saveyourassetsfirst3

---

• Gold volumes "quiet" as China prepares for Golden Week
• Optimism high at Denver Gold Forum but leadership is what's needed
• Anglo American SA settles silicosis case with 23 gold miners
• Anglo American SA settles silicosis case with 23 gold miners
• Optimism high at Denver Gold Forum but leadership is what's needed
• How one man took China’s gold
• How one man took China’s gold
• World’s worst gold stock gets debt-market reprieve
• Now get precious coins made of recovered Silver from SS Gairsoppa shipwreck
• 50 shades of gold – Frank Holmes
• Gold undermined by rise in long term real interest rate, fall in US equity risk premium
• Barrick in talks on further asset sales, no spin-offs
• Andrew Maguire: CFTC Sitting on Actual Evidence of Metals Manipulation by JP Morgan Submitted by 2 Whistle-blowers
• CFTC closes investigation concerning the silver markets
• Barrick in talks on further asset sales, no spin-offs
• Newmont on the look out for gold/copper acquisitions
• Newmont on the look out for gold/copper acquisitions
• Silver Wheaton interested in stream deal on Las Bambas mine
• Silver Wheaton interested in stream deal on Las Bambas mine
• Collapse Is In Hindsight – It Is A Matter Of Time (Part II)
• Book 10% Yields With Trade & Development Bank Of Mongolia's Short 2 Year Bonds!
• Randall Oliphant is new Chairman of World Gold Council
• Gold and Silver as Standards of Value
• COMEX GOLD INVENTORIES PLUNGE TO NEW LOW!
• The Gold Bull Market Is Not Over
• The battle for silver’s golden cross is on
• Gold-ETP investors and the Asian consumers view gold differently
• China Alone is Buying Enough Gold to Make Prices Soar
• COMEX GOLD INVENTORIES PLUNGE TO NEW LOW!
• Chinese Housewives Vs. Goldman Sachs: No Contest
• So You're Looking For A Silver Play? Get Paid To Wait For The Rebound
• Germany’s main oil company signs to operate in development of Patagonia’s Vaca Muerta shale deposits
• Fed Concerned About Suspicious Gold Trading After FOMC Meeting
• How one man took China’s gold
• Retirement Income: Recent Rout Has Global Bonds Looking Attractive
• Fed Concerned About Suspicious Gold Trading After FOMC Meeting
• More on Why the Fed Cannot Taper
• Interesting Takeover Target For Semafo AND Endeavour: Roxgold
• ETF Securities' McGlone: Fed Tightening Has Been Good For Gold And Why Palladium And Platinum Deserve Attention
• Another day in India and another gold smuggler is caught – third case in four days at the SAME airport
• Fed Concerned About Suspicious Gold Trading After FOMC Meeting
• Fives Tonnes of Customer Gold Leave the HSBC Vault
• Dollar General Shows Solid Growth
• JPMorgan Chase, 12 More Banks Sued Over LIBOR
• Eric Sprott: Central Banks Have Already Lost Their Battle Against Gold
• J.P. Morgan’s Legal Headaches: A Tally
• Alasdair Macleod: The 80/20 Rule
• Eurozone bank fund needs credit line, Draghi says
• China 'to rent five per cent of Ukraine'

Gold volumes "quiet" as China prepares for Golden Week Posted: 25 Sep 2013 03:53 PM PDT China's long Golden Week holidays are also likely to dent import demand from stockists, dealers report.

Optimism high at Denver Gold Forum but leadership is what's needed Posted: 25 Sep 2013 03:14 PM PDT Times are changing in the gold sector, but more clear, visionary leadership is needed.

Anglo American SA settles silicosis case with 23 gold miners Posted: 25 Sep 2013 02:52 PM PDT Anglo American sold off its gold assets over a decade ago but this suit and similar initiatives are based on its past as a bullion producer.

Anglo American SA settles silicosis case with 23 gold miners Posted: 25 Sep 2013 02:51 PM PDT Anglo American sold off its gold assets over a decade ago but this suit and similar initiatives are based on its past as a bullion producer.

Optimism high at Denver Gold Forum but leadership is what's needed Posted: 25 Sep 2013 01:10 PM PDT Times are changing in the gold sector, but more clear, visionary leadership is needed.

How one man took China’s gold Posted: 25 Sep 2013 12:18 PM PDT Jan Skoyles looks at the fascinating story of how the country lost thousands of years' worth of reserves last century.

How one man took China’s gold Posted: 25 Sep 2013 12:18 PM PDT Jan Skoyles looks at the fascinating story of how the country lost thousands of years' worth of reserves last century.

World’s worst gold stock gets debt-market reprieve Posted: 25 Sep 2013 12:09 PM PDT For Buenaventura, renewed investor interest is creating an opportunity to tap debt markets as it seeks to revamp its ageing deposits.

Now get precious coins made of recovered Silver from SS Gairsoppa shipwreck Posted: 25 Sep 2013 12:01 PM PDT Historians and explorers alike have pored over documents, hoping to uncover the SS Gairsoppa’s final resting place. The members of the exploration team at Odyssey were determined to find the long lost ship.t.. Using advanced sonar and robotic technology, the wreck was located and confirmed in 2011. They had indeed found the SS Gairsoppa.

50 shades of gold – Frank Holmes Posted: 25 Sep 2013 11:14 AM PDT There are many shades to gold, such as the Love Trade's buying gold for loved ones and the Fear Trade's purchasing gold as a store of value, says Frank Holmes.

Gold undermined by rise in long term real interest rate, fall in US equity risk premium Posted: 25 Sep 2013 11:10 AM PDT If the adjustment in US real interest rates, equity and FX markets over the past years pushes long term real yields, US equity risk premium and US dollar back to record highs, then it is bearish for dollar, Deutsche Bank said. It could cause a repeat of September 2011, when prices started moving downward, the bank added.

Barrick in talks on further asset sales, no spin-offs Posted: 25 Sep 2013 09:19 AM PDT The world's largest gold producer is looking to improve returns in the face of weaker metal prices and ballooning costs.

Andrew Maguire: CFTC Sitting on Actual Evidence of Metals Manipulation by JP Morgan Submitted by 2 Whistle-blowers Posted: 25 Sep 2013 08:45 AM PDT I was approached in April 2012 by 2 JP Morgan employees, both of whom said look, we’ve got evidence that back up (manipulation) - the same period of information that you’ve publicly disclosed.  They submitted a formal submission to the CFTC. That was done in June 2012- well over a year ago! … The Fed [...] The post Andrew Maguire: CFTC Sitting on Actual Evidence of Metals Manipulation by JP Morgan Submitted by 2 Whistle-blowers appeared first on Silver Doctors. Check out these similar articles: Andrew Maguire Speaks at GATA’s Gold Rush 2011 Will Andrew Maguire Ignite the Next Major Gold and Silver Move Up? Andrew Maguire Responds to ‘Bullion Insider’ Claim JPM is Short Paper, Long Physical Silver

CFTC closes investigation concerning the silver markets Posted: 25 Sep 2013 08:41 AM PDT The CFTC Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets. The Division of Enforcement is not recommending charges to the Commission in that investigation.

