saveyourassetsfirst3

---

• Indian gold imports slump 95% in August
• Gold prices drop as Assad accepts Russia-backed plan
• Gold Fields subject of U.S. SEC probe
• Amara Mining confident of bringing down costs
• Holding CEO, Loots FD for SA’s newest mid-tier gold miner
• Seabridge hits best grades 'ever drilled' at KSM gold-copper project
• Yahoo Stock Likely To Come Under Pressure
• Gold market tries to kill the 'Syria' factor
• Doug Casey: Three stocks to own when gold recovers
• Cashing in your golden insurance
• AHEAD: SYRIAN WAR, WWIII, & SHUT DOWN of US ECONOMY – Ann Barnhardt
• Oil’s relationship with oil stocks and gold
• Massive Debt Levels Will Push Silver to $150 and Beyond
• The UN Has Had Evidence That Syrian Rebels Have Been Using Chemical Weapons Since May
• Alert, Alert – COMEX Registered Inventories Update
• Gold drops as Assad accepts Russian plan, analysts start pricing Fed cut to QE
• Timberline Resources Announces Closing of Public Offering of Common Stock
• Gold Takes Off When Interest Rates Rise
• Comex default risk as gold inventories plummet 36%
• Miners' Hedging back in the News
• JP Morgan Cornering Gold? I’m assuming manipulation is here to stay
• Putin To Obama: “Check Mate – Little Boys Shouldn’t Play A Man’s Game”
• Coming Soon – Bail-Ins and Bailouts Galore!
• JP Morgan Cornering Gold? I’m assuming manipulation is here to stay
• Will gold follow its seasonal pattern this year?
• Deliverable Gold Bullion on the COMEX Continues Its Decline - Claims Per Ounce Top 56
• Why PHYSICAL Gold and Silver Demand Have Surged
• Jade's failed jewel hunt is a story, but scuba divers make it a reality
• COMEX Default Risk As Gold Inventories Plummet 36%
• Gold Drops as Assad Accepts Russian Plan, Analysts Start Pricing Feds Cut to QE
• Gold price drifts back towards the 100 day moving average as a ‘golden cross’ approaches
• COMEX Default Risk As Gold Inventories Plummet 36%
• COMEX Default Risk As Gold Inventories Plummet 36%
• Modest Fed tapering will be beneficial for Gold: ETFS
• JPMorgan Closes Precious Metals Sell Recommendation, Goes “Tactically Overweight” Commodities
• Russia to Brazil Intervention Adds to U.S. Debt Distress
• Seven King World News Blogs/Audio Interviews
• Treasure hunter finds gold coins 'stacked up like poker chips' on 18th century pirate ship off Cape Cod
• Gabriel Slumps After Prime Minister Urges Vote Against Gold Mine
• One gold strike ends, another looms in South Africa
• Pakistan lifts gold import ban
• Intelligence agency sounds alert to check gold smuggling
• Doug Casey: 3 Stocks to Own When Gold Recovers
• If Australia's new government would revive mining, confront gold price suppression
• Sprott's Thoughts: A Leaky Fix
• JPMorgan Closes Precious Metals Sell Recommendation, Goes "Tactically Overweight" Commodities
• David Franklin: Is Platinum the New Gold?
• Gold & Silver Needs A Breakout On The Technical Price Charts
• Gods Gold : the story of Rockefeller and his times
• Deal Or No Deal: John Kerry’s Historic Diplomatic “Mistake” Proves That Obama Does Not Want Peace

Indian gold imports slump 95% in August Posted: 10 Sep 2013 06:12 PM PDT Even as some sections of the government termed India's apex bank's restrictions onerous, the gov't readies further measures to cut gold imports.

Gold prices drop as Assad accepts Russia-backed plan Posted: 10 Sep 2013 04:57 PM PDT Prices fell to $1,363 lunchtime Tuesday as the Assad regime accepted a Russian-backed plan to give its chemical weapons to international control.

Gold Fields subject of U.S. SEC probe Posted: 10 Sep 2013 03:17 PM PDT Gold Fields is being probed by the U.S. SEC for activities related to a deal with black investors and the granting of a mining licence for its South Deep mine.

Amara Mining confident of bringing down costs Posted: 10 Sep 2013 03:12 PM PDT The gold miner is confident of reducing costs in the coming months and hopes production at a new project will help it battle lower gold prices.

Holding CEO, Loots FD for SA’s newest mid-tier gold miner Posted: 10 Sep 2013 01:05 PM PDT South African gold miner Pan African has appointed Ron Holding, its former COO, as its new CEO as the company embarks on a new phase following its Evander acquisition earlier in the year.

Seabridge hits best grades 'ever drilled' at KSM gold-copper project Posted: 10 Sep 2013 12:52 PM PDT Seabridge Gold makes note of bornite in new core, suggesting higher temperature - ergo grades - in deeper Kerr zone.

Yahoo Stock Likely To Come Under Pressure Posted: 10 Sep 2013 12:30 PM PDT Marissa Mayer, CEO of Yahoo! Inc. (YHOO), unveiled the new Yahoo company logo recently, but not too many people seem to care. The logo is just part of a makeover the company has been undergoing since the company hired ex Google Inc (GOOG) executive Marissa Mayer about a year ago. Yahoo's new CEO is off to a good start, as Yahoo has overtaken Google as the most visited website in the United States, based on unique visitors. After a big move higher in the stock price over the last year, is Yahoo a buy, sell or hold? Yahoo's stock has climbed about 80% in the last year, but much of the gain came from its 24% stake in China's Alibaba Holdings. Yahoo made a $1 billion dollar investment in Alibaba in 2005. The company sold half of its position for $7.1 billion in 2012. Under the terms of

Gold market tries to kill the 'Syria' factor Posted: 10 Sep 2013 12:21 PM PDT The gold market started the day trying to eliminate the 'Syria' factor from the gold price as the dollar weakened, reports Julian Phillips.

Doug Casey: Three stocks to own when gold recovers Posted: 10 Sep 2013 11:35 AM PDT From Casey Research: Doug Casey believes the current gold correction has bottomed. Speaking to me a few days ago, he said: "With rare exceptions – that are mainly luck – only liars buy at the exact bottom and sell at the exact top. Purchase of precious metals remains the most prudent thing you can do to protect your wealth, and a very reasonable speculation at this point. Gold is not the giveaway it was at $250 back in 2001, but it's very reasonable near $1,400 now.   "I think mining stocks have also bottomed at this point, and there are several great speculations available…" Read full article... More from Doug Casey:   Doug Casey's "beginner's guide" to protecting your assets   Doug Casey: What you need to know about "currency controls"   Doug Casey: You could be making a huge "End of America" mistake

Cashing in your golden insurance Posted: 10 Sep 2013 11:04 AM PDT Tuesday Sept. 6, 2011 was wet and windy, both in London and gold. Late Asian trade had seen the wholesale gold price rise 1.4%, reaching $1,921 per ounce. Prices then turned lower, and by the time New York opened the air was hissing out of gold futures.

AHEAD: SYRIAN WAR, WWIII, & SHUT DOWN of US ECONOMY – Ann Barnhardt Posted: 10 Sep 2013 10:30 AM PDT Obama has decided to use military force against Syria- apparently regardless of whether Syria turns over its chemical weapons stockpiles to international authorities as originally demanded by the US. Ann Barnhardt, founder of the former Barnhardt Capital Management, believes the looming Middle East war will end up involving more countries than only the U.S. and [...] The post AHEAD: SYRIAN WAR, WWIII, & SHUT DOWN of US ECONOMY – Ann Barnhardt appeared first on Silver Doctors. Check out these similar articles: Ann Barnhardt: OBAMA INTENDS TO COLLAPSE US ECONOMY! OBAMA INTENDS TO COLLAPSE US ECONOMY – Ann Barnhardt Ann Barnhardt: MF Global 2.0 May Be Unfolding Now

Oil’s relationship with oil stocks and gold Posted: 10 Sep 2013 10:27 AM PDT Summing up, from the long and medium-term perspectives the outlook for oil stocks is still bullish and the uptrend is not threatened at the moment. Taking into account the relationship between light crude and the oil stocks, it seems that crude oil is still a step behind the oil index....

