforcé. C'est d'abord la « guerre monétaire » qui prend des dimensions politiques et ruine la confiance que les pays s'accordent entre eux. Nous développerons notre analyse ci-dessous. Mais ce sont aussi de nombreux indices internes qui devraient alerter au sujet des États-Unis. En décidant de découpler les débats sur les coupes budgétaires/augmentation d'impôts et sur le plafond de la dette (2), les Américains ont dédoublé le choc à venir : il n'y en avait qu'un fin février/début mars, il y en a maintenant un autre en mai. Ce découplage révèle clairement la stratégie des républicains. Certes ils exerceront au maximum un bras de fer sur le relèvement du plafond de la dette pour baisser encore les dépenses, mais ils se sentiront in fine obligés de voter le relèvement afin de ne pas être tenus responsables du cataclysme qui suivrait un défaut de paiement (3). En revanche les conséquences des coupes budgétaires prévues pour le 1er mars, quoique certainement pas indolores, sont loin d'être aussi effroyables et les républicains sont bien décidés à négocier une réduction importante du déficit public sous peine de laisser œuvrer le pis-aller des coupes automatiques. Quoiqu'il en soit, avec ces coupes budgétaires début mars, et après une soi-disant « surprenante » et largement ignorée baisse du PIB américain au 4ème trimestre 2012 (4), qui peut encore penser que la croissance du PIB du 1er trimestre 2013 sera positive (sauf à manipuler les chiffres) ? La baisse est d'autant plus inévitable que quelques jours d'activité ont été perturbés dans le nord-est par le blizzard Nemo et que l'épidémie de grippe a été intense cette année (5). Ce seront des excuses pratiques (6) lorsqu'il faudra justifier une baisse du PIB dans une économie qui doit officiellement redémarrer. Néanmoins l'annonce fin avril d'une rechute des États-Unis dans la récession (deux trimestres consécutifs de baisse du PIB) fera son petit effet sur l'économie mondiale. Heureusement une « digue » a été érigée pour éviter les vagues : l'agence de notation Egan Jones, moins biaisée que ses trois grandes sœurs (celle qui a déjà baissé trois fois la note des États-Unis à AA-), est interdite pour 18 mois de noter le pays (7) ; quelle heureuse coïncidence ! Et parmi les trois grandes agences de notation, S&P est poursuivie en justice (8), précisément la seule qui ait osé dégrader la note des États-Unis ; deuxième heureuse coïncidence ! Les autres n'ont qu'à se tenir à carreau. Cette « digue » aussi futile soit-elle révèle surtout les craintes au plus haut niveau pour 2013 et n'est qu'un indicateur de plus de l'imminence du choc. C'est aussi dans cette optique qu'il faut lire l'arrêt au 1er janvier 2013 de la garantie illimitée des comptes courants par la Federal Deposit Insurance Corporation (9) (FDIC) : en les assurant seulement à hauteur de 250 k$, ce sont 1400 milliards de Dollars qui ne sont plus garantis (10), ce qui pourrait commodément éviter une faillite de la FDIC en cas de problème… Et apparemment des acteurs importants de la finance mondiale se préparent eux aussi : d'énormes paris à la baisse ont été pris pour des échéances allant jusqu'à fin avril (11) ; deux banques suisses changent de statut pour que leurs associés ne soient plus responsables sur leurs propres deniers des pertes de la banque (12) ; Eric Schmidt se débarrasse de 2,5 milliards de Dollars d'actions Google (13), etc. Mais ce ne sont pas seulement les marchés qui se préparent au pire. Le gouvernement américain lui-même semble s'attendre à des troubles et à de nombreuses violences : tout d'abord il arme de 7000 fusils d'assaut son département de sécurité intérieure (Department of Homeland Security) (14), puis Obama signe un texte permettant l'exécution pure et simple d'Américains représentant une vague « menace imminente » (15) au grand dam d'une partie de l'opinion publique US… Faillites bancaires : Vers une « islandisation » de la gestion de la crise Face à ce choc, notre équipe estime que la plupart des pays, dont les États-Unis, vont se rapprocher d'une gestion de crise « à l'islandaise », consistant à ne pas renflouer les banques et les laisser faire naufrage (16). On en a déjà un aperçu avec la liquidation de la banque irlandaise IBRC qui donne des idées à beaucoup de monde : « Comment l'Irlande a liquidé son fardeau bancaire en une nuit » titre La Tribune (17) avec admiration. Cette possibilité apparaît de plus en plus comme la solution en cas de rechute des banques, et ce pour les raisons suivantes : d'une part, cela semble bien plus efficace que les plans de renflouement de 2008-2009 à en juger par le redressement de l'Islande ; d'autre part, les pays n'ont plus vraiment les moyens de payer de nouveaux renflouements ; enfin, on ne peut nier que la tentation doit être grande pour les dirigeants de se débarrasser par un moyen populaire d'une partie des dettes et des « toxic assets » qui encombrent leurs économies. Ces banques « too big to fail » sont en effet gavées des dettes publiques et privées occidentales dont elles ont tiré leurs profits et leur puissance. Dans des GEAB passés, notre équipe a déjà fait le lien entre une banque comme Goldman Sachs par exemple et les Templiers (18), cet ordre de moines-soldats du XIII° siècle qui s'était outrageusement enrichi sur le dos des Etats et auquel le roi Philippe Le Bel a mis fin, récupérant leur or pour les caisses de son Etat. On peut lire certaines tendances actuelles suivant cette ligne : les efforts de certains Etats pour obliger les banques à séparer banque d'affaires et banque de dépôt (19) permettraient en effet que les difficultés des premiers n'impactent pas trop la deuxième ; dans le même ordre d'idées, tous les procès dont font à juste titre l'objet certaines très grosses banques actuellement (Barclays, etc… (20)) peuvent aussi être vus comme un moyen de récupérer l'argent des banques pour le réinjecter dans les caisses des Etats ou dans l'économie réelle… Aucun dirigeant de grand pays ne prendra sans doute pas la décision de « faire sauter » une banque mais une chose est certaine, c'est que la motivation et les moyens pour sauver les banques en difficultés n'auront désormais aucun rapport avec ceux mis en œuvre en 2009. Si quelque mansuétude pourrait apparaître pour les too big to fail, comme Bank of America qui semble bien mal en point , il n'en reste pas moins que les responsables seront mis à contribution au maximum. Mais quelle que soit la politique de gestion de cette période, comme nous l'avions anticipé au GEAB n°62 (« 2013 : fin de la domination du Dollar US dans le règlement des transactions commerciales mondiales »), ce nouveau choc va accélérer la perte d'influence des États-Unis et notamment de leur arme ultime, le Dollar. --------- Notes: (1) Sur ce penseur italien voir Wikipédia. (2) Source : The New York Times, 23/01/2013 (3) Deux exemples de réflexion sur les conséquences d'un défaut de paiement US : à l'américaine, Preparing for the Unthinkable: Could Markets Handle a US Default? (CNBC, 17/01/2013), et à la russe, Could the Russian economy withstand a U.S. default? (RBTH.ru, 04/02/2013). (4) Le genre de raisonnement que mènent les marchés US, « si les nouvelles économiques sont bonnes, tant mieux car l'économie s'améliore ; si elles sont mauvaises, tant mieux car la Fed va intervenir », montre à quel point ils sont déconnectés de la réalité. Ce qui est caractéristique du dysfonctionnement d'une puissance au bord du précipice. (5) Cf. CNBC, Major Flu Outbreak Threatens to Slow Economy Further, 10/01/2013. (6) Source : ZeroHedge, 07/02/2013. (7) Source : US Securities and Exchange Comission (SEC), 22/01/2013. (8) Source : Wall Street Journal, 04/02/2013. (9) Source : FDIC.gov. (10) Source : BusinessFinance, 19/07/2012. (11) Source : Do Wall Street Insiders Expect Something Really BIG To Happen Very Soon? Activist Post, 07/02/2013. (12) Source : Après plus de 200 ans d'existence, deux banques suisses font leur révolution, Le Monde, 06/02/2012. (13) Source : Forbes, 11/02/2013. (14) Source : The Blaze, 26/01/2013. (15) Source : Le Monde, 06/02/2013. (16) À l'image de la banque islandaise Icesave que les autorités ont laissé choir ; et surtout, après référendum, elles n'ont pas assumé le remboursement des dettes de la banque. Source : Wikipédia. (17) Source : La Tribune, 07/02/2013. (18) Source : Wikipedia (19) Source : Reuters, 02/10/2012 (20) Il suffit pour se rendre compte de l'ampleur du phénomène de taper « bank + sued » par exemple dans Google. (21) Source : The Frightening Truth Behind Bank Of America's "Earnings", ZeroHedge (17/01/2013)