Barrick in talks on further asset sales, no spin-offs Posted: 25 Sep 2013 08:37 AM PDT The world's largest gold producer is looking to improve returns in the face of weaker metal prices and ballooning costs

Newmont on the look out for gold/copper acquisitions Posted: 25 Sep 2013 08:32 AM PDT Any potential purchases will have to have a long mine life, add value and be a low cost operation, says Gary Goldberg.

Newmont on the look out for gold/copper acquisitions Posted: 25 Sep 2013 08:32 AM PDT Any potential purchases will have to have a long mine life, add value and be a low cost operation, says Gary Goldberg.

Silver Wheaton interested in stream deal on Las Bambas mine Posted: 25 Sep 2013 08:16 AM PDT CEO, Randy Smallwood, says the company has had discussions with other parties about a streaming deal at Las Bambas copper mine in Peru.

Silver Wheaton interested in stream deal on Las Bambas mine Posted: 25 Sep 2013 08:16 AM PDT CEO, Randy Smallwood, says the company has had discussions with other parties about a streaming deal at Las Bambas copper mine in Peru.

Collapse Is In Hindsight – It Is A Matter Of Time (Part II) Posted: 25 Sep 2013 08:11 AM PDT As introduced over the summer, our research of 20 different cycle theories has indicated that as of 2013 serious turmoil will reign in all markets and that the precious metals drop of this year was just the first shot across the board (courtesy: Gary Christenson). Every cycle theory we researched pointed to a collapse in the different financial assets, varying in degree and exact timeframe. The dolldrums are becoming louder. Think about this: either central banks will continue pumping money in the ailing banking system, or they start tapering. In both cases, it is an unsustainable and articial operations. Several observers have commented recently about the near-term / mid-term outlook. The observations are quite unanimous: although the alleged economic experts and mainstream financial media pretend that things are "contained" in reality (under the hood) a mega crisis is boiling and is coming closer.  This article is the continuation of part I which readers can read here.  CAUTION!  Before you continue… If you believe that total government debt can grow FOREVER and more rapidly than the underlying economy, this article is NOT for you. If you believe that governmental deficit spending, QE, and bond monetization can continue FOREVER without major consequences, this article is NOT for you. But if you are sane enough to know that our current economic policies will produce a "train wreck," read on… The U.S. economy is being overwhelmed by a loss of faith and trust in politicians, government, and bankers, excessive debts, artificially low interest rates, unsustainable deficit spending, expensive wars, QE (money printing) to infinity, "Inflate or Die" monetary policy, potential derivatives implosion, Obamacare and so much more.  A slow-motion collapse is occurring and most of us do not see it.  Consider these thoughts from insightful writers: Collapse Indicated by Stalling Growth in Global Financial Reserves Hugo Salinas Price: (link) "As it is, the US can only continue to monetize government debt.  Higher dollar interest rates are inevitable and will cause further government deficits; the debt overhang in both the US and Euro Zone is so great that a rise of a few points in interest rates will explode the deficits, and so on and so forth. Bottom line:  Stalling growth in International Reserves tells me that a world financial collapse is in the offing. Collapse Indicated by Loss of Trust in Western Economic Systems David Stockman:  (link) "There is no honest pricing left at all anywhere in the world because central banks everywhere manipulate and rig the price of all financial assets.  We can't even analyze the economy in the traditional sense anymore because so much of it depends not on market forces, but on the whims of people at the Fed." "The Blackberry Panic of September 2008, in which Washington policy makers led by former Goldman Sachs CEO Hank Paulson, panicked as they saw Wall Street stock prices plummet on their mobile devices, had very little to do with the Main Street economy in the United States.  The panic and bailouts that followed were really about protecting the bonuses and incomes of very wealthy and politically well-connected managers at banks and other heavily leveraged businesses that were eventually deemed too big to fail.  What followed was a massive transfer of wealth from the taxpayers and middle-class savers, in the form of bailouts and zero interest rates on bank deposits imposed by the Fed, to the so-called One Percent.”  "I think the political realities of the situation make the most likely scenario one in which there will be some kind of real financial collapse and disorder that will require a total reconstruction of the system." The Burning Platform:  (link) "Despite the frantic efforts of the financial elite, their politician puppets, and their media propaganda outlets, collapse of this aristocracy of the moneyed is a mathematical certainty.  Faith in the system is rapidly diminishing, as the issuance of debt to create the appearance of growth has reached the point of diminishing returns." "We are witnessing the beginning stages of political collapse.  The government and its leaders are being discredited on a daily basis.  The mismanagement of fiscal policy, foreign policy and domestic policy, along with the revelations of the NSA conducting mass surveillance against all Americans has led critical thinking Americans to question the legitimacy of the politicians running the show on behalf of the bankers, corporations and arms dealers." "We are supposedly five years past the great crisis.  Magazine covers proclaimed Bernanke a hero.  If we are well past the crisis, why are the extreme emergency measures still in effect?  If the economy is growing and jobs are being created, why do we need $85 Billion of government debt to be monetized each and every month?" "Just the slowing of debt creation will lead to collapse.  Bernanke needs a Syrian crisis to postpone the taper talk.  Those in control need an endless number of real or false flag crises to provide cover for their printing presses to keep rolling." Bill Fleckenstein:  link "Since April, the 10-Year has gone from about 1.6% to as high as 3% recently.  Now we have to see when this rally in bonds stops.  The bond market will then roll over and then the Fed won't have the tapering as an excuse.  It means the bond market has ceased to price in the scenario that the Fed wants, and the bond market is not responding to the Fed's moves in the short-run.  In the old days we would call that 'losing control of the bond market.'  And if that starts to happen, all hell is going to break loose." Michael Pento:  link "The 10-Year went from 1.4% to 3%, and that made Mr. Bernanke panic.  The average on that (10-Year) yield is 7% in the modern era since 1971 when we closed the 'gold window.'  So, if the average is 7%, and the United States of America, this once great land, can't (even) tolerate a 3% yield on the 10-Year Note, that means the Fed can never unwind QE. That's enough to cuff Mr. Bernanke's hands.  So the Fed is indeed trapped as you indicated.  They cannot significantly bring down QE.  That means a perpetual increase in the Fed's balance sheet.  That (also) means an inexorable rise in asset bubbles like stocks, bonds, and real estate, and it's going to end (very) badly." Hank Paulson Interview:  link  ”Paulson believes there will be another financial crisis." "It's a certainty.  As long as we have markets, as long as we have banks, no matter what the regulatory system is, there will be flawed government policies.  Those policies will create bubbles." Alternate Interpretation:  As long as we have Treasury Secretaries who represent the interests of Goldman Sachs and Wall Street bankers instead of the US economy, then we can be certain of another financial crisis Collapse in Retirement Income Dennis Miller:  link "While the Federal Reserve holds down interest rates and floods the banking system with money, it's destroying the retirement dreams of several generations.  The Employee Benefit Research Organization reports that 25 – 27% of baby boomers and Generation Xers who would have had adequate retirement income – under return assumptions based on historical averages – will run out of money if today's low interest rates are permanent." In addition to the problem of low yielding investments caused by the historically low interest rates created by the Fed, even more retirees will run out of money, much sooner, when the inevitable inflation in food and energy prices smacks the U.S. economy, and especially retirees. DISCUSSION It seems clear that we are losing faith in our politicians, our leaders, and our financial systems.  Approval levels for congress and the President of the United States are low.  Too-Big-To-Fail banks and "banksters" are despised and openly criticized. The Federal Reserve is losing credibility; more and more people are realizing that QE is good for the bankers and the wealthy, but that it does little for "Main Street" people except drive up the prices they pay for food and energy. The American public is generally opposed to war in the Middle East but that seems to matter little to the political and financial elite who will profit from the war. Most people, so it appears, know that inflation is much higher than officially stated, and that inflation will become far worse than it is today.  (When was the last time you saw a cup of premium coffee or a gallon of gasoline for less than $1.00?) Read:  This Crazy Extend & Pretend Economic World  |  Going Dark!  Economic Cycles Point Downward   GE Christenson |  The Deviant Investor