Massive Debt Levels Will Push Silver to $150 and Beyond Posted: 10 Sep 2013 10:25 AM PDT The massive debt bubble created by our monetary system is about to burst. The demonetization of gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system. The process of the devaluation of gold and silver, started by the demonetization of [...] The post Massive Debt Levels Will Push Silver to $150 and Beyond appeared first on Silver Doctors. Check out these similar articles: Debt Levels Are Skyrocketing To Extremely Dangerous Levels – How Long Can This Possibly Keep Going? Greek Debt Default a Catalyst to Expose Massive Financial Fraud Bank of Japan Set to Unlease Massive Cost-Push Inflation, Propel Gold Well North of $2,000

The UN Has Had Evidence That Syrian Rebels Have Been Using Chemical Weapons Since May Posted: 10 Sep 2013 10:00 AM PDT Did you know that the United Nations has had evidence that the Syrian rebels have been using sarin gas against Syrian government forces since May?  All the way back before the beginning of the summer, the UN has known that the rebels have been using sarin gas against forces loyal to Assad. This was reported [...] The post The UN Has Had Evidence That Syrian Rebels Have Been Using Chemical Weapons Since May appeared first on Silver Doctors. Check out these similar articles: Syrian President Bashar al-Assad’s Response to Chemical Weapons Allegations in his own words Sources: Syrian Rebels Plan Chem Attack on Israel from Assad-Controlled Territories *Breaking: Rebels admit they were behind chemical attack in Syria!

Alert, Alert – COMEX Registered Inventories Update Posted: 10 Sep 2013 09:45 AM PDT Tweet On August 30th – i.e, nine days ago – I wrote "COMEX REGISTERED INVENTORIES – COULD DISAPPEAR ANY DAY!"  In it, I described the utter collapse of available-to-purchase "registered" gold bullion in the COMEX warehouses; which since April's "ALTERNATIVE CURRENCIES DESTRUCTION," have plunged an astounding 75%, from roughly 3,000,000 ounces to 700,000 ounces.  Without such inventory, the COMEX would cease to exist as a price-discovery mechanism; and since 99% of global price discovery has occurred on the COMEX since it was commandeered at the turn of the century, the odds of an all-out Cartel collapse would increase exponentially.  In fact, the unnatural backwardation we have experienced for the past six weeks would likely become PERMANENT; as going forward, trust that "futures contracts" are backed by actual metal would vanish into the ether. Anyhow, the COMEX's weekly inventory update was just published; and lo and behold, another 15,000 registered ounces were withdrawn, taking the total down ANOTHER 2% – to just 686,000 ounces.  Looking at the "ugly" chart below, what do you think will occur next?  Not to mention, given that JP Morgan has gone MASSIVELY long the gold futures market – via $20+ BILLION of purchases; whilst Goldman Sachs purchased $450 MILLION of GLD shares…  Similar Posts: Comex Registered Inventories – Could Disappear Any Day! JPMorgan Advises their Clients to Buy Gold “I Really Don’t Understand Gold”

Gold drops as Assad accepts Russian plan, analysts start pricing Fed cut to QE Posted: 10 Sep 2013 09:29 AM PDT Benchmark London prices for physical gold fell to $1,363 lunchtime Tuesday, down 2.3% from Monday's high as the Assad regime in Syria accepted a Russian-backed plan to give its chemical weapons to international control.

Timberline Resources Announces Closing of Public Offering of Common Stock Posted: 10 Sep 2013 08:55 AM PDT COEUR D'ALENE, IDAHO--(Marketwired - Sept. 10, 2013) - Timberline Resources Corporation (NYSE MKT:TLR)(TSX VENTURE:TBR) ("Timberline" or the "Company"), announced today that it has closed the previously announced underwritten public offering of its common stock. The Company offered 5,000,000 shares of its common stock at $0.20 per share to the public. Timberline received gross proceeds from the offering, before deducting the underwriting discount and estimated offering expenses payable by Timberline, of $1 million. Timberline has granted the underwriter a 45-day option to purchase at the public offering price up to an aggregate of 750,000 additional shares of common stock to cover over-allotments, if any. Timberline intends to use the net proceeds from the offering for exploration of our Lookout Mountain Project in Nevada, exploration and development of other existing or acquired mineral properties, working capital requirements, acquisitions, or for other general corporate purposes. Aegis Capital Corp. is acting as the sole book-running manager for the offering. A shelf registration statement on Form S-3 and accompanying base prospectus relating to the shares was filed with the Securities and Exchange Commission ("SEC") and is effective. A final prospectus supplement containing important information relating to these securities was filed with the SEC. Copies of the final prospectus supplement relating to the offering may be obtained from the offices of Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email: prospectus@aegiscap.com. Electronic copies of the prospectus supplement and accompanying prospectus are also available on the website of the SEC at http://www.sec.gov. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus supplement, the accompanying base prospectus or the registration statement. About Timberline Resources Timberline Resources Corporation is exploring and developing advanced-stage gold properties in the western United States. Timberline holds a 50-percent carried interest ownership stake in the Butte Highlands Joint Venture in Montana where operating permits from the Montana Department of Environmental Quality are scheduled to be issued in 2013, with gold production targeted to commence shortly thereafter. Timberline's exploration is primarily focused on the major gold districts of Nevada, where it is advancing its flagship Lookout Mountain Project toward a production decision while exploring a pipeline of quality earlier-stage projects at its South Eureka Property and elsewhere. Timberline management has a proven track record of discovering economic mineral deposits and developing them into profitable mines. Timberline is listed on the NYSE MKT where it trades under the symbol "TLR" and on the TSX Venture Exchange where it trades under the symbol "TBR". Forward-looking Statements Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks related to changes in the Company's business resulting in changes in the use of proceeds, and other such factors, including risk factors discussed in the Company's Annual Report on Form 10-K for the year ended September 30, 2012. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Timberline Resources Corp.Paul Dircksen CEO208.664.4859 Source:  Timberline Resources via MarketWire  http://www.marketwire.com/press-release/timberline-resources-announces-closing-of-public-offering-of-common-stock-nyse-mkt-tlr-1829112.htm