India buys 100 tons of Gold in January Posted: 15 Feb 2013 07:34 AM PST In January 2012, India's gold imports fell 35 per cent year-on-year. Total gold imports last year dropped 11.25 per cent to 860 tonnes, partly a result of a previous tax hike.

Gold feels technical selling pressure Posted: 15 Feb 2013 07:33 AM PST Gold prices are trading moderately lower and hit a fresh six-month low overnight, in early U.S. dealings Friday. More technical selling pressure emerged overnight as gold prices fell below key near-term technical support levels.

Is gold becoming a risk-off asset? Posted: 15 Feb 2013 07:24 AM PST Lately we've been writing about the negative correlation between the equity market and the precious metals market. This phenomenon has been in place since summer 2011 and has re-emerged in the past few months.

Dollar rally & Soros sales see gold hit 6-month low Posted: 15 Feb 2013 07:19 AM PST Gold prices fell again Friday morning in London, trading at a six-month low beneath $1,627 per ounce as the U.S. dollar continued to rise on the currency market.

Gold Safety blanket or quilting essential? Posted: 15 Feb 2013 07:16 AM PST Investment experts keep telling us two things. One, you must diversify your savings. Nothing works for ever. Two, your annual returns are set to be miserable, because there's no return to the out-sized gains of the 1980s and '90s. The last 10 years prove that.

Hedge funds move from GLD to other ETFs and safety of allocated gold? Posted: 15 Feb 2013 07:02 AM PST Soros' gold ETF sale is again garnering much media coverage. It is worth noting that his position was quite small especially when compared to levels of demand coming from consumers in Asia and central banks internationally.

Gold weaker until the next disaster? Posted: 15 Feb 2013 06:33 AM PST Expectations of faster economic growth in the G20 countries and the aversion of major financial disasters have reduced the safe-haven demand for gold, pushing people to load up on risky assets such as equities and increase their bets on other commodities.

Massive Meteor Strike in Russia, 500 Injured Posted: 15 Feb 2013 06:10 AM PST A massive meteor traveling a reported 19 miles a second exploded over the Chelyabinsk region of the Russian Urals this morning, with at least 500 injured from the massive shock wave. Unbelievable video of the meteor strike is below: Freedom Girl Now Available From the Silver Bullet Silver Shield Collection at SDBullion.com!!   Check out these similar articles: Silver Update: Stackers vs. Banksters The Tale of Three Silver Premium Spikes Silver Update: Silver Economics

Gold price falls to level seen on January 4th – matches low for 2013 Posted: 15 Feb 2013 05:34 AM PST Overnight the gold price sold-off and has been bumping along the bottom in morning trading. We're now back to the intra-day lows of the year, a level we were last at on January 4th. Gold $ (weekly): ... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

German Automaker Reportedly Hoarding As Much Physical Silver As it Can Acquire Posted: 15 Feb 2013 05:00 AM PST Last month we posted a report (which subsequently went viral) from an Apple contractor who claimed that Apple has delayed production on the new 27″ iMacs due to an industrial silver shortage in China. New signs of an extremely tight wholesale physical silver market have now emerged, as a first-hand account has revealed that one [...] Check out these similar articles: No Sheople in the Fatherland: Germans Hoarding Mountains of Gold German Parliament Denied Access to Inspect German Gold Reserves Due to 'Lack of Visiting Rooms' Hong Kong Exchanges Outbid JPM, Goldman, Acquire LME

Central bank gold demand at post-1964 high Posted: 15 Feb 2013 04:45 AM PST Another tough day for gold yesterday. The metal looks like it could test support at $1,600/oz, depending on the noises coming from governments in the run up to the weekend's G20 gathering in ...

South Korea now 36th largest gold reserves holder Posted: 15 Feb 2013 04:25 AM PST South Korea continued to invest in the precious metal as part of efforts to diversify its foreign reserve portfolios, according to the report.