Book 10% Yields With Trade & Development Bank Of Mongolia's Short 2 Year Bonds! Posted: 25 Sep 2013 08:10 AM PDT This week we return to the far eastern country of Mongolia to take a second look at what we believe are significantly better yielding U.S. dollar corporate bonds relative to the amount of risk that investors typically find in more common and popular domestic U.S. corporate bonds. The financial sector is considered as one benefiting the most from Mongolia's rapid economic growth, which is being fueled by the development of its world class mineral resources. Our research leads U.S. to believe that these B1 rated bonds will continue to uphold our unblemished record of acquiring higher yielding bonds that avoid default while providing excellent cash flow, and the following review shows why the 10% yields currently indicated in these very short, 24 month, Yankee bonds from the Trade & Development Bank of Mongolia makes them a very reasonable choice for two of our high yield managed income portfolios, Fixed-Income1.com

Randall Oliphant is new Chairman of World Gold Council Posted: 25 Sep 2013 08:08 AM PDT Oliphant is Chairman of New Gold Inc., a gold producer with a portfolio of four operating mines and three significant development projects located in Canada, Mexico, the United States, Australia and Chile.

Gold and Silver as Standards of Value Posted: 25 Sep 2013 08:00 AM PDT Lysander Spooner

COMEX GOLD INVENTORIES PLUNGE TO NEW LOW! Posted: 25 Sep 2013 07:48 AM PDT It looks like the stagnate two month bottom in the Comex Gold inventories is now over as a huge withdrawal from HSBC has taken the total warehouse stocks to a new low not seen since 2006. 173,358 oz of gold were withdrawn from HSBC's Eligible category. This single withdrawal was so massive that it would have totally wiped out Brinks, HSBC, Scotia Mocatta, and most of JP Morgan's Registered inventories. Click here for more on the epic plunge in COMEX gold inventories:

The Gold Bull Market Is Not Over Posted: 25 Sep 2013 07:45 AM PDT Tweet It's almost as if we live in an alternate reality here in the US.  Interest in precious metals, and mining shares, is simply not there.  We are so brain washed by the MSM and Wall Street that when it comes to precious metals, then people are sitting on the sidelines, confused and disillusioned.  Meanwhile, there is a buying spree from India and China that speaks of another reality.  Check out the following from Jeff Clark (from 5 Min. Forecast) From Business Class to Burger-Flipping September 24, 2013 And now a stunning visual representation of how gold is flowing from West to East, courtesy of Jeff Clark at Casey Research. In the West, holdings of gold ETFs have dropped by 26%. But China has scooped up double the amount of gold Westerners have dumped… Read More I am absolutely 100% certain that Jeff is correct – The gold bull market is not over!  How can it be when the Fed is locked into supporting the economy and the markets to the extent that they are afraid to even token tapering?  There has never been a time in history when money could be created on an unlimited basis to buy bonds and support the economy without a tragic inflationary ending.  It must follow.  Why do you think the Indians and Chinese are buying as much as they can source?  If the dollar were a safe store of value, their need for gold and silver would be minimal.  They could all buy US Treasuries or stocks and be done with it.  They not only distrust their own currencies, they have no faith in ours either. The handwriting is on the wall and the price of gold and silver is the most attractive that it's been in years.  And yet, business is way, way off. In fact, our industry sources tell us that many small coin shops and even larger national firms are shutting down.  I can only imagine the hemorrhaging that is taking place within the industry "giants" – those firms with huge overhead and minimal business.  I have been told that a couple of these firms are losing a million a month.  If the prices stay locked down for another few months, there will be more shutdowns. That is not an issue at Miles Franklin.  Fortunately, we have always kept our overhead very low and manageable, which allows us to get through times when business slows down.  We are not in trouble – but I would be extra careful if I were you with whom you place your orders with now.  You want to be sure that your orders can be filled – and that the firm you order from is not using your money to pay for their overhead instead of ordering your metals. This is now a "shake-out" time in our industry.  Many of the small firms won't survive.  A lot of the big firms are way, way to over-extended.  Many of them increased their overhead to match the robust business in 2010 and 2011 and now they are in big trouble.  Any firm that is advertising nationally is losing a lot of money.  The longer gold is held in check, the more firms will throw in the towel. In our 23 years in business, we have never taken out a bank loan or sat on customer funds to keep afloat.  And believe me, there were some very difficult times in this industry in the past. It really surprises me that the paper market (headed up by the Fed and their bullion bank friends) can sit on the price as long as they have.  Prices are simply too low.  They are close to or below break-even for many of the miners. I tell you once again, there is no risk in buying gold and silver at or near production cost, plus there is the "Chinese Put" that establishes a bottom on the price.  As long as they are willing to buy all the physicals that are available at these prices, then the bottom is in – or anything lower than today's prices will be very short-lived.  That is the reality – not some fool talking about $1000 gold and the end of the bull market.  If you read this newsletter or others like it in our industry and fall for this nonsense, shame on you.  You should know better. Larry Edelson predicted the turnaround would come the last week in September or the first week in October.  We shall see.  But it can't be far off, not with the Fed in full-print mode and the Chinese in full-buy mode and the next six months being the strongest of the year.  Something has to give.  Reality and fundamentals for precious metals is STRONG.  Some of us in our industry know this.  MSM doesn't.  We will not be wrong. Richard Russell is a bit more cautious now, but he is still bullish.  That's because he is not worried about short-term day-to-day moves. He understands gold's utility and the Fed's folly.  He says: Richard's Latest Remarks September 24, 2013 Let's review where we are with gold and, since chances are they'll all end up following it one way or another, silver and the mining shares. In the very long-term, gold will almost certainly move sharply higher due to the non-stop debasement of the US dollar and most other fiat currencies. But that might not happen until next year, or perhaps five years from now, or maybe even many years down the road. The "dollar is going to collapse – soon!" crowd has been selling that story for decades, and it hasn't happened yet. So I'll stay with "in the very long-term," and that isn't of much help when making investment – vs. purely defensive, financial survival type—decisions. In the long-term, as evaluated using technical analysis, gold's trend should be considered "probably still bullish," although there is some question (thus, the "probably"). Silver is in much the same position, looking bullish or bearish on the long-term charts, depending on one's perspective. The mining shares look godawful on the long-term charts, as shown last week. Overall then, one should conclude that the longer-term trend for the precious metals as an investment, is just plain unclear. In other words, with an investment time-frame of a few years, i.e. someone wants to buy today to sell for an expected profit a few years down the road, the precious metals may or may not work out. Read More As you can see in the following article from JSMineset, countries want their gold back.  First it was Venezuela, then Germany and now Finland.  The central banks don't trust each other and they realize that gold is their most valuable asset.  It has been that way forever… That's why all over Europe, gold was sent abroad (England or the US) for safe keeping during WW2.  They didn't send over their bank notes or bonds, they sent over their gold.  And now they want it back!  This is the reality, not the paper-driven, COMEX fraud that allows massive shorting and manipulation, the sole purpose of which is to hold down the price. In The News Today Jim Sinclair's Commentary Posted September 23rd, 2013 at 7:20 PM (CST) by Jim Sinclair More sovereign sleepers wake up. Finland Latest to Join Gold Repatriation Movement Sep 23 2013 Mine, said the paper, mine are the words that smother the stone with imagined birds, reams of them, flown from the mind of the shaper. —from 'Song of the Powers' by David Mason Finland recently became the latest nation to initiate action to pull its physical gold reserves back within its national borders. As WealthCycles has reported over the past year or so, the gold repatriation movement is steadily growing, as country after country moves to retrieve their gold. The announcement by the Finnish repatriation movement states the rationale most succinctly: Read More Here are a few comments from a Zero Hedge article on gold: Is This The Start Of China’s Gold Miner Buying Spree? Submitted by Tyler Durden on 09/23/2013 What is known is that China has and continues to important unprecedented amounts of gold. If indeed China is so intent on sequestering all the world's physical gold, surely it is only a matter of time before it begins to purchase the very miners of production. Read More Here is an interesting article from Ed Steer: Eric Sprott: Central Banks Have Already Lost Their Battle Against Gold September 25, 2013 Yesterday was just another day when the Commercial traders had their way with prices in all four precious metals once again.  As Jim Rickards said in one of the interviews above, the Fed is manipulating every market in the world, including gold.  They aren’t doing it directly, of course, but rather through their agents dealing on the Globex trading system, which includes the Comex in New York. Read More Bundesbank doesn’t really want its gold back from N.Y. Fed, Rickards says Interviewed by Tekoa da Silva at Bull Market Thinking, fund adviser and geopolitical strategist James G. Rickards charges that the Federal Reserve is “manipulating every market in the world,” including gold. Read more  Similar Posts: They are Digging Deep into our Pockets on Both Fronts You've All Been Brainwashed Owning Gold and Silver Is the Right Thing to Do