Gold Takes Off When Interest Rates Rise Posted: 10 Sep 2013 08:45 AM PDT Tweet Li Ka-shing, a Hong Kong businessman and the wealthiest person of Chinese descent, with a net worth of $27 billion, is investing heavily in gold. He has partnered with Canadian Imperial Bank of Commerce to form a new holding company that will acquire gold mining companies and other gold-related assets. Larry Edelson expects gold to bottom out by the September 26 to October 3 time frame. He correctly points out that gold takes off when interest rates rise.  The logic being that rising interest rates are a reaction to inflation.  Indirectly, that is correct.  The Fed's QE to Infinity Money Creation Machine is scaring away foreign buyers of our Treasuries.  Japan and China, the two largest buyers of our debt, have lately been net SELLERS of our bonds.  This is what is pushing up interest rates and this is what will pressure gold UP.  It will also pressure the dollar DOWN. Glory be!  Someone at the Fed is finally telling the truth. According to Zero Hedge: Fed Uberdove Admits Policy Causes Asset Bubbles (And They’re Here To Stay) – Full Speech Submitted by Tyler Durden on 09/09/2013 11:12 -0400 San Francisco Fed head John Williams – known for his extremely dovish views on monetary policy (and support of record accomodation)  – appears to have taken some uncomfortable truth serum this morning. In a speech reminiscent of previous “froth” discussions and “irrational exuberance” admissions, Williams explained: *WILLIAMS SAYS POLICY MAY YIELD ASSET BUBBLES, UNINTENDED RESULT *WILLIAMS: ASSET-PRICE BUBBLES AND CRASHES ‘ARE HERE TO STAY’ *WILLIAMS: ASSET-PRICE BUBBLES ARE ‘CONSEQUENCE OF HUMAN NATURE’ His words appear to reflect heavily on the Fed’s Advisory Letter (from the banks) from 3 months ago – warning of exactly this “unintended consequence.” This, on the heels of Plosser’s recent admission that the Fed was responsible for the last housing bubble, suggests with the black-out period before September’s FOMC about to begin, the Fed is sending us a message that Taper is coming – as we know they are cornered for four reasons (sentiment, deficits, technicals, and international resentment). We're being "jobbed" The latest jobs report shouldn't be taken seriously.  The labor force participation rate slumped to a 35-year low of 63.2 percent last month. According to Shadowstats.com, John Williams: The drop in the unemployment rate didn’t result from strong hiring; it stems from job seekers giving up and leaving the work force. As for payrolls, they are still 1.9 million jobs shy of the pre-recession high. And payroll gains were revised downward for June and July. “Net of prior-period revisions, the monthly [August] gain would have been 95,000. The 169,000 payroll gain is “about half of what we would need under normal circumstances, and we’re not even normal in circumstances. Three-fourths of the new jobs were part-time positions. Essentially employers are dividing up full-time jobs and creating multiple part-time jobs. -Shadowstats.com, September 9, 2013 Last night on 60 Minutes, they ran a segment on robotics. Outsourcing jobs to China and India may be a thing of the past.  We can do much of the labor-intensive work here now – but robots, not by people, will do it. If Employment Is So Great, Why Are Withholding Taxes Declining? Zero Hedge published an article that adds to the argument that the economy is not improving.  And if it isn't, how can the Fed even consider tapering off on their bond purchases? Guest Post: If Employment Is So Great, Why Are Withholding Taxes Declining? September 9, 2013 Submitted by Charles Hugh-Smith of Of TwoMinds blog, It’s difficult to have a meaningful national debate about economic policy when “headline numbers” are juiced to make things appear rosier than reality. Since unemployment statistics are either suspect or blatantly bogus, we must look for other less manipulated statistics for some modicum Key statistics of employment, income and production are vital propaganda tools for the status quo, and the temptation to adjust them to manage perceptions is irresistible.  Here in the U.S., unemployment statistics are a travesty of a mockery of a sham: We should look at withholding taxes as a more accurate measure of employment than the ginned-up official numbers. Withholding taxes are payroll taxes, and as such they are a direct measure of payrolls and earned income. (Self-employed people who don’t issue themselves monthly or weekly paychecks pay their withholding taxes quarterly.) In other words, withholding taxes (i.e. Social Security, Medicare and estimated income taxes) are a very broad and accurate measure of the earned income of both employees and self-employed. Since many high-earning professionals such as attorneys and accountants are self-employed, the earnings reported by the self-employed are significant. The self-employed have some control over when and how they report earnings, and many chose to report income in late 2012 rather than in 2013 to avoid the tax increases that kicked in on January 1, 2013. This accounts for the spike in wages and withholding taxes in late 2012. Here is a chart of wages/salaries and withholding receipts: Wages/salaries have trended up since early, but growth has flattened recently. Withholding taxes are declining. Here are employment and withholding receipts. Civilian employment has increased by some 2.5 million jobs since January 2012, but withholding receipts are actually lower than January 2012. This strongly supports what many others have already observed: the substitution of lower-wage part-time jobs for full-time employment. It’s difficult to conjure up any other explanation for employment rising and payroll taxes declining. Massive cuts in wages would have the same consequence, but there is no evidence of widespread reductions in hourly wages. Here are employment and wages/salaries. We see the same basic dynamic here: the number of jobs continues increasing but wages/salaries are trending flat to down. The con being played here is the assumption that more jobs means more wages which means things are getting better and better in every way, every day. If payroll withholding taxes are declining, and wages/salaries are flat lined, things are not getting better and better in terms of earned income flowing into household bank accounts, purses and wallets. About 20 million working-age adults have supposedly dropped out of the U.S. labor force (and therefore become zombies who are not counted in tallies of unemployment) since January 2001. This is roughly comparable to the entire workforce of Italy (22.8 million) or South Korea (25 million). If we drop another 15 million unemployed from the labor force, the unemployment rate will fall to near zero. “Unemployment rate drops to 1%” will make a warm and fuzzy headline, but it won’t mean there are more jobs or higher earned incomes. An official account of the economy based on 20+ million unemployed people not counted as unemployed is a shameful lie. Record 90.5 Million Out Of Labor Force As Half A Million Drop Out In One Month (Zero Hedge) It’s difficult to have a meaningful national debate about economic policy when perceptions and “headline numbers” are juiced to make things appear rosier than reality. More Gold Buyers Are Starting to Take Delivery James Turk (GoldMoney) urges people to take possession of their gold. He has concluded that there is a steady pressure from gold buyers to take delivery of paper contracts for gold. He offers this as evidence. The price of gold today is higher than the future delivery. Normally, the commodity futures price is higher for any commodity. Why? Because the seller wants to get paid for gold storage fees and the interest rate. But when there is heavy demand for delivery, the price of a commodity reverses. This is called backwardation. Today's gold market in in backwardation. The one-month forward price is lower. Turk says we have seen this before: late 2008. After the Lehman collapse there was a rush for liquidity, and gold is one of the most liquid assets. So it was aggressively sold into November of 2008, when the selling pressure ended as gold went into backwardation for a couple of days. And as proof that the baby was thrown out with the bath water, gold climbed from $717, at its November 2008 low, to $1,000 by February 2009. And it kept climbing for two more years. This condition did not last long. In contrast, the backwardation that ended Monday prevailed for a totally unprecedented and record breaking 40 trading days. During that time, gold rose from $1,200 to over $1,430. It was a spectacular jump in price. But with gold again below $1,400, the backwardation has re-appeared. Why does this situation exist? On the surface, it does not make sense. There are no free lunches in life, such as storage fees. Where are the arbitrageurs? Why haven't they stepped in to take the easy profits? All they have to do, Eric, is sell their physical metal and simultaneously buy it back for future delivery at a cheaper price. Plus, they have use of the proceeds from their sale to invest. They also avoid storage costs while they own paper gold — a promise to pay gold in the future — instead of physical metal. For the big gold players it is easy money laying right there on the table, in plain sight for everyone to see. So why don't the big players take the advantage of the arbitrage? Is it because they fear the promise to deliver physical gold to them in the future will be broken? Do they value a tangible asset more highly than a financial asset? Do they believe the reward for holding physical metal is greater than the potential of a short-term profit? We of course do not know the answer to these questions, but one thing is clear, this new backwardation illustrates that physical metal remains scarce, or in other words, it is being held in strong hands. It is therefore going take much higher gold prices to entice these strong hands to part with their metal and instead hold some depreciating national currency. -King World News, September 5, 2013  Similar Posts: Record Highs are a Real Possibility in the Future Irreversible, Global Debt Addiction Is the Bottom In?

Comex default risk as gold inventories plummet 36% Posted: 10 Sep 2013 08:45 AM PDT Comex gold inventories have plunged more than 36% year to date, creating a market more leveraged than it has been for the last nine years. Inventories are down from 11.059 million ounces to 7.034 million ounces today.

Miners' Hedging back in the News Posted: 10 Sep 2013 08:41 AM PDT While reading through some of the newswires stories this AM, I came across an interesting report about Pan American Silver. You might recall that I had recently written that I believed we were going to see the increased use of hedging among gold and silver miners in order to get themselves some downside price protection and to actually lock in some profits during a period in time of wildly unpredictable price swings in the precious metals. The story from Down Jones reports comments from CEO Geoff Burns as stating that PAAS had recently instituted hedges in order to reduce risk originating from the wild price swings. Here is his quote: "Our action may have inadvertently sent the wrong message to the market and to our shareholders about our hedging philosophy and our view of the long-term prospects for silver and gold". He also stated that he was "considerably more optimistic" about the short term prospects for both metals. "More importantly, we need to unequivocally reassure our shareholders that the company's fundamental philosophy is still that of not hedging our precious metal production, thereby providing maximum exposure to the price of silver". The report went on to say that PAAS had entered into forward contracts ( a means of hedging) 20% of its forecasted silver production and 18% of gold production. They are now delivering the metal and repurchasing in order to close out all of these forward contracts before the end of the current year. The thing I came away from reading the report is that the company instituted these hedges as part of "a short-term tactical response" to market conditions. Apparently PAAS feels that the worst of the price decline in the precious metals is over. Remember, this is the thinking of one mining company but I did find it interesting that they were willing to employ some strategic hedging. They are to be commended for that in my opinion as mining companies should not be in the business of losing profits from mining operations. If they can lock in a decent profit on some of their production and mitigate or eliminate that risk, then they are wise to do so. I would suggest that mining companies do not have the best track record when it comes to the prediction of gold and silver prices. I am of the opinion that any business, whether it be mining, agriculture, etc., that does not take steps to mitigate price risk is taking reckless chances with its shareholders' wealth. It in essence, has become a speculator in its own right. As a speculator, I do not need any mining company I might have chosen to invest in to be speculating on my behalf. I want them to show CONSISTENT and GROWING profits. If hedging is a means to do that, then so be it. I would much rather have a company that misses some upside rather than one that becomes unprofitable and ends up losing money for me. Heck, I can do that easily enough myself as a commodity trader!

JP Morgan Cornering Gold? I’m assuming manipulation is here to stay Posted: 10 Sep 2013 08:30 AM PDT Why would anyone expect JP Morgan to change strategies now? It's possible, I guess, that the banksters might decide that they can get really rich by cornering the right side of the precious metals market and by "letting" prices soar. Then again, if the bank's gold portfolio soars, the bank's dollar-backed investments would likely tank. [...] The post JP Morgan Cornering Gold? I'm assuming manipulation is here to stay appeared first on Silver Doctors. Check out these similar articles: Jim Sinclair: Stay the Course, Manipulation Will Fail CBC Documentary to Break JPM Whistle-Blower Testimony on Gold & Silver Manipulation! Ted Butler: JPM is Cornering the Gold Market!