Central banks Gold buying breaks 50 year record in 2012 Posted: 15 Feb 2013 04:16 AM PST Central banks bought 534.6 metric tons of the precious metal last year, the most since 1964.

Global Gold Reserves In 2012 By Central Banks Posted: 15 Feb 2013 04:01 AM PST The latest World Gold Council report details the global gold reserves at the end of 2012, as held by central banks. In this article, we show the  latest figures in the top 40 gold reserve holdings and highlight some 2012 trends. The countries that have added most actively to their gold reserves in 2012, were the developing markets. They continue to diversify their dollar and euro based holdings . Gold gives the security and stability that a currency deserves, especially in uncertain times of ongoing "global currency wars" (as detailed in one of our latest articles). In terms of global gold reserves in 2012, the report describes the general tendency: Central banks garnered a greater share of gold demand in 2012, accounting for 12% of the total compared with a 10% share in 2011. Total net purchases by central banks of 534.6 tonnes exceeded 2011′s already strong total and signalled a return to levels of buying last seen almost 50 years ago. Moreover, from a longer term perspective, central banks have continued to be net purchasers of gold. That trend started in 2009 and is confirmed to be intact. Since first becoming a net purchaser in Q2 2009, central banks have added almost 1,100.0 tonnes to global gold reserves, almost reserving the 1,143.0 tonnes of net sales conducted over the preceding three years. Global gold reserves, as measured by the IMF's International Financial Statistics, have steadily increased since Q1 2009: as of November 2012, total world gold reserves were 31,597.6 tonnes, an increase of 6% from the end of March 2009. At the end of 2012, the global gold reserves per country (central bank) are shown in the following table: Specifically in the fourth quarter, central banks across the globe added 145 tonnes to their reserves. That is the second highest quarterly total since the sector became a source of demand in Q2 2009. The annual total of 534.6 tonnes represented the greatest level of demand since 1964 as the net of central banks adding to their gold reserves was cast wider, reaching Brazil, Paraguay, Iraq and Venezuela. Russia: added 75.0 tonnes throughout 2012 by domestically produced gold Latin America in 2012: Brazil purchased 34.0 tonnes, Paraguay 7.5 tonnes, Mexico 19 tonnes Iraq: their central bank added 24.1 tonnes of gold to its reserves in the second half of the year South Korea added 30 tonnes and the Philippines 33.6 tonnes in 2012 Turkey: the country's reserves went from 195.3 tonnes to 359.6 tonnes in 2012 Please interpret these figures correctly. As shown in the global gold demand trends 2012, both investment and central bank demand were significantly up in 2012. Common wisdom says it correlates in a positive way with the gold price. Although investment demand has been increasing over the past years, the dollar gold price has been trading in a range since September 2011 while it made new highs in euro early Q4 2012 and yen very recently. It is important to understand the complexities in gold price fixing: although an increase in investment or central bank demand reveal strong fundamentals for gold, they do not simply result in a higher price. Download the detailed report: Global Gold Demand Trends 2012 from the World Gold Council website.

Pakistan launches first open end Gold Fund Posted: 15 Feb 2013 03:43 AM PST Keeping the core value of convenience and affordability in mind, UBL Funds has announced account opening with just Rs. 10,000 with subsequent investments of as low as Rs. 1000 per month.