The battle for silver’s golden cross is on Posted: 25 Sep 2013 07:45 AM PDT Last week we wrote a piece about an imminent bullish 'golden cross' chart formation for silver. We noted: We've written in the past couple of weeks about the fact that gold is about to have a 'golden... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Gold-ETP investors and the Asian consumers view gold differently Posted: 25 Sep 2013 07:39 AM PDT Research has shown that in the first seven months of this year, the Chinese consumers have taken up more than twice the amount of the outflow from the SPDR gold ETF.

China Alone is Buying Enough Gold to Make Prices Soar Posted: 25 Sep 2013 07:33 AM PDT Miles Franklin

COMEX GOLD INVENTORIES PLUNGE TO NEW LOW! Posted: 25 Sep 2013 07:30 AM PDT It looks like the stagnate two month bottom in the Comex Gold inventories is now over as a huge withdrawal from HSBC has taken the total warehouse stocks to a new low not seen since 2006. 173,358 oz of gold were withdrawn from HSBC's Eligible category. This single withdrawal was so massive that it would [...] The post COMEX GOLD INVENTORIES PLUNGE TO NEW LOW! appeared first on Silver Doctors. Check out these similar articles: Surprise, Surprise. Massive Movements of PHYZZ Into COMEX Silver Inventories Friday With 15% Paper Smack-down COMEX Silver Inventories Drop Another 578,853 Ounces JP Morgan Makes Another Big Adjustment in its COMEX Inventories

Chinese Housewives Vs. Goldman Sachs: No Contest Posted: 25 Sep 2013 07:25 AM PDT Goldman Sachs is once again predicting that gold will fall, setting a new near-term target of $1,050. Never mind the schizophrenic gene that would be required to follow the constantly fluctuating predictions of all these big banks; it's amazing to me that anyone continues to listen to them after their abysmal record and long-standing anti-gold stance. Sure, the too-big-to-fails can move markets - but they say things that are good for them, not us. As an example, while Goldman Sachs was telling clients and the public to sell gold in the second quarter, they bought 3.7 million shares of GLD and became the ETF's 7th largest holder. When I visited China two years ago, guess who no one was talking about? Goldman Sachs. There was news about the U.S., of course, but the regular diet of journalistic intake consisted of Chinese activity, not North American. And surprise, surprise,

So You're Looking For A Silver Play? Get Paid To Wait For The Rebound Posted: 25 Sep 2013 06:57 AM PDT Silver has been under pressure for the last two years, however, near-term tailwinds in the form of the Federal Reserve's "no taper" announcement exist, which present a trading opportunity. Long term, ever increasing demand for silver despite decreasing inventories annually should result in a higher price for years to come. To harness this likelihood, now may be the time to invest in silver equities that pay you a dividend to wait for the rise in silver prices. Near-Term Outlook One short-term reason to be bullish on silver (SLV) is the Federal Reserve. There has been some debate on this issue, but as most reading this article are aware, the much awaited and "market priced-in" taper of Fed purchases was supposed to be announced last week on 9/18/13 to the tune of $10-$20 billion a month. But to the Street's surprise, there was no taper announced. I have maintained that

Germany’s main oil company signs to operate in development of Patagonia’s Vaca Muerta shale deposits Posted: 25 Sep 2013 06:46 AM PDT Germany's Wintershall sealed a 150 million dollar unconventional exploration contract with the Argentine province of Neuquén's owned Gas y Petroleo de Neuquén to search for oil in the Vaca Muerta formation. The agreement could later be extended to 3.35bn... Read

Fed Concerned About Suspicious Gold Trading After FOMC Meeting Posted: 25 Sep 2013 06:34 AM PDT The Federal Reserve is "concerned about suspiciously heavy trading of gold futures" after its meeting last week, that may have been triggered by a premature release of market sensitive information according to Associated Press. In a statement, the central bank said that news organizations that receive embargoed information from the Fed agree to withhold information until [...] The post Fed Concerned About Suspicious Gold Trading After FOMC Meeting appeared first on Silver Doctors. Check out these similar articles: Gold & Silver Rally Ahead of FOMC Gold Focuses on FOMC Meeting as IMF Report Paints Sombre Picture for World Economy FOMC Minutes From November 1-2 FOMC Meeting

How one man took China’s gold Posted: 25 Sep 2013 06:13 AM PDT The story of China and their obsession with gold has been revived this year as monthly data shows the phenomenal volumes imported through Hong Kong and being traded on the Shanghai Gold Exchange. However, given how much we gold commentators report on China's inherent love for gold, it's surprising that very few realise that less than one-hundred years ago the country lost thousands of years' worth of reserves. Whilst the 1930s saw the Shanghai Gold Business Exchange as one of the biggest gold centres in the Far East. China's love for gold left them vulnerable to two separate accounts of looting. The first was in 1937 when Japan invaded China, thus helping themselves to 6,600 tonnes of gold from the then capital Nanking. However we now turn our attention to a lesser reported looting. The gold that was smuggled out of China to Taiwan between 1948 and 1949 by the soon-to-be-ousted Nationalist party. Read the full story here