Putin To Obama: “Check Mate – Little Boys Shouldn’t Play A Man’s Game” Posted: 10 Sep 2013 08:00 AM PDT In a move that I can only describe as the equivalent of Putin changing Obama’s political diapers for him, the Russian President has persuaded Syria to place its chemical weapons stockpile under international control. This takes away any stated motive for Obama and John Kerry to press their dwindling cast of supporters into firing away [...] The post Putin To Obama: “Check Mate – Little Boys Shouldn’t Play A Man’s Game” appeared first on Silver Doctors. Check out these similar articles: Deal Or No Deal: John Kerry's Historic Diplomatic "Mistake" Proves That Obama Does Not Want Peace Obama Calls Off Summit With Putin: Mainstream Media Ignores US Dollar Ramifications Sources: Syrian Rebels Plan Chem Attack on Israel from Assad-Controlled Territories

Coming Soon – Bail-Ins and Bailouts Galore! Posted: 10 Sep 2013 07:45 AM PDT Tweet On August 15th, I wrote "PONZI WITHIN A PONZI" to describe the blatantly transparent FRAUD occurring within Italy's hopelessly insolvent banking system.  Italy remains a "dark horse" in the race to catalyze the "the Big One" – i.e., Global Meltdown III.  As the world's fourth most indebted nation – with a political tinderbox on the verge of exploding – it is entirely possible we'll shortly awaken to collapsing Italian stocks and bonds; in turn, spreading like financial Ebola across the decaying European economic landscape. In a nutshell, Italy's third largest bank – Monte Paschi – has been bailed out a whopping three times in the past four years; with a fourth such bailout all but inevitable.  As it turns out, such action is now as imminent as it is inevitable; as this weekend, Monte Paschi announced a doubling of its anticipated 12-month capital requirements – to more than €2.5 BILLION.  Last month, I noted that not only did such "bailouts" accomplish little more than buying time, but the majority of such ECB PRINTED funds were plowed right back into the bigger Ponzi scheme of Italian national debt.  In actuality, such a scheme is no different than what TARP, TALF, ZIRP, and other U.S. government MONEY PRINTING programs have accomplished over the past five years; i.e, funneling free money into insolvent banks – in turn, utilized to fund the bankrupt U.S. Treasury. However, on a weekend when the Polish government announced it is confiscating HALF of all privately-administered pension funds, a new "wrinkle" to the Monte Paschi story is rearing its ugly head; yet again, screaming of the validity of Jim Sinclair's "GOTS" advice – i.e, GET OUT OF THE SYSTEM!  Apparently, Monte Paschi's financial structure lends to the likelihood that a Cyprus-style "bail-in" may be utilized to "compensate" the Italian government – i.e., ALL European citizens, given Italy's participation in the ECB – for the "bailout" funds.  In other words, the question of if Monte Paschi will be recapitalized is no longer in doubt; but instead, how it will be done – via bail in or bail out… Monti Paschi Faces Bail-In as Capital Needs Point to Nationalization Each day, I question the sanity of the human condition; as across most of the Western hemisphere, the "sheeple" watch such announcements day after day; yet, do NOTHING to protect themselves from what's coming.  Just as Obama screams of his intention to bomb Syria – and potentially, catalyze World War III – the banks blare warning sirens of impending collapse.  Whether via bail-in, bailout, or other such citizen-destroying mechanisms not yet invented, they WILL come for any funds you leave in the system – in some way, shape, or form.  I have long-discussed my views on such global cognitive dissonance; via multiple articles regarding the flaws, and defense mechanisms, of the human psyche.  However, at some point, anyone with assets left to protect must experience the "fight or flight" survival instinct; and I have little doubt that time is coming soon.  And when it does, you can be sure the public's first actions – cumulatively – will be to flock to the ONLY assets that have historically protected purchasing power throughout the centuries; i.e., PHYSICAL gold and silver.Similar Posts: European Bail-In Ramifications – An All-Time Low for Global Complacency Capital Controls, Here We Come They Are After Our Money

JP Morgan Cornering Gold? I’m assuming manipulation is here to stay Posted: 10 Sep 2013 07:37 AM PDT Why would anyone expect JP Morgan to change strategies now? It's possible, I guess, that the banksters might decide that they can get really rich by cornering the right side of the precious metals market and by "letting" prices soar. Then again, if the bank's gold portfolio soars, the bank's dollar-backed investments would likely tank. That is, protecting the dollar is probably more important to them than booking any profits on precious metals. My assumption is that JP Morgan  is not calling the shots all by itself. Who has more power than JP Morgan? The U.S. government. And our bankrupt government likes paper, not gold. In fact, our government probably despises gold. And fears that one day millions of Americans will wake up and start buying the stuff in mass. Click here for more on metals manipulation is here to stay:

Will gold follow its seasonal pattern this year? Posted: 10 Sep 2013 07:26 AM PDT Historically, September has been gold's best month of the year. Looking at more than four decades of monthly returns, the precious metal has seen its biggest increase this month, averaging 2.3%. Will that trend continue?

Deliverable Gold Bullion on the COMEX Continues Its Decline - Claims Per Ounce Top 56 Posted: 10 Sep 2013 07:00 AM PDT Le Café Américain

Why PHYSICAL Gold and Silver Demand Have Surged Posted: 10 Sep 2013 06:49 AM PDT Tweet I have long-written of how not just Precious Metals, but all financial markets are now "influenced" by government intervention; and thus, can no longer be trusted to indicate ANYTHING about consensus "EXPECTATIONS."  Moreover, it's not just where markets trade that have become misleading, but the manner in which they do so – such as the "DOW JONES PROPAGANDA AVERAGE"; which rarely, if ever, declines – and worse yet, no longer demonstrates even a modicum of volatility.  Remember, stocks have been the most volatile assets in the HISTORY of mankind; yet, since the PPT and other government mechanisms took them over (in a series of progressively increasing efforts following the crashes of 1987, 2000-02, and 2008-09), they not only have become more overvalued than at any time in history, but move in nearly the EXACT same patterns almost every day. It's Tuesday morning, and 10-year Treasury yields are dangerously close to the key 3.00% rate – following two straight days when blatant Fed efforts to "turboQE" them lower miserably FAILED.  However, Dow futures are again higher – with nothing but "reduced Syrian tensions" cited by the brain-dead, bought-and-paid-for MSM as the "reason."  Conversely, PAPER PMs have been attacked by "THE 2:15 AM" algorithm for the 72nd time in the past 81 days; again, with the only "news" cited as "reduced Syrian tensions." Perhaps someone should inform them that on the day of the alleged Syrian chemical weapons attack – August 21st – the Dow was 14,900; bottoming a whopping 0.7% lower at 14,800 on August 27th before being "PPT'd" back up to the current 15,063.  In other words, it hasn't moved in the slightest throughout the entire Syrian "crisis"; but since TPTB are constantly manufacturing good news, "reduced" Syrian tensions" has likely overtaken "Kim Kardashian" as the most popular Google search of the past week.  I mean, if we can make up the Syrian "crisis" itself (I haven't seen a shred of proof that Assad ordered the alleged chemical attack), why not make up reasons for the ensuing market movements as well? Conversely, we are told PMs have recently surged due to "heightened Syrian tensions"; when in fact, nearly the ENTIRE recovery from $1,180/oz to $1,430/oz (in gold) and $18.50/oz to $25.00/oz (in silver) was achieved before August 21st.  Gold and silver had already recovered to $1,385/oz and $23.50/oz on August 19th – right where they closed yesterday – and the subsequent 3%-5% rises after August 21st occurred in already heavily "overbought" markets, fought "tooth and nail" by a Cartel that couldn't have made its intentions more obvious.  After all, if there's one thing we've learned in the past 12+ years, it's that the more PM bullish the news, the harder TPTB "push back" in their desperation to prevent PMs' historical SAFE HAVEN status from being widely observed. Anyhow, the first key takeaway of this commentary should be the reason why governments have so successfully commandeered widely-followed equity indices like the Dow.  That is, what I have been writing of for the past two years; i.e., global retail investors exited the equity markets long ago; and thus, stock market volumes are so low, they can be manipulated AT WILL by deep-pocketed government algorithms.  Driving this point home, S&P 500 equity volume fell to an incredible 15-year low yesterday… …and if that doesn't convince you, how about the fact that CNBC's ratings – amidst a supposed "bull market" that has doubled the Dow in the past four years – hit a 20-year low in August; i.e., just two years after the network went on air in 1991.  And thus, when you are told Japanese stocks are up "because" Tokyo was awarded the 2020 Olympics; Chinese stocks, due to "better economic data" (despite its government recently admitting such data is unreliable); or U.S. or European stocks due to "reduced Syrian tensions" (last I looked, oil was still $108/bbl) or "economic recovery hopes," think long and hard of the source of such news – as well as whether or not said markets are actually "reacting" or being "pushed" by TPTB… Of course, this morning's other key takeaway should be that not all markets are PAPER-based; and thus, cannot be materially altered by the government.  This is why we own the ONLY financial assets that cannot be "manufactured" by government printing presses and algorithms; i.e., PHYSICAL gold and silver – and why PHYSICAL gold and silver demand have surged, and inventories plunged, amidst this year's historic Cartel attacks on PAPER PMs.  Six weeks of backwardation tells the story as clearly as possible; let alone, the 75% collapse in registered COMEX inventory since the April 12th-15th "ALTERNATIVE CURRENCIES DESTRUCTION."  Not to mention, the all-out destruction of mining companies that will no doubt result in dramatically lower production for the foreseeable future; and potentially, widespread corporate bankruptcies. Again, only you can determine the likelihoods of what's REAL versus what's FAKE; and hopefully, the Miles Franklin Newsletter is making this thought process easier.  Our job may be to market bullion products and services, but our cause is to empower you to PROTECT yourself.Similar Posts: Is Gold a Good Asset To Own To Reduce Volatility In Your Portfolio? We Are Getting Closer To the End Game The Implosion of Net Worth, and Race for Capital Preservation

Jade's failed jewel hunt is a story, but scuba divers make it a reality Posted: 10 Sep 2013 06:19 AM PDT Children's stories abound with magical spells of gold, silver or other precious metals:Who is not fond the Aesop fable, The Goose that lays the golden eggs?