Global Gold Demand 2012 Posted: 15 Feb 2013 03:34 AM PST The latest World Gold Council report is out. It details the gold demand for the fourth quarter of 2012 and gives the total 2012 figures. In this article, we pick out the  highlights in the 2012 global gold demand. Before going into the figures, we should point to an extremely important concept in the gold market: the above the ground available stock of gold vs the new mined gold. Just as a reminder, in this infographic we showed that the above the ground available gold mounts to approximately 165,000 tonnes. Almost all mined gold remains available. Compare that figure with the yearly mined production of approximately 2,500 tonnes (that is, the available gold excluding the non-available production out of China and Russia). It means that yearly demand as described in the World Gold Council report, contains a combination of the "newly available gold" plus above the ground gold that simply change from owner. The previous idea is critical to understand especially when reviewing gold demand figures. Ronald Stoeferle points to it as the biggest misconception with regard to gold in his In Gold We Trust report (page 23): "The gold sector is riddled with an elementary misunderstanding. Many gold investors and analysts operate on an erroneous assumption: they attach too much importance to annual production and annual demand." In-depth insights are made available by Robert Blumen who recently wrote this excellent piece of research "misunderstanding gold demand." The previous point has been visualized in the World Gold Council 2012 report: a significant amount of the supply comes from recycling, which means that simply the ownership of gold has changed (for instance, from private ownership as jewellery to investment bars). The global gold demand trends in 2012 are summarized in the report as follows: Annual gold demand measured on a value basis increased to an all-time record of US$236.4 bn in 2012. On a tonnage basis, demand totalled 4,405.5 tonnes (t) in 2012, down by 4% from 2011 as an increase in demand from institutional investors and central banks only partly offset a year-on-year decline in consumer demand. Major themes from 2012 include a dichotomous year in India, central bank purchases reaching a 48-year high and China's persistent devotion to gold. Comparing the high level breakdown per demand type in 2012 with the 5-year average, learns that investors and central banks have increased their gold purchases over the past years. We very much like the fact that a pie chart is used as the available gold can be compared with a pie: if one of the holders  wants more, it should come from another holder (except for the 2.5k tonnes newly mined gold per year). The detailed figures of the previous pie chart are shown in the following two tables. The first one shows the figures for 2012 in tonnes; the second one compares the yearly figures since 2003 both in tonnes and in USD market value. Common wisdom says that gold investment demand is the main driver for the gold price. The above figures show that it is not entirely correct. Although investment demand has been increasing over the past years, the dollar gold price has been trading in a range since September 2011 while it made new highs in euro early Q4 2012 and yen very recently. It is important to understand the complexities in gold price fixing: although an increase in investment and central bank demand reveals strong fundamentals for gold, it does not necessarily result in a higher price in the short term. Download the detailed report: Global Gold Demand Trends 2012 from the World Gold Council website.

Q4 leap helps India beat China again as top Gold consumer Posted: 15 Feb 2013 03:19 AM PST Top consumer India's demand dropped 12 percent to 864.2 tons in 2012 while China's demand for the full year was flat at 776.1 tonnes.