Retirement Income: Recent Rout Has Global Bonds Looking Attractive Posted: 25 Sep 2013 06:05 AM PDT The recent panic over the dreaded Federal Reserve "Taper" sent bonds the world over tumbling. While both U.S. Treasury and corporate bonds dropped the real carnage was in global bonds and especially emerging market bonds. Emerging market bonds dropped nearly 15 percent. So why would someone in their right mind want to take a look at investing in this asset? After all, bonds are generally considered to be "safe" investments, and a 15% drop doesn't sound all that safe. Throw into the mix that there is an added risk when investing in global bonds and that's currency risk. All is well when the U.S. dollar is weak, but as it begins to strengthen the value of these bonds can drop as well. This is what happened in the recent market turmoil. Currencies that had been considered safe and strong suddenly got crushed to the tune of 15%-20% in

Fed Concerned About Suspicious Gold Trading After FOMC Meeting Posted: 25 Sep 2013 06:02 AM PDT gold.ie

More on Why the Fed Cannot Taper Posted: 25 Sep 2013 06:00 AM PDT Tweet Since launching our new format last month, the amount of reader interaction has increased dramatically.  Part of the reason is due to the expanding list of PM-bullish events – directly contradicting the Cartel's recent, maniacal price suppression – and part due to people returning from summer vacations and "mentally addressing" the dismal state of the financial world.  However, I genuinely believe that combining David Schectman, Bill Holter, and myself into a single newsletter – and purposefully reducing content to the most "need to know" information – has generated significant dividends.  Moreover, our editing team is spending more time than ever modifying the blog; that is, making it more readable, accessible, and – generally speaking – "likeable." Among the numerous messages we've recently received, one noted how I do a nice job breaking down complex topics for the average non-financial expert.  Today, I'm going to do my best with a very difficult topic; although my sense is it's probably far less complex to those engaged in it full-time – of whom, few would likely be categorized as "rocket scientists."  In my view, readers of the Miles Franklin Newsletter are among the world’s smartest; and thus, could easily be top notch doctors, engineers, or scientists if they put their hearts and minds into it.  As for me, I spent ten years in the oilfield service industry and five in mining; speaking to hundreds of geologists and engineers discussing some of the most complex scientific issues imaginable – as if they were "old hat."  I'll bet I could have been a good engineer myself, but I guess I'll never know. Today's article relates to the role of the "shadow banking system"; a term no doubt most have not heard of – or if they have, did not understand.  Until this morning, even I have done little if any research on the topic; as frankly, there are more than enough non-opaque issues to discuss in the context of Precious Metals fundamentals.  In actuality, however, there is not as much to "learn" as one might think; as the shadow banking system – in my view – amounts to nothing more than the utilization of "off-balance sheet" vehicles to evade taxation, regulation, and investor scrutiny.  Sort of like ENRON; i.e., the first time the term S.I.V. – or "Structured Investment Vehicle" – became common jargon in the world of shady, malignant finance. In essence, it refers to traditional banking services provided by "non-bank financial intermediaries" such as hedge funds, money market funds, SIV's, exchange-traded funds, securities brokers, insurance providers, and securitization or finance companies.  Moreover, now that the line between "commercial" and "investment" banks has been blurred by the 1999 repeal of Glass-Steagall and 2008 decision to allow Morgan Stanley and Goldman Sachs to become "bank holding companies" – thus, eligible to receive TARP – most companies that would still be considered "traditional" – like JP Morgan, for example –conduct at least as much business in the shadow banking system as traditional channels.  In other words, just as the derivatives business has miraculously grown since it nearly destroyed the world in 2008 – and largely shifted to the "shadow world" – so has the ENTIRE BANKING SYSTEM. Not surprisingly, "shadow banking" peaked just before 2008's Global Meltdown I; however, it still remains as large as the traditional banking system – and trust me, TPTB wants nothing more than to move ALL financial transactions out of the light of day.  You know, like vampires.  As it is, the average derivative/asset ratio published by traditional banks is 15% greater than in early 2008; so you can only imagine what it looks like when "shadow banking" activities are incorporated into the equation. Bill Holter has noted the unintended ramifications of Quantitative Easing on the Shadow Banking system; specifically, how QE actually drains the system of good collateral (i.e., Treasury Bonds and other AA+ or greater investments), replacing them with "dead money" in the form of less liquid "Fed deposits."  As I discussed yesterday, the Fed now owns 32% of ALL Treasuries and 42% of ALL Mortgage-Backed Securities, and has promised "ZIRP" until at least 2016; and thus, in the process of "liquefying" TBTF banks, has dramatically reduced the shadow banking system's ability to grow.  Net, the reduction in "offshore" finance is a positive for the world.  However, were it to seize up as in 2008, we would see a similar, catastrophic crash instantaneously.  This article served as my "primer" on the topic; and if you feel so inclined, it is well worth reading… What Shadow Banking Can Tell Us about the Fed’s “Exit-Path” Dead End As to its title, it explains the focus of this piece.  That is, it discusses how the lack of good collateral creates significant tightness in the interbank market; and moreover, encourages banks to speculate with otherwise inert "Fed deposits."  This is why margin debt has risen to all-time highs; the disconnect between economic REALITY and equity VALUATIONS has become so gaping; and massive trading losses like JP Morgan's "London Whale" commonplace. In other words, banks' cumulative liquidity requirements can no longer be accommodated by the interbank market utilized in the shadow banking world; and thus, the resulting "liquidity gap" can only be supplied by additional QE.  In fact, the writer believes an additional $3.6 TRILLION of QE will be required to maintain the banking system's integrity.  However, in the ultimate "Catch-22," the more QE that is executed, the less good collateral in the market – hence, necessitating further QE in a hideous financial "feedback loop." Behind closed doors, "shadowy" organizations like the "Treasury Borrowing Advisory Committee" – i.e., TBTF bankers routinely receiving material non-public information – are terrified of the tightening grip on collateral of QE operations.  Thus, they continue to consider new ways to "exit" QE without collapsing the economy – and with it, any remaining confidence in the fiat dollar.  Oh, they'll continue to try – utilizing every bit of accounting chicanery imaginable; but in the end, they'll miserably FAIL.  QE is – by definition – a Ponzi scheme that MUST grow larger to survive; and with every dollar printed, the value of REAL MONEY – i.e., PHYSICAL gold and silver – increases exponentially.  Similar Posts: But Why…Now? We Are Getting Closer To the End Game The Fed Cannot Hold Interest Rates Down Without QE to Infinity

Interesting Takeover Target For Semafo AND Endeavour: Roxgold Posted: 25 Sep 2013 05:50 AM PDT 1. Introduction This is predominantly an article about Roxgold Inc. (ROGFF.OB), but as it could be a very interesting takeover target for not just one but two nearby producers, Semafo (SEMFF.PK) and Endeavour Mining (EDVMF.PK), I will include their cases concisely as well. Don't let Burkina Faso, the country all three aforementioned companies operate in, trouble you too much as it is one of the relatively stable democracies in Africa and it belongs to the top three of mining friendly countries in Africa. Roxgold Inc. , an exploration company exploring for gold in Burkina Faso, has a very high grade gold flagship project: the Yaramoko project. The grades on this resource are quite exceptional: 790,000 oz gold @ 17.15 g/t in the indicated category, and 250,000 oz gold @ 11.5 g/t in the inferred category after applying a very high 5.0 g/t cut-off grade. The Yaramoko project could