COMEX Default Risk As Gold Inventories Plummet 36% Posted: 10 Sep 2013 06:06 AM PDT COMEX gold inventories are down from 11.059 million ounces at the start of the year to 7.034 million ounces today.  This is worth $9.66 billion at today's prices meaning that a handful of billionaires or just one powerful creditor nation state with large foreign exchange reserves, such as Russia, could corner the COMEX gold market [...] The post COMEX Default Risk As Gold Inventories Plummet 36% appeared first on Silver Doctors. Check out these similar articles: Mints, Refineries, Brokerages Out Of Stock – COMEX Gold Inventories Plummet 2006 Nickel LME Default Compared to the Imminent COMEX Silver Default COMEX Silver Inventories Drop Another 578,853 Ounces

Gold Drops as Assad Accepts Russian Plan, Analysts Start Pricing Feds Cut to QE Posted: 10 Sep 2013 06:00 AM PDT Bullion Vault

Gold price drifts back towards the 100 day moving average as a ‘golden cross’ approaches Posted: 10 Sep 2013 05:27 AM PDT Last friday we noted that the gold price bounced off its 100 day moving average, apparently now using this average as support: When gold broke above its 100DMA on Friday 23rd August (and went on to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

COMEX Default Risk As Gold Inventories Plummet 36% Posted: 10 Sep 2013 05:00 AM PDT gold.ie

COMEX Default Risk As Gold Inventories Plummet 36% Posted: 10 Sep 2013 03:57 AM PDT This shortage of readily available physical gold in large volumes will likely lead to even higher premiums by lowering gold’s forward rates, straining borrowers and raising the likelihood of something we have warned of for some time – a COMEX delivery default. Today's AM fix was USD 1,373.00, EUR 1,037.32 and GBP 874.30 per ounce. Yesterday's AM fix was USD 1,386.00, EUR 1,050.56 and GBP 884.27 per ounce. Gold fell $2.00 or 0.14% yesterday, closing at $1,386.50/oz. Silver fell $0.14 or 0.59%, closing at $23.67. At 2.48 EDT, Platinum fell $9.90 or .7% to $1,479.00/oz, while palladium dropped $15.28 or 2.2% to $682.22/oz. COMEX Gold Inventories, GOFO Rates and Leverage – (Bloomberg) Gold tracked oil lower today after Russia offered to work with Syria's Assad to put their chemical weapons under international control. Firmer equities and equities at record highs showed risk appetite remains very high and "irrational exuberance" is back despite significant risks, including geopolitical risk. Other risks worth keeping in mind are the likelihood of the Eurozone debt crisis flaring up once the German elections on September 22 are over. It is worth bearing in mind too, the coming political and possible financial fracas over the U.S. debt ceiling – U.S. Federal debt recently surged over $16.9 trillion. The immediate risk of a unilateral bombing of Syria has abated but there remains a real risk of confrontation in the region and the possibility of a wider war in the Middle East involving Iran and Israel and their respective allies. This will support gold and could contribute to materially higher prices. However, of far more importance to gold is the very tight physical market place which is manifest in the negative gold forward interest rates, gold futures still in backwardation and perhaps most importantly plummeting inventories on the COMEX. Comex gold inventories have plunged more than 36% year to date, creating a market more leveraged than it has been for the last nine years. Inventories are down from 11.059 million ounces to 7.034 million ounces today. As gold fell in recent months or was manipulated lower, depending on your viewpoint, store of wealth interest in physical gold rose, elevating physical premiums. This has also given traders incentives to take delivery and sell paper gold. This shortage of readily available physical gold in large volumes will likely lead to even higher premiums by lowering gold’s forward rates, straining borrowers and raising the likelihood of something we have warned of for some time – a COMEX delivery default. A COMEX default on delivery of precious metals and specifically of gold bullion bars remains a risk. It is of significant importance and that is why we have covered its possibility since 2011. A COMEX default would have serious ramifications not just for precious metals markets but for the wider commodity markets, for the U.S. dollar and all fiat currencies and our modern  monetary system. COMEX Gold Inventories, 5 Years (Bloomberg) As long as gold remains in backwardation and COMEX inventories continue to fall the possibility of a COMEX default cannot be ruled out – especially as gold and silver bullion inventories are very small vis-a-vis possible capital allocations or foreign exchange diversification to gold in the coming weeks and months. We believe that the sharp fall seen in emerging market currencies in recent weeks will lead to an increase in central bank demand for gold in order to buttress and support devaluing paper currencies. COMEX gold inventories are down from 11.059 million ounces at the start of the year to 7.034 million ounces today. This is worth $9.66 billion at today's prices meaning that a handful of billionaires or just one powerful creditor nation state with large foreign exchange reserves, such as Russia, could corner the COMEX gold market and cause a default. Russia's foreign exchange reserves are at $508 billion . Mainland China still holds the largest foreign exchange reserves in the world, with US$3.4967 trillion at the end of June. It is followed by Japan, which had foreign exchange reserves of US$1.1876 trillion at the end of July. Gold In US Dollars, 5 Years – (Bloomberg) The possibility of an attempted cornering of the bullion markets through buying and taking delivery of physical bullion remains real and would likely lead to a massive short squeeze which would see gold and silver surge to well over their inflation adjusted high of $2,500/oz and $140/oz.

Modest Fed tapering will be beneficial for Gold: ETFS Posted: 10 Sep 2013 03:36 AM PDT Precious metals came under pressure last week as the Syria premium receded and stock markets recovered on the back of generally better than expected economic data.