A Bottom and a Buy Signal: Gartman Shorts Gold Posted: 15 Feb 2013 03:16 AM PST Author:  Ed Steer Yesterday in Gold and Silver Ed_GSD February 15, 2013 11:16am GMT Email Print The gold price chopped around a few dollars either side of the $1,645 spot mark through all of Far East and early London trading yesterday.  There was a bit of a sell-off at the Comex open, but that reversed itself in short order. But thirty minutes the afternoon London gold fix was in at 3:00 p.m. GMT...10:00 a.m. in New York...the bullion banks' high-frequency traders went to work.  Gold's low price tick [$1,632.10 spot] came fifteen minutes after the Comex close...and from there, gold more or less traded sideways into the electronic close. The spike high of the day...$1,650.80 spot...came about 9:05 a.m. Eastern time. Gold closed the Thursday trading session at $1,634.40 spot...down another $8.20.  With a new low price set for this move down, volume was very chunky at 189,000 contracts, give or take. The price action in silver was similar...but far more 'volatile'... ;-)  After trading around the $30.80 spot mark for twelve hours and change, the silver price jumped up shortly after 11:00 a.m. in London...and then, like gold, hit its high tick of the day [$31.16 spot] at 9:05 a.m. in early Comex trading in New York. A slightly negative price bias developed from there until after the London p.m. gold fix was in...and then the usual engineered price decline began.  Silver's low price tick [$30.14 spot] came a few minutes after 1:00 p.m. Eastern time...and the subsequent rally wasn't allowed to get far. In case you missed it, silver had an intraday move of over a buck.  With their big short position covered in SLV...now JPMorgan Chase is now working on their short position on the Comex in earnest. Silver closed at $30.40 spot...down 38 cents on the day.  Net volume was very respectable...around 40,000 contracts. The dollar index opened on Thursday in the Far East at 80.07...and began to chop higher from there.  The zenith...80.58...came shortly after 10:00 a.m. in London...and then began a long, slow decline right into the close of electronic trading in New York.  The index finished the day at 80.39...up 32 basis points. It should be more than obvious to anyone, that the currency moves yesterday were no factor in the prices of the precious metals on world markets. Much to my amazement, the gold stocks gapped up at the open...and almost made it to the 400 mark on the HUI.  But once the engineered price decline began in the gold, the gold stocks sold off a bit.  However, the HUI still managed to finish in positive territory...up 0.69%. The silver stocks finished mixed despite the pounding that JPMorgan et al gave the metal itself...and Nick Laird's Intraday Silver Sentiment Index closed down a tiny 0.19%. (Click on image to enlarge) The CME's Daily Delivery Report showed that 127 gold and 66 silver contracts were posted for delivery on Monday within the Comex-approved depositories.  In gold, the two largest short/issuers were JPMorgan and Canada's own Bank of Nova Scotia with 97 and 21 contracts apiece.  The only two long/stoppers were Deutsche Bank and HSBC USA.  They stopped 82 and 45 contracts respectively. In silver, Jefferies was the sole short/issuer once again...and the Bank of Nova Scotia stopped 62 of them.  The link to yesterday's Issuers and Stoppers Report is here. The GLD ETF reported that an authorized participant withdrew 96,790 troy ounces of gold yesterday.  But the big surprise was SLV, as an authorized participant deposited 870,194 troy ounces.  Go figure! The U.S. Mint had no sales report yesterday. Wednesday was another busy day over at the Comex-approved depositories as 1,247,060 troy ounces of silver were deposited...and only 215,978 troy ounces were shipped out.  The link to that activity is here. Joshua Gibbons, the Silver Bar Guru of SLV, updated his website with the latest in/out activity in all of SLV's bullion vaults for the week that was...and it's always worth checking out.  The link is here. Yesterday I ran a story headlined "Houston city council passes ordinance to fingerprint, photograph precious metal sellers".  The story is true, but only up to a point.  I got an e-mail from reader Joseph Kahn..."and the by-law only applies to jewellery, not bullion and coins, so no Social Security Number has to be provided when you're selling that.  The law was passed to satisfy the city." [As an aside, we have a similar law in the city of Edmonton...all precious metal sellers have to provide two pieces of I.D...one of which must be a government picture I.D...no photo or fingerprint...and any jewellery purchased has to be held for forty-five days in case the police wish to examine it.  A smart crime-prevention move which should be adopted everywhere.  