ETF Securities' McGlone: Fed Tightening Has Been Good For Gold And Why Palladium And Platinum Deserve Attention Posted: 25 Sep 2013 05:41 AM PDT By Hannah Tool Mike McGlone, director of research for ETF Securities, talks up a bullish outlook on precious metals and the importance of incorporating the 'big four' into a basket. With three-quarters of 2013 behind us, looking back at the year brings one question to the forefront for the fourth quarter: What's in store for precious metals? The big four—gold, silver, platinum and palladium—can be fan favorite or portfolio nightmare. Mike McGlone, U.S. director of research for ETF Securities, shared his outlook for the last quarter of the year with contributing writer Hannah Tool, dipping into how the international landscape will play into the metals movement, and why auto sales are so important to industrial precious metals. HardAssetsInvestor: Looking at the four big precious metals—gold, silver, platinum and palladium—what is your outlook heading into the fourth quarter of 2013? Mike McGlone: We have been bullish and remain bullish. I

Another day in India and another gold smuggler is caught – third case in four days at the SAME airport Posted: 25 Sep 2013 04:00 AM PDT At the start of the week we published a story about the fact that gold smuggling into India has increased by 600%, which isn't that surprising when you remember that the government has increased the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Fed Concerned About Suspicious Gold Trading After FOMC Meeting Posted: 25 Sep 2013 03:20 AM PDT The Federal Reserve is "concerned about suspiciously heavy trading of gold futures" after its meeting last week, that may have been triggered by a premature release of market sensitive information. Today's AM fix was USD 1,320.25, EUR 977.67 and GBP 825.36 per ounce. Yesterday's AM fix was USD 1,316.50, EUR 976.05 and GBP 823.43 per ounce Gold rose $1.40 or 0.11% yesterday, closing at $1,322.50/oz. Silver climbed $0.09 or 0.42%, closing at $21.65. At 3:13 EDT, Platinum inched up $7.89 or 0.6% to $1,423.49/oz, while palladium rose $6.75 or 0.9% to $718.75/oz. Gold's support is at $1,300/oz and a fall below that level could see gold test the next level of support  at the $1,180/oz to $1,200/oz mark. Resistance is at $1,400/oz to $1,434/oz level and a breach of resistance should see gold quickly test the $1,500/oz level (see chart below). Physical demand in Asia is down from the huge levels seen in recent months but remains robust  heading into the peak wedding and festival season in India and China. Bargain hunting was seen again yesterday with prices close to $1,300/oz. Gold in USD with Resistance and Support – 1 Year  (Bloomberg) Demand in China remains robust as seen in premiums for gold of $15 per ounce on the Shanghai Gold Exchange (SGE) overnight. India’s gold jewellery exports climbed in August from the previous month on improving U.S. demand before the Christmas season. Indian exporters face tight supplies of gold due to the central banks desperate attempts to tackle the country’s rising trade deficit and prevent a currency crisis. The Federal Reserve is "concerned about suspiciously heavy trading of gold futures" after its meeting last week, that may have been triggered by a premature release of market sensitive information according to Associated Press. In a statement, the central bank said that news organizations that receive embargoed information from the Fed agree to withhold information until the time set for its release. The Fed statement said, "We will be conducting follow-up conversations with news organizations to ensure our procedures are completely understood." After the meeting, the Fed said it would hold off on slowing its $85 billion a month in purchases of U.S. government debt and mortgage debt. That surprised markets and led to a sharp rise in gold and silver prices. Gold in USD – 10 Day (Bloomberg) Two hours prior to the Federal Open Market Committee (FOMC) release, gold was trading below $1,300/oz but started to gradually tick higher prior to surging higher on heavy volume, minutes prior to the release of the FOMC statement. FX markets, stock, bond and commodity markets did not see similar large moves. Trading in financial markets is now dominated by automated computer systems, which make trades in tiny fractions of a second that can lead to millions of dollars in profit. Receiving the data early – even by a few milliseconds – can give an unfair advantage to favoured hedge funds or banks. The security of sensitive, market-moving information is becoming an increasing concern due to strong suspicions of recent leaks. Possible leaks of government data have already led the Labor Department to tighten its procedures for distributing information early to reporters, including the closely monitored monthly employment report. The Labor Department also revoked early access for some media organizations. The Fed also operates media lock-ups when its policymaking committee meets eight times a year, although the procedures are less strict than at the Labor and the Commerce Departments. Fed officials work on an honor system. The Fed’s policy statement is distributed 10 minutes early to reporters at their desks in the press room at Treasury. Internet and phone lines are not disconnected, and cellphones are not collected. The Fed has similar procedures for a separate lockup held at its headquarters. Separately, precious metals whistleblower, Andrew Maguire in an interview with Max Keiser described his facilitation of statements given last year to the U.S. Commodity Futures Trading Commission (CFTC) by JP Morgan Chase employees confirming that their company manipulates the precious metal markets. Maguire cites the sudden dumping of huge amounts of futures contracts at illiquid moments in the gold market as powerful evidence that the U.S. government is intervening to protect the dollar and suppress gold and silver. Such action is by definition manipulative, Maguire says, and easily could be tracked down by market regulators if they wanted to do so. Maguire says CFTC Commissioner Bart Chilton has told him that if the commission fails to act in its five-year investigation of silver market manipulation by the end of this month, Chilton himself will say something about it. Maguire cites GATA Secretary and Treasurer, Chris Powell, and his increasingly apt phrase "there are no markets anymore, just interventions." Maguire say that peculiar recent trading activity strongly suggests that certain banks were trading on inside information and knew there would be no taper, hence the surge in prices prior to the release the FOMC minutes after their meeting last week. Marc Faber has again told CNBC how he favours gold and silver over many other assets. Recently he emphasised the importance of owning actual gold bullion, revealing how he "owns physical gold."  Faber reiterated his favourable view on gold , saying the precious metal was relatively inexpensive. “In the long-run, we have a huge bull-market in gold. Between 1999 and 2011, we peaked at $1,921 and went down to $1,180 and are now slightly above $1,300,” he said. “I think gold and especially gold equities are relatively inexpensive and the S&P is relatively high,” he added.