JPMorgan Closes Precious Metals Sell Recommendation, Goes “Tactically Overweight” Commodities Posted: 10 Sep 2013 02:27 AM PDT "The precious metal market was as quiet as the proverbial church mouse on Monday." ¤ Yesterday In Gold & Silver The gold price spiked up right at the 6 p.m. Sunday night open in New York, but as you already know, a not-for-profit seller showed up immediately.  Gold traded pretty flat after that, but with a slightly negative bias.  Then gold got sold down seven or eight bucks about an hour before the 8:20 a.m. EDT Comex open. Gold rallied at the open, but didn't get far, barely above the $1,391 spot mark by around 10:30 a.m. in New York.  After that, the price got sold down about five bucks before trading flat into the the 5:15 p.m. close. Gold finished the day at $1,386.50 spot, down $2.30 from Friday's close.  Net volume was an anemic 83,000 contracts, which is incredibly light, so I wouldn't read a thing into Monday's price action. The Sunday opening price spike in silver was even more pronounced than the one in gold, but it took the seller of last resort less than fifteen minutes to beat the price back below the $24 spot price mark.  After that, the silver price chart looked similar to gold's. Silver finished the Monday session at $23.715 spot, down 12.5 cents on the day.  Net volume was very light at only 29,000 contracts.   I wouldn't read much into silver's price action yesterday, either. The sell-offs in both platinum and palladium were somewhat more severe, however palladium managed to recoup some its loses in a rally that began around 12:30 EDT in New York trading.  Here are the charts. The dollar index closed on Friday in New York at 82.15.  At the 6 p.m. EDT Sunday open, it spiked up a bit over ten points, and then didn't do much until 2 p.m. Hong Kong time.  From there it developed a negative bias that really took flight starting just before the 8:20 a.m. EDT Comex open.  The low of 81.73 came shortly after 12 o'clock noon in New York, and from there recovered about ten basis points going into the close.  The index finished the day at 81.81, which was down 34 basis points from the Friday close. The gold stocks started off mostly in positive territory, but then followed the gold price lower once the high tick was in around 10:30 a.m. EDT.  The HUI finished down 0.89% on the day. The silver stocks did no better, and Nick Laird's Intraday Silver Sentiment Index closed down 1.24%. (Click on image to enlarge) The CME's Daily Delivery Report showed that 10 gold and 19 silver contracts were posted for delivery within the Comex-approved depositories tomorrow.  The link to yesterday's Issuers and Stoppers Report is here. There was a reported decline in GLD once again, as an authorized participant withdrew 67,595 troy ounces.  And as of 9:22 a.m. EDT yesterday evening, there were no reported changes in SLV. As expected, the U.S. Mint had a sales report for us yesterday.  They sold 2,500 ounces of gold eagles; 2,500 one-ounce 24K gold buffaloes; and 468,000 silver eagles. Over at the Comex-approved depositories last Friday, they reported receiving 35,904 troy ounces of gold; and shipped 10,803 troy ounces out the door.  The link to that activity is here. It was a pretty busy Friday in silver.  Only 4,206 troy ounces were reported received, but a very chunky 1,305,808 troy ounces were shipped out for parts unknown.  The link to that action is here. I have the usual number of stories for a Tuesday column, which is quite a few.  I hope you have the time to read the ones that most interest you. ¤ Critical Reads Ka-ching! U.S. consumer borrowing hits record high Americans cut back on using their credit cards in July for the second straight month, while taking on more debt to buy cars and attend school. The Federal Reserve says consumers increased their borrowing $10.4 billion in July from June to a record high of $2.85 trillion. That followed an $11.9 billion gain in June. A measure of borrowing that includes credit card debt fell $1.8 billion in July following an even larger $3.7 billion decline in June. A category that includes auto loans and student loans increased $12.3 billion after an even larger $15.6 billion gain in June. The reduction in credit card debt suggests that consumers remain cautious about accumulating high-interest debt. That could hold back consumer spending, which accounts for 70 percent of economic activity. These four paragraphs are all there is to this AP story that was posted on the CNBC website yesterday afternoon...and I thank West Virginia reader Elliot Simon for today's first news item. Bank of America Said to Cut 2,100 Jobs in Mortgage Slump Bank of America plans to eliminate nearly 2,100 jobs and close 16 mortgage offices due to weak loan demand, Bloomberg reported Monday. Sources with direct knowledge of the plans said 1,500 of the employees process home loans and about 200 deal with overdue mortgages. The changes "reflect our ongoing efforts to streamline our facilities and align our cost structure with market realities," BofA spokesman Terry Francisco said. BofA, the second-largest U.S. lender, staff totaled more than 257,000 at mid-year. The reductions are expected to be completed by the end of October. This article was posted on the Bloomberg website yesterday afternoon...and is the second offering in a row from Elliot Simon. Government takes first steps to regulate high-speed trading The Commodity Futures Trading Commission has published a long-awaited discussion paper on computerized trading, a first step to what could become new rules for a sector often blamed for market disruptions. Seeking public comment on more than 100 topics, the derivatives regulator is working closely with the industry as it looks to adapt its rulebook to new technologies such as ultra-fast trading. "Traditional risk controls and safeguards that relied on human judgment and speeds must be re-evaluated in light of new market structures," the agency said Monday. This is another CNBC story from yesterday afternoon EDT...and the third contribution in a row from Elliot. Obama White House had NSA limits reversed The Obama administration quietly got a court to undo U.S. surveillance limits on the use of intercepted phone calls and e-mails, The Washington Post reported. The 2011 reversal of a 2008 restriction let the National Security Agency search deliberately for Americans' communications in its massive databases, the Post said, citing newly declassified documents and interviews with government officials. The Foreign Intelligence Surveillance Court also extended the length of time the NSA may legally hold onto intercepted U.S. communications, increasing it to six years from five, a recently released 2011 opinion by court Chief Judge John D. Bates said. This UPI story was posted on their website in the wee hours of Monday morning EDT...and it's the first offering of the day from Roy Stephens. U.S. tapped into networks of Google, Petrobras, others: report The U.S. government tapped into computer networks of companies including Google Inc. and Brazilian state-run oil firm Petroleo Brasileiro SA, according to leaked U.S. documents aired by Globo, Brazil's biggest television network. A week after it broadcast a report that the U.S. National Security Agency spied on the presidents of Brazil and Mexico, Globo said the agency had also spied on major companies. It showed slides from an NSA presentation, dated May 2012, that it said was used to show new agents how to spy on private computer networks. In addition to Google and Petrobras the presentation suggested the NSA had tapped into systems operated by France's foreign ministry and the Society for Worldwide Interbank Financial Telecommunication, an international bank cooperative known as Swift, through which many international financial transactions take place. This Reuters new item, filed from Rio de Janeiro/Sao Paulo, was posted on their website in the wee hours of yesterday morning as well...and I thank Manitoba reader Ulrike Marx for her first contribution to today's column. NSA spying on Petrobras, if proven, is industrial espionage: Rousseff Reports that the United States spied on Brazilian oil company Petrobras, if proven, would be tantamount to industrial espionage and have no security justification, Brazil's President Dilma Rousseff said on Monday. Brazil's Globo television network reported on Sunday that the U.S. National Security Agency hacked into the computer networks of Petrobras and other companies, including Google Inc., citing documents leaked by former NSA contractor Edward Snowden. The report came as Brazil is preparing to auction rights to tap some of the largest oil finds in the world in recent decades, deposits trapped under a salt layer off its Atlantic coast. State-run Petrobras, Brazil's largest company and a source of national pride, made the discoveries in recent years and will be a mandatory partner in developing all of the new deep-sea fields. This is another Reuters piece, this one filed from Brasilia early yesterday morning EDT...and this one is Roy Stephens' second offering of the day. Russia to Brazil Intervention Adds to U.S. Debt Distress Investors suffering the worst losses in Treasuries since at least 1978 can add dollar sales by emerging-market central banks to their list of challenges. Speculation that the Federal Reserve, the biggest buyer of Treasuries, will reduce its purchases sent U.S. debt down 4.1 percent this year and boosted the dollar against developing-nation currencies for four straight months, matching the longest streak since 2001, according to Bloomberg data. India, Brazil, Russia and Indonesia have intervened in foreign-exchange markets, and dollar sales mean liquidating Treasuries, according to bond traders at Scotiabank and Bank of America Corp. While the $48 billion drop in foreign central bank holdings at the Fed since a record in June is less than half of the $113 billion in withdrawals from U.S. bond funds in the past three months, they mark a change in trend. Foreign ownership of Treasuries fell 0.6 percent in the first half of 2013, poised for the first full-year decline in data going back to 2000 and a departure from the 10 percent annual gains seen since 2006. This Bloomberg story, co-filed from Singapore and Sydney, was posted on their website early yesterday morning MDT...and I thank U.A.E. reader Laurent-Patrick Gally for bringing it to our attention. The IMF knows that the Fed is playing with fire in emerging markets Listen to the IMF's Christine Lagarde very carefully. While the US Federal Reserve has as a parochial "closed economy" view – and made a series of grave blunders over the last six years as a result – her job is to look at the entire world, and she does not like what she sees. She warned over the weekend that Fed tapering could ricochet back into the US economy if handled carelessly. "Very negative spillover effects on the emerging market economies could very much backfire on other economies. So to assume that the domestic economy is totally isolated, that a country is an island, would not be the right approach," she told CNBC at the Ambrosetti Forum on Lake Como, which I have been attending. This Ambrose-Evans Pritchard blog was posted on the telegraph.co.uk Internet site yesterday sometime...and it's courtesy of Roy Stephens once again. China to dictate tough terms on BRICS rescue fund "Currency intervention would not be a good use of money," said Daokui Li, a member of the Communist Party's upper chamber (CPPPC) and a key economic strategist. "China will only act together with the International Monetary Fund, which has the ability to impose strict conditions," he told the Daily Telegraph. The comments came as Russian president Vladimir Putin launched the $100bn fund at the G20, gathering for a symbolic photo of the five BRICS leaders from Brazil, Russia, India, China and South Africa in the grounds of the Constantine Palace in St Petersburg. "The initiative to establish a BRICS currency reserve pool is at its final stage," said Mr Putin. The launch came on the same day that official data showed Russia fell into recession in the first half of the year. The relapse came despite high oil prices, and exposes the deep structural flaws in the Russian economy. This is another Ambrose Evans-Pritchard commentary.  This one posted on The Telegraph website early Friday evening...and I thank Roy Stephens for sending it along. Marc Faber: Stocks aren't bargains anymore...Emerging Markets Oversold Emerging Asia's shares may have plunged recently, but with the bull market getting long in the tooth, it's not the time to buy, said Marc Faber, the publisher of the Gloom, Boom & Doom Report. "I don't think there's a lot of money to be made in equities for the next 12 to 24 months," Faber, also known as Dr. Doom, told CNBC. "We are in a bull market that is more than four years old," with the rally beginning in March 2009, he noted. "Four years into the economic expansion, I don't think that stocks are the greatest bargain anymore." This 6:21 video interview was posted on the CNBC Asia website Sunday night at 10:00 p.m...which was 10:00 a.m. Monday morning in Hong Kong.  I thank reader Ken Hurt for finding this interview for us. russels fears European 'industrial massacre' sparked by energy costs "We face a systemic industrial massacre," said Antonio Tajani, the European industry commissioner. Mr Tajani warned that Europe's quixotic dash for renewables was pushing electricity costs to untenable levels, leaving Europe struggling to compete as America's shale revolution cuts US natural gas prices by 80pc. "I am in favour of a green agenda, but we can't be religious about this. We need a new energy policy. We have to stop pretending, because we can't sacrifice Europe's industry for climate goals that are not realistic, and are not being enforced worldwide," he told The Daily Telegraph during the Ambrosetti forum of global policy-makers at Lake Como. "The loss of competitiveness is frightening," said Paulo Savona, head of Italy's Fondo Interbancario. "When people choose whether to invest in Europe or the U.S., what they think about most is the cost of energy." Here's another commentary from Ambrose, this one posted on the telegraph.co.uk Internet site late Sunday evening BST...and it's courtesy of reader "h c". Monte Paschi doubles planned capital hike to 2.5 billion euros Italy's Monte dei Paschi di Siena will seek 2.5 billion euros ($3.3 billion) in fresh capital from investors to shore up its finances, an amount that is more than double its original plan and makes nationalization more likely should the cash call fail. The world's oldest bank, Italy's third biggest, said on Monday it expected to approve a new, tougher restructuring plan on September 24 to win the green light from the European Commission for a 4.1 billion euro state bailout it received this year. The revised plan, which will include the 2.5 billion euros capital increase to be launched in 2014, is the latest measure in a painful recovery process for the 540-year-old Tuscan lender. Monte Paschi is still grappling with the aftermath of a massive derivatives scandal which emerged in the wake of its expensive acquisition of rival Antonveneta in 2008. This Reuters news item, filed from Rome and Milan, was posted on their Internet site very early Monday morning EDT...and I thank Ulrike Marx for her second contribution to today's column. G20 conference agrees to eliminate privacy for tax records Tax records will be shared around the world by 2015 as part of a G20 pledge to crack down on individual tax cheats and global corporations with complicated arrangements aimed at paying as little tax as possible. The topic of taxation in a global economy has become a major political issue of late, as multinational firms like Apple and Starbucks have faced scrutiny over their corporate structures. Further, investigative reports into the use of offshore tax havens by the world’s wealthiest individuals added momentum to the view that governments are getting