So take the blue pill and call me in the morning. - Ed] I have a fairly large number of stories for you today, so I hope you can find the time to wade through the ones that interest you. Email Print There should be significant declines in the Commercial net short positions in both gold and silver in today's report China still unable to surpass Indian gold demand – but getting close. Gold council sees central bank bullion buying at 48-year high. Platinum & Palladium's Breakout Year. Gold at $5,000 and beyond: Peter Schiff sticks to his call. Critical Reads Mary Jo White's Latest Conflict of Interest Ed_GSD February 15, 2013 11:16am GMT Here's the big question for Mary Jo White: If she becomes chairman of the Securities and Exchange Commission, where will her interests lie? With the public that pays her salary? Or with the people handing her the big bucks? White is the white-collar defense lawyer and former U.S. attorney nominated by President Barack Obama to lead the SEC. Her financial disclosures say that upon leaving New York-based Debevoise & Plimpton LLP, the law firm will give her $42,500 a month in retirement pay for life, or more than $500,000 a year. This means she has a direct interest in Debevoise's future profits, and therefore an incentive to help make sure only good things come the firm's way. Debevoise's partner-retirement plan is unfunded, meaning the firm pays benefits from its continuing business operations. The proof that this poses a problem can be seen in her proposed solution. White, 65, said that after she is confirmed by the U.S. Senate, Debevoise would make a lump-sum payment to her in lieu of monthly retirement checks for the next four years. After that, when presumably she is no longer the SEC's chairman, her monthly payments would resume for life. Bloomberg columnist Jonathan Weil tees up Mary Jo and drives here down the fairway in this must read op-ed piece posted on the Bloomberg website late yesterday afternoon.  I thank Manitoba reader Ulrike Marx for today's first story...and the link is here. Matt Taibbi -- At Least We're Not Measles: Rationalizing Drone Attacks Hits New Low Ed_GSD February 15, 2013 11:16am GMT Read an absolutely amazing article today. Entitled "Droning on about Drones," it was published in the online version of Dawn, Pakistan's oldest and most widely read English-language newspaper, and written by one Michael Kugelman, identified as the Senior Program Associate for South Asia at the Woodrow Wilson International Center for Scholars in Washington, D.C. In this piece, the author's thesis is that all this fuss about America's drone policy is overdone and perhaps a little hysterical. Yes, he admits, there are some figures that suggest that as many as 900 civilians have been killed in drone strikes between 2004 and 2013. But, he notes, that only averages out to about 100 civilians a year. Apparently, we need to put that number in perspective: This latest offering from Matt was posted on the Rolling Stone website mid-afternoon yesterday Eastern time.  It's not overly long...and well worth reading if you have the time.  I thank Ulrike Marx for her second offering in a row...and the link is here. [Note: I didn't see any 'pithy prose'. - Ed] The Rookie: If there's a crisis on Jack Lew's Treasury watch, buy gold Ed_GSD February 15, 2013 11:16am GMT Introducing Jack Lew to the Senate Finance Committee on Wednesday, New York Democrat Chuck Schumer said the Treasury nominee has an "uncanny ability to delve into a subject" and "master it." Americans can only hope, because you wouldn't know it based on the little that Mr. Lew claims to have known about what happened during his tenure at Citigroup from 2006-2008. Mr. Lew's confirmation hearing was a substance-free zone, including his own job history. He was a senior executive at the giant failing bank before and during the financial crisis, but over several hours Wednesday he gave the impression he was there mostly to cash a paycheck. And when Orrin Hatch (R., Utah) ticked off the problems that afflicted the two Citi divisions that Mr. Lew oversaw as chief operating officer, the nominee seemed to know less about them than Mr. Hatch. "I don't recall specific conversations" about any of several Citi-run hedge funds that were imploding at the time, said Mr. Lew. "I was aware there were funds that were in trouble." Totally bought and paid for by the powers that be...Jack sounds like the perfect man for the top job at the U.S. Treasury Department.  I thank Washington state reader S.A. for sending this Wall Street Journal story our way...and the link is here. From Watery Bourbon to Horse-Meat Chili: Hidden Inflation is Everywhere Ed_GSD February 15, 2013 11:16am GMT We've had an endless series of products whose ingredients have been cheapened in order to maintain the price. Consumers won't be able to taste the difference, the theory goes. So, as the horse-meat lasagna scandal in Europe is spiraling beautifully out of control, we're now getting hit where it hurts: Maker's Mark is watering down its bourbon. Unlike the horse-meat folks, Maker's Mark announced it. They even had an official reason. "Fact is, demand for our bourbon is exceeding our ability to make it, which means we're running very low on supply," said the missive that COO Rob Samuels sent to his customers. This businessinsider.com story from yesterday morning Eastern time is a must read if this is the first you've heard of these items.  