Fives Tonnes of Customer Gold Leave the HSBC Vault Posted: 25 Sep 2013 03:00 AM PDT Le Cafe Américain

Dollar General Shows Solid Growth Posted: 25 Sep 2013 02:26 AM PDT Value-oriented retailer Dollar General (DG) posted solid second quarter results. Revenue increased 11% year-over-year to $4.4 billion, modestly exceeding consensus estimates. Earnings-per-share was 12% higher than the year ago period at $0.77 (excluding certain items). Free cash flow was strong year-to-date at $176 million, equal to 4% of total revenue. (click to enlarge) Image Source: Company Filings Dollar General's same-store sales expansion was incredibly strong during the second quarter, growing 5.1% year-over-year on top of 5.1% growth during the prior year period. Tobacco product sales appear to be driving much of the increase, and management provided an interesting way of looking at product sales, as CEO Rick Dreiling said on the conference call: "Our experience so far reinforces my belief that traffic is the most important metric to watch as we measure the overall success of our decision to add tobacco products in our stores. Our sales and our

JPMorgan Chase, 12 More Banks Sued Over LIBOR Posted: 25 Sep 2013 02:25 AM PDT JPMorgan Chase, 12 More Banks Sued Over LIBOR JPMorgan Chase & Co., Barclays Plc, Credit Suisse Group AG, and 10 other international lenders were sued by a U.S. credit union regulator alleging they illegally manipulated benchmark Libor interest rates. The National Credit Union Administration, an Alexandria, Virginia-based regulator, sued the banks yesterday at a U.S. court in Kansas. Their alleged manipulation “resulted in a loss of income from investments and other assets held by five failed corporate credit unions: U.S. Central, WesCorp, Members United, Southwest and Constitution,” according to an NCUA statement yesterday. The banks are accused of giving false information in response to a daily survey by the British Bankers’ Association, which asks lenders how much it would cost to borrow money from each other for various intervals in 10 different currencies. This Bloomberg story, filed from Chicago, was posted on their Internet site early yesterday afternoon MDT...and I thank West Virginia reader Elliot Simon for today's first story.