Russia to Brazil Intervention Adds to U.S. Debt Distress Posted: 10 Sep 2013 02:27 AM PDT Russia to Brazil Intervention Adds to U.S. Debt Distress Investors suffering the worst losses in Treasuries since at least 1978 can add dollar sales by emerging-market central banks to their list of challenges. Speculation that the Federal Reserve, the biggest buyer of Treasuries, will reduce its purchases sent U.S. debt down 4.1 percent this year and boosted the dollar against developing-nation currencies for four straight months, matching the longest streak since 2001, according to Bloomberg data. India, Brazil, Russia and Indonesia have intervened in foreign-exchange markets, and dollar sales mean liquidating Treasuries, according to bond traders at Scotiabank and Bank of America Corp. While the $48 billion drop in foreign central bank holdings at the Fed since a record in June is less than half of the $113 billion in withdrawals from U.S. bond funds in the past three months, they mark a change in trend. Foreign ownership of Treasuries fell 0.6 percent in the first half of 2013, poised for the first full-year decline in data going back to 2000 and a departure from the 10 percent annual gains seen since 2006. This Bloomberg story, co-filed from Singapore and Sydney, was posted on their website early yesterday morning MDT...and I thank U.A.E. reader Laurent-Patrick Gally for bringing it to our attention.

Seven King World News Blogs/Audio Interviews Posted: 10 Sep 2013 02:27 AM PDT Seven King World News Blogs/Audio Interviews 1. Louise Yamada: "3 Fantastic Gold, Silver...and Mining Share Charts".  2. Robert Fitzwilson: "Government Theft, Gold, Silver...and a Chart That Will Shock You".  3. Michael Pento: "Top Economist Predicts Increased Gov't Theft and Surge in Gold".  4. Sean Boyd: "Remarkably 3 Sources Now Buying Entire World Gold Production".  5. Richard Russell: "JP Morgan, Gold and the Future of the Dollar".  6. The first audio interview is with Dr. Stephen Leeb...and the second audio interview is with Bill Fleckenstein.

Treasure hunter finds gold coins 'stacked up like poker chips' on 18th century pirate ship off Cape Cod Posted: 10 Sep 2013 02:27 AM PDT Treasure hunter finds gold coins 'stacked up like poker chips' on 18th century pirate ship off Cape Cod Undersea explorers have discovered a trove of buried treasure that may lead to the discovery of more than 400,000 gold coins. Barry Clifford and his team of archaeologists also found a musket and thousands of lead balls in the 18th century pirate ship they found off the coast of Cape Cod. Clifford told ABCNews.com the coins were found stacked stacked up 'like poker chips' in clumps known as concretions. This very interesting story was posted on the dailymail.co.uk Internet site yesterday morning GMT...and my thanks go out to Elliot Simon for bringing it to our attention.

Gabriel Slumps After Prime Minister Urges Vote Against Gold Mine Posted: 10 Sep 2013 02:27 AM PDT Gabriel Slumps After Prime Minister Urges Vote Against Gold Mine Gabriel Resources Ltd. plunged the most in 19 years after Romanian Prime Minister Victor Ponta urged lawmakers to vote to reject plans for the company’s proposed Rosia Montana gold mine. Parliament should “quickly vote” on whether to drop the project as opposition appears insurmountable, Ponta said today. Shares of the Whitehorse, Yukon-based company fell 43 percent to C$0.84 at 9:42 a.m. in Toronto, after earlier declining as much as 48 percent, the most intraday since March 1994. That's all there is to this Bloomberg story, co-filed from Toronto and Bucharest, yesterday...and it was posted on their Internet site early on Monday morning Denver time.  This is a rather surprising turn of events, but I'm sure we haven't heard the last of this issue.  And as you can imagine, the good folks over at Gabriel Resources had something to say about it...and here's their press release from yesterday.  I thank Laurent-Patrick Gally for sharing both these articles with us.

One gold strike ends, another looms in South Africa Posted: 10 Sep 2013 02:27 AM PDT One gold strike ends, another looms in South Africa A South African gold miners' strike has ended after workers at Harmony Gold accepted a final wage offer, the company said Sunday, as elsewhere workers voted to down tools. Tens of thousands of National Union of Mineworkers (NUM) members went on strike over pay on Tuesday night, but most had already returned to work after agreeing wage deals of between 7.5 and 8.0 percent. Workers at Harmony's mines in the central Free State and Northern Cape provinces had initially held out for a better deal, but the company said they had now accepted. But members of rival labour group the Association of Mineworkers and Construction Union (AMCU) voted Sunday to reject an eight-percent wage offer. This AFP story from Sunday was picked up the news.yahoo.com Internet site...and I found it in a GATA release yesterday.

Pakistan lifts gold import ban Posted: 10 Sep 2013 02:27 AM PDT Pakistan lifts gold import ban In a major reprieve to its consuming class, Pakistan's Economic Coordination Committee of the Cabinet lifted a one-month ban on the import of gold and, meantime, outlined a revised set of rules. With gold smuggling rampant in Pakistan, the nation had imposed the one-month ban in early August hoping to stem subsequent flows to India. Gold imports jumped by 102 percent in 2012-13 in Pakistan and, according to the Pakistan Bureau of Statistics, 6,745 kilograms of gold were imported in 2012-13, as compared to 3,267 kilograms during 2011-12. "India has been seeking steps to ensure a direct access to Pakistan's gold jewellery markets, to compensate for its export deficit to European countries,'' said a gold retailer and bullion house exporter. This news item, filed from Mumbai, was posted on the mineweb.com Internet site yesterday and is definitely worth reading.  I thank Ulrike Marx for finding this story for us.

Intelligence agency sounds alert to check gold smuggling Posted: 10 Sep 2013 02:27 AM PDT Intelligence agency sounds alert to check gold smuggling An alert has been sounded by a financial intelligence agency to all international airports and other transit points within the country to check smuggling of gold. Citing recent structural changes in import duty of gold by the finance ministry, the directorate general of revenue intelligence (DGRI), which analyzes and disseminates intelligence related to smuggling and customs duty evasion, has sent an alert to all international airports and customs check points to remain vigilant, official sources said. They have been asked to intensify measures, including minutely scanning suspect passengers and commercial consignments to check smuggling of gold, the sources said. This Times of India article, filed from New Delhi,  was posted on their Internet site during the lunch hour on Monday IST...and I thank Ulrike Marx for her last offering in today's column.