It's Roy Stephens' first offering of the day...and the link is here. Dead Animals 'Go Inter-railing': Horsemeat Scandal Is a Europe-Wide Problem Ed_GSD February 15, 2013 11:16am GMT This week the scandal over horsemeat in hamburgers and lasagna has spread beyond Britain, revealing cracks in the Continent's food supply chain. Authorities are now trying to trace the meat's circuitous path across Europe to prevent future problems. "No artificial flavors or colors," the packaging of the frozen Spaghetti Bolognese prepared meal at British supermarket chain Tesco's promises. The additional ingredient causing such a furor right now, however, isn't even artificial. The mislabeling was even worse: Instead of the beef advertised, the product, which was sold under the chain's own Everyday Value label, contained a huge amount of horsemeat -- at least 60 percent. And all natural. The horsemeat was first discovered in frozen hamburgers, but later in lasagna and more recently in the spaghetti product. In Britain, people are starting ask whether it is possible to eat frozen foods with a good conscience. For days now the ground horsemeat scandal has been leading the headlines as the main political issue in the country. On Tuesday, the House of Commons spent its second day in a row debating practices in European meat production that can get dicey. The only question I have is..."Do you want fries with that?"  This story showed up on the German website spiegel.de early on Wednesday evening...and it's Roy's second offering in a row.  The link is here. France 'to miss 2013 deficit reduction pledge' Ed_GSD February 15, 2013 11:16am GMT France will probably miss this year's public deficit goal, Foreign Minister Laurent Fabius said, the first time a member of the government's inner circle has admitted doubts over the policy cornerstone are valid. France is battling to maintain its credibility with its European Union partners, rating agencies and financial markets in the face of serious misgivings over its efforts to reform a stalled economy and cut the budget gap this year to the EU ceiling of 3 percent of economic output. Asked on Wednesday whether the state audit body was right in suggesting on Tuesday that France would overshoot the target, Fabius replied: "I think it's likely, and that means we must both avoid squeezing what remains of growth while being responsible and making sure the word 'savings' is part of our vocabulary." Every country is circling the drain faster and faster now. France has bowed to the obvious...and the situation is probably several orders of magnitude worse than their admitting to.  This article appeared on the france24.com Internet site on Wednesday...and I thank Roy Stephens for bringing it to our attention.  The link is here. Eurozone recession hits Germany hard Ed_GSD February 15, 2013 11:16am GMT A sharp fall in exports from the region's trading hub caused the larger-than-expected decline, as official figures showed that the eurozone as a whole slumped 0.6pc in the quarter, the worst performance in over three years. The currency area has contracted for three quarters running and by 0.5pc for the year as a whole. It is 1pc smaller than in September 2011. Economists had expected Germany to be hit by the bloc's waning fortunes but the scale of decline came as a surprise. France, which shrank by 0.3pc, and Italy, which was down 0.9pc – a sixth straight quarterly decline, also performed worse than predicted. Evidence of the extent of the eurozone's troubles came as Japan also posted a shock 0.1pc contraction in the three months to December – its third successive quarterly slump. The weak figures stoked speculation that new Prime Minister Shinzo Abe would step up his efforts to stimulate the economy. This commentary appeared on the telegraph.co.uk Internet site during the London lunch hour yesterday...and it's also courtesy of Roy Stephens.  The link is here. The World from Berlin: 'It's Worth Promoting Economic NATO' Ed_GSD February 15, 2013 11:16am GMT The European Union and United States say they will soon begin negotiations to create the world's largest free-trade zone. German editorialists argue a deal is necessary if the West wants to help shape global politics and address the challenge of a rising China. Together, the United States and the European Union account for nearly half of the world's economic output and 30 percent of global trade. They have directly invested more than €2.8 trillion ($3.7 trillion) on both sides of the Atlantic; and each day goods and services worth €2 billion are traded across the ocean. US President Barack Obama and German Chancellor Angela Merkel both believe this figure could be increased significantly, adding some much needed economic stimulus in America and Europe. This short story appeared on the spiegel.de Internet site yesterday afternoon Europe time...and is another offering from Roy Stephens.  The link is here. Double taxation row as B

Silver: right now [probably] the best asset in the world Posted: 15 Feb 2013 03:16 AM PST Silver: right now [probably] the best asset in the world This is Paul Mylchreest's Thunder Road report for February that Lawrie Williams spoke of in yesterday's column...and I must admit that there are large chunks of this report that I just don't believe.  This is the first time I've heard of the 5.58 year cycle in silver, or any other silver cycle for that matter...and for this and other reasons, I would take most of what he has to say with a big grain of salt. It's posted over at the scribd.com Internet site...and I thank reader John Thistle for sending it our way.  The link is here.

Currency wars come to Moscow as G20 meets Posted: 15 Feb 2013 03:16 AM PST Currency wars come to Moscow as G20 meets It won't quite be hand-to-hand combat, but 'currency wars' will come to Moscow on Friday as finance officials from the Group of 20 nations spar over Japan's expansive policies that have driven down the value of the yen. The G20 forum, which put together a huge financial backstop to halt a market meltdown in 2009, is back in the spotlight after a week in which the Group of Seven rich nations tried, and spectacularly failed, to speak on currencies with one voice. The G7 has long been the powerhouse of financial diplomacy. But tension between Washington and Tokyo has risen over new Prime Minister Shinzo Abe's bid to end two decades of deflation. read more

Gold demand dips 3.85% to 4,405.5 tons in 2012 Posted: 15 Feb 2013 03:08 AM PST In it's report titled, 'Gold Demand Trends', WGC said a decline in consumer demand offset an increase in demand from institutional investors and central banks.

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Gold heads for biggest weekly fall in 2 months Posted: 15 Feb 2013 02:33 AM PST Gold for immediate delivery was seen trading at $1632.87 an ounce at 12.00 noon Singapore time after hitting as low as $1629 an ounce in early trade.

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