Eric Sprott: Central Banks Have Already Lost Their Battle Against Gold Posted: 25 Sep 2013 02:25 AM PDT "Somewhere in the not-to-distant future, the U.S. dollar will breathe its last as reserve currency." ¤ Yesterday In Gold & Silver The gold price rose about five bucks in early Far East trading, before trading flat until just before 2 p.m. Hong Kong time.  At that point, the HFT selling began, with the low of the day [$1,305.30 spot] coming on a spike down that ended at 9 a.m. in New York right on the button.  But by 11 a.m. EDT, the gold price had gained back most of its New York losses, and then traded more or less sideways into the 1:30 p.m. Comex close. At that point, the price spiked up about fourteen bucks in about half an hour, before getting sold down to almost where it closed on Monday. Gold finished the Tuesday session at $1,323.00 spot, down 70 cents.  Net volume was pretty decent at 161,000 contracts, with a quarter of that coming by 10 a.m. BST in London. Here's the New York Spot Gold [Bid] chart so you can see the action there in more detail. After trading sideways for the first hour, silver headed higher in a hurry, and the price was not only north of $22 the troy ounce shortly after 9 a.m. in Hong Kong trading, but was in danger of going parabolic. But, not to worry, as a seller of last resort appeared in the nick of time, and within an hour the price was back down below the $22 spot mark.  Then, just like in gold, the HFT crowd showed up shortly before 2 p.m. in Hong Kong trading, and that was pretty much it until the noon silver fix in London, which also appeared to be the low price tick of the day. Silver rallied a bit after that, but also got taken down shortly after the Comex open, and its New York low [$21.35 spot] also came at 9 a.m. EDT right on the button.  After that it followed the gold price pattern, complete with the price run-up that began the moment that Comex trading ended, along with the sell-off into the 5:15 p.m. EDT electronic close. Silver finished the trading day on Tuesday at $21.72 spot, up a whole 8 cents from Monday. Here's the New York Spot Silver [Bid] chart on its own.  As you can see at a glance, the price pattern was very similar to gold's. Both platinum and palladium also ran into the same Hong Kong seller as gold and silver, but after that, their price diverged not only from each other, but also from what gold and silver were doing as well. Platinum's low tick came shortly before 1 p.m. in New York.  Here are the charts. The dollar index closed in New York late Monday afternoon at 80.45.  It spent all of Tuesday slowly chopping higher, and finished the day at 80.59, which was up 14 basis points from Monday's close. The gold stocks were down two percent within 15 minutes of the open, but rallied back to just above unchanged by 10 a.m. EDT.  After that they chopped sideways in a sawtooth manner, before closing unchanged on the day, like in 0.00%. The silver stocks opened down and stayed down for the rest of the Tuesday session, but their chart pattern was identical to the chart pattern for the gold stocks.  Nick Laird's Intraday Silver Sentiment Index finished lower by 1.82%. The CME's Daily Delivery Report showed that 10 gold and 10 silver contracts were posted for delivery within the Comex-approved depositories on Thursday.  There were only 20 contracts in total, but JPMorgan Chase and Canada's Bank of Nova Scotia were the long/stoppers on every single contract.  The link to yesterday's Issuers and Stoppers Report is here. There were no reported changes in GLD yesterday.  Both Ted Butler and I were sort of expecting a withdrawal from SLV, but one didn't materialize.  Instead, an authorized participant deposited 867,470 troy ounces.  Without doubt, that was done to cover an existing short position. Based on the price action in silver since September 13, there should have been some decent withdrawals.  But as of yesterday's close in SLV, 4.24 million ounces has been deposited instead.  I would guess that the entity depositing silver has also been buying up most, if not all of the SLV shares that have been sold in the last ten trading days.  I would suspect that entity to be JPMorgan Chase.  Unfortunately, none of this activity will be in the next short report [which will be out later this week] from the good folks over at shortsqueeze.com, as the cut-off date for their upcoming report was probably the 13th as well. About two hours after I wrote the above paragraph, I happened to check the shortsqueeze.com website, and lo and behold, it had been updated.  It showed that for the first half of September, the short position in SLV had only declined by 1.34%, from 15,880,700 shares/troy ounces, down to 15,668,000 shares/troy ounces.  That's a hair over 487 metric tonnes of silver.  It's obvious that the 4.24 million ounces of silver deposited since the cut-off will reduce the remaining short position by a huge amount.  As of this new report, the short position in SLV shares represents only 4.4% of the total number outstanding. The short position in GLD declined by 17.90%, from 30,766,200 shares, down to 25,260,200 shares; or 2.526 million ounces, a bit more than 80 metric tonnes.  The short position in GLD is now down to around 8 percent of the total shares outstanding, which is an outrageous amount considering the fact that the shorted shares have no gold [or silver] backing them. I expect that Ted Butler will have more to say about this in his mid-week commentary to his paying subscribers this afternoon, and I'll report on any comments he might have. Over at Switzerland's Zürcher Kantonalbank bank for the week ending Friday, September 20, they reported small deposits in both their gold and silver ETFs.  Their gold ETF rose by 14,721 troy ounces, and their silver ETF had 40,478 ounces deposited. The U.S. Mint had a tiny sales report yesterday.  They sold 1,000 troy ounces of gold eagles, and that was it. It was a semi-eventful day in gold over at the Comex-approved depositories on Friday.  They didn't report receiving anything, but HSBC USA shipped a fairly chunky 173,358 troy ounces out the door.  The link to that activity is here. In silver, Canada's Bank of Nova Scotia reported receiving 959,943 troy ounces, and nothing was shipped out.  The link to that action is here. The table of numbers below is something that I asked Nick Laird to whip up for us.  What it shows is the closing  price of all five Comex-traded metals on the day that gold hit its high price tick on January 21, 1980.  The second column of numbers shows the closing price of these same commodities as of the close of trading on Monday.  The third column shows the gains or losses in each metal since 33 years ago. Based on the U.S. governments own inflation figures, John Williams over at shadowstats.com said several years back that silver should be somewhere north of $160 the ounce, and gold should be around $2,700/ounce.  John's projected prices for both gold and silver based on the true U.S. inflation rate would make your eyes glaze over, as they are several multiples of these numbers. It's obvious from these numbers that the Fed, and others, have had great success in keeping commodity prices under control as they print the U.S. dollar into oblivion. I don't have that many stories, but there are a number of longish interviews that will take a chunk of your time, so I hope you have some to spare. ¤ Critical Reads JPMorgan Chase, 12 More Banks Sued Over LIBOR JPMorgan Chase & Co., Barclays Plc, Credit Suisse Group AG, and 10 other international lenders were sued by a U.S. credit union regulator alleging they illegally manipulated benchmark Libor interest rates. The National Credit Union Administration, an Alexandria, Virginia-based regulator, sued the banks yesterday at a U.S. court in Kansas. Their alleged manipulation “resulted in a loss of income from investments and other assets held by five failed corporate credit unions: U.S. Central, WesCorp, Members United, Southwest and Constitution,” according to an NCUA statement yesterday. The banks are accused of giving false information in response to a daily survey by the British Bankers’ Association, which asks lenders how much it would cost to borrow money from each other for various intervals in 10 different currencies. This Bloomberg story, filed from Chicago, was posted on their Internet site early yesterday afternoon MDT...and I thank West Virginia reader Elliot Simon for today's first story. J.P. Morgan's Legal Headaches: A Tally JPMorgan has had its fill of legal headaches. To solve a large chunk of the problem, the bank is now making a big offer: It will pay what would amount to one of the biggest fines in history to the Department of Justice to wipe clean the slate with prosecutors. WSJ says it has offered $3 billion for a global settlement. That actually could be something of a pittance to what the bank is up against. Earlier this month, analysts at Bernstein attempted to get to the bottom of J.P. Morgan’s legal issues. The analysts estimated that since 2009, J.P. Morgan has set aside about $21 billion in total legal reserves, including what Bernstein expects to be $2 billion in the current quarter. Three billion dollars?  Their generosity knows no bounds.  This was posted on The Wall Street Journal website early yesterday evening EDT...and it's courtesy of reader John Sanders. Alasdair Macleod: The 80/20 Rule In his new commentary, "The 80 / 20 Rule," GoldMoney research director Alasdair Macleod warns that money exiting the bond market as interest rates rise will likely inflate asset prices and make inflation even more of a hardship for people of no particular financial means. "The fatal error of rescuing both the banking system and government finances by reckless currency inflation is becoming apparent to all," Macleod writes. "Unless this policy is somehow reversed, we risk a global rerun of the collapse of the German mark in 1923." Alasdair's commentary is posted at GoldMoney's Internet site, and I borrowed the above paragraphs of introduction from a GATA release yesterday. Eurozone bank fund needs credit line, Draghi says A eurozone bank resolution fund should have its own credit line allowing it to cover the costs of bank failure, European Central Bank (ECB) chief Mario Draghi said Monday. Speaking on Monday (23 September) at a hearing of the European Parliament's Economic committee, Draghi told MEPs that although national authorities will still be responsible for bearing the costs of bank resolution in the short-term, a permanent fund would need a "backstop." The ECB will be conducting stress-tests of banks across the eurozone in the coming months, as it prepares to become the bloc’s single bank supervisor next year. “We’ll have to have national backstops in place,” said Draghi, adding that “the role for the national backstops is there and it’s realistic.” More smoke and mirrors from the E.U.  This news item, filed from Brussels, appeared on the euobserver.com Internet site yesterday morning...and I thank Roy Stephens for sending it our way. China 'to rent five per cent of Ukraine' Ukraine has agreed a deal with a Chinese firm to lease five per cent of its land to feed China's burgeoning and increasingly demanding population, it has been reported. It would be the biggest so called "land grab" agreement, where one country leases or sells land to another, in a trend that has been compared to the 19th century "scramble for Africa", but which is now spreading to the vast and fertile plains of eastern Europe. Under the 50-year plan, China would eventually control three million hectares, an area equivalent to Belgium or Massachusetts, which represents nine per cent of Ukraine's arable land. Initially 100,000 hectares would be leased. The farmland in the eastern Dnipropetrovsk region would be cultivated principally for growing crops and raising pigs. The produce will be sold at preferential prices to Chinese state-owned conglomerates, said the Xinjiang Production and Construction Corp (XPCC), a quasi-military organisation also known as Bingtuan. This very interesting story was posted on the telegraph.co.uk Internet site early yesterday evening BST. E.U. sets stage for Iran-U.S. breakthrough Warm words from top EU diplomats in New York have set the stage for a potential breakthrough in the decades-long confrontation between Iran and the US. EU foreign relations chief Catherine Ashton told press after meeting her Iranian counterpart, Javad Zarif, at the UN general assembly on Monday (23 September) that she "was struck … by the energy and determination that the foreign minister demonstrated" on reaching a deal on Iran's alleged nuclear weapons programme. British foreign minister William Hague, who also met Zarif, said: "The United Kingdom does not seek a confrontational relationship with Iran and is open to better relations." He noted that if Iran takes "concrete steps" on nuclear non-proliferation then "I believe a more constructive relationship can be created." This is another story from the euobserver.com Internet site yesterday morning Europe time...and another offering from Roy Stephens. Three King World News Blogs The first commentary is with Dr. Stephen Leeb...and it's headlined "Calm Before the Storm as the World Heads Into Second Meltdown".  The second interview is with John Ing.  It bears the title "Current Debt Trajectory Will Lead to Western Disintegration".  And lastly comes this blog with Citi analyst Tom Fitzpatrick...and it's entitled "This Is Why the Price of Gold Is Now Set to Super-Surge". [Although I post all of Eric King's interviews, I wish to go on the record as saying that I don't necessarily agree with everything that's said by some of his guests. - Ed] Gold Bars Worth Over $2 Million Vanish on Flight From Paris to Zurich Air France said Tuesday it had filed a complaint after gold bars worth around 1.6 million euros ($2.1 million) were stolen from a plane bound for Zurich from Paris. The gold bars, weighing around 50 kilos (110 pounds), were placed inside the plane at Paris's Charles de Gaulle airport last Thursday by employees of the US security firm Brink's. It is as yet unclear how the theft happened, but an airport source said the robbers had "probably made use of airport accomplices." This interesting story was posted on the businessinsider.com Internet site yesterday afternoon...and I thank Washington state reader S.A. for bringing it to our attention. Fed concerned about suspicious gold trading The Federal Reserve is concerned about suspiciously heavy trading of gold futures after its meeting last week that may have been triggered by a premature release of market-sensitive information. In a statement, the central bank said Tuesday that news organizations that receive embargoed information from the Fed agree to withhold information until the time set for its release. The Fed statement said, "We will be conducting follow-up conversations with news organizations to ensure our procedures are completely understood." Trading in financial markets is now dominated by automated computer systems, which make trades in tiny fractions of a second that can lead to millions of dollars in profit. Receiving the data early - even by a few milliseconds - can give an unfair advantage to some firms. The Fed may be "concerned," but it probably won't do a thing about it even if they find the evidence...and the culprit.  This story, filed from Washington, was posted on the cbsnews.com Internet site yesterday afternoon ED

J.P. Morgan’s Legal Headaches: A Tally Posted: 25 Sep 2013 02:25 AM PDT J.P. Morgan's Legal Headaches: A Tally JPMorgan has had its fill of legal headaches. To solve a