Doug Casey: 3 Stocks to Own When Gold Recovers Posted: 10 Sep 2013 02:27 AM PDT Doug Casey: 3 Stocks to Own When Gold Recovers We've written recently—and many times before—about the foolishness of trying to time a market. In hindsight, however, market peaks and troughs become increasingly obvious. In a recent conversation with Doug Casey, he told me that the general uptrend in gold since June is evidence that the general downtrend since September 2011 has ended. It's also worth pointing out that if Doug is right about the US economy finally exiting the eye of the storm, there will likely come a "moment of truth" when people realize that the inevitable has become imminent and every asset class across the board gets hit, including gold. That downturn will be enduring for many assets—permanent for some, but very short-lived for gold. It may turn out to be the last great buying opportunity in this gold bull market, but it could well happen at prices much higher than today's, so we don't intend to keep our money on the sidelines waiting for it. In other words: yes; we are buyers today. Our article below describes the sort of opportunities we are seizing today. It is, I freely admit, something of a sales pitch for the Casey International Speculator—but if Doug is right about the gold market having bottomed, there's never been a better time to subscribe and find out what he himself is buying. This commentary by Louis James is contained in yesterday's edition of the Casey Daily Dispatch...and it's definitely worth reading.

If Australia's new government would revive mining, confront gold price suppression Posted: 10 Sep 2013 02:27 AM PDT If Australia's new government would revive mining, confront gold price suppression Australia has just elected a new government, switching from the Labor Party to the Liberal and National Party coalition, and Reuters today quotes the new government's likely trade minister, Andrew Robb, as saying the new government's objectives will include reviving the country's mining industry. Of course GATA has an idea of how to do that: End the Western central bank gold price suppression scheme particularly and the commodity price suppression scheme generally. Indeed, seven weeks ago your secretary/treasurer sent to the governor of the Reserve Bank of Australia, Glenn Stevens, an international express mail letter requesting an invitation to make a presentation to the bank about the gold price suppression scheme and the harm it does to Australia and other commodity-producing countries. Predictably enough the bank has not replied to the letter even to acknowledge its receipt, perhaps because the bank knows very well how the international currency markets are rigged and would prefer Australians not to know and begin wondering about the bank's complicity and failure to defend their country's interests. This must read commentary by GATA secretary/treasurer Chris Powell was posted on the gata.org Internet site Sunday afternoon.

Sprott's Thoughts: A Leaky Fix Posted: 10 Sep 2013 02:27 AM PDT Sprott's Thoughts: A Leaky Fix While the markets for gold and silver are much smaller than interest rates or oil, investigators have decided to take a closer look at the precious metals market. In March of this year, U.S. regulators began scrutinizing whether prices are being manipulated in the world's largest gold trading centre, the London Bullion Market. While no formal investigation has been opened, the CFTC is said to be looking at issues including whether the setting of prices for gold and silver market are transparent. Given the manipulation we know has occurred in the oil and LIBOR markets, could gold and silver be any different? This most excellent edition of Sprott's Thoughts, written by David Franklin, is a must read as well.

JPMorgan Closes Precious Metals Sell Recommendation, Goes "Tactically Overweight" Commodities Posted: 10 Sep 2013 02:27 AM PDT JPMorgan Closes Precious Metals Sell Recommendation, Goes "Tactically Overweight" Commodities One of the most under-reported sentiment shifts of the past week was JPM's announcement late on Friday, that the firm quietly went long commodities - specifically base metals and copper (in addition to energy) - and the firm also closed it "sell" (i.e., underweight) in precious metals. This is not surprising: we had noted the ongoing purchasing of gold by JPM over the past two month (in part to restore its depleted gold vault inventory) when the yellow metal not only stabilized but promptly entered a bull market, returning 20% in a short period of time. And as gold was rising, JPM was advising its clients to sell. It seems JPM now has more than enough gold stashed away, and as the September shock is set to unwind, even JPM may be seeking the safety of gold, and the usual other hard asset suspects, if and when events escalate out of control, resulting in another "risk off" phase. No surprises here.  As silver analyst Ted Butler has already pointed out for about two months, JPMorgan now has a long-side corner in Comex gold to go along with its short-side corner in the silver market on that same exchange.  If JPM is about to let commodity prices fly, the question that needs to be asked is if JPM's long position in gold is big enough to cover its loses in silver...or is it covered [as Ted suspects] in the physical and OTC markets?  Time will tell. This very short must read commentary was posted on the Zero Hedge website early Sunday afternoon...and my thanks go out to reader M.A. for today's last story.

David Franklin: Is Platinum the New Gold? Posted: 10 Sep 2013 01:00 AM PDT The Goldrums of June are giving way to a new dawn for platinum group metals, says David Franklin, a market strategist at Sprott Asset Management. While white metal miners face a variety of... Visit the aureport.com for more information and for a free newsletter

Gold & Silver Needs A Breakout On The Technical Price Charts Posted: 09 Sep 2013 11:14 PM PDT It is interesting to watch the day to day shifts in sentiment among traders/investors as the news headlines change in regards to Syria. President Putin just made a master stroke of genius in taking our Keystone Cops bumbling leaders to school, i. e., Obama and Secretary of State Kerry, ( you know that fierce warrior who intimated that any punitive stroke of Syria inflicted by the US would be itty, bitty, teeny, tiny.) I am reminded of Alan Jackson’s classic C&W hit, “It’s all Right to be Little Bitty”. Seems as if no one in the Administration expected Putin to seize upon their hapless confusion and suggest that Assad should put his chemical weapons under international supervision. Whoops! there goes the imperative to punish Assad swiftly! The markets sure seem to take it that way because it was off to the races in the equity world again today with the DOW pushing past 15,000 and the S&P closing on its session high. The S&P 500 chart has pushed right back up to the 50 day moving average once again after plunging below it on Syria fears. Gold, after looking like it was going to try to push through $1400, swiftly succumbed to selling pressure in spite of the strength in the Euro. It sure does seem as if that “14″ handle is proving to be difficult for the metal to hold right now. Same goes for silver in the sense that maintaining itself above the $24 level for any length of time is also elusive. As mentioned in the KWN Metals Wrap over the weekend, both of these markets need a steady influx of brand new, eager, speculative buyers to sustain their upward path and right now they are NOT getting that. They will not unless they can first clear those overhead chart resistance levels mentioned in that interview. As we were reminded by last week’s horrific payrolls number, the US economy is limping along with many Americans suffering and unable to secure viable FULL TIME employment. That does not apparently matter to Wall Street however. I have been relatively quiet of late in regards to commenting on market action merely because I simply do not seem to have any clear sense of where some of these markets are heading from day to day. Reactions to various economic data releases, many which conflict the previous day’s release, are unpredictable at best and bizarre at worst. To watch a market move higher on rotten economic news merely because it would argue for a delay in any Federal Reserve Tapering activity is clear evidence to this long-time trader that our financial market system no longer has much, if any, connection to anything real. Still one cannot argue with the tape if they hope to be profitable as a trader and that means you either have to hold your nose and take your positions accordingly or do nothing and sit on the sidelines. Doing nothing however as a trader means no income so you have little if any choice but to roll with the tide. Personally, America’s nakedness is being exposed for the entire world to see. We are naked politically with a buffoon and his crew for our leaders, a man who has become a laughingstock outside of his adoring sycophants here in the US media. We are naked financially with a debt the size of which boggles ones mind if they are honest and clear-thinking. We are naked ethically which can be seen in the degeneracy our entertainment industry with the trash that it regularly spews out. We are naked intellectually, because we are to damned ignorant to learn from the lessons of history and lastly we are naked spiritually, because we have become gods unto ourselves. So much for my soapbox for today. Watching the farce that this nation is becoming is too much for me to take without hoping that there are millions of my fellow citizens who feel the same way. As far as gold goes, it needs a breakout on the technical price charts to get anything exciting going and to clear it from the range trade it is currently in. (original source: Dan Norcini’s personal blog)

Gods Gold : the story of Rockefeller and his times Posted: 09 Sep 2013 10:00 PM PDT Mises.org

Deal Or No Deal: John Kerry’s Historic Diplomatic “Mistake” Proves That Obama Does Not Want Peace Posted: 09 Sep 2013 09:53 PM PDT When it comes to diplomacy, Russia is playing chess, Syria is playing checkers and U.S. Secretary of State John Kerry is playing tiddlywinks.  On Monday, Kerry said that Syrian President Bashar al-Assad could avoid having his country bombed into oblivion by turning over “every single bit of his chemical weapons to the international community in [...] The post Deal Or No Deal: John Kerry's Historic Diplomatic "Mistake" Proves That Obama Does Not Want Peace appeared first on Silver Doctors. Check out these similar articles: Sources: Syrian Rebels Plan Chem Attack on Israel from Assad-Controlled Territories Syrian President Bashar al-Assad’s Response to Chemical Weapons Allegations in his own words 15 Signs That Obama Has Already Made The Decision To Go To War With Syria

You are subscribed to email updates from Gold World News Flash 2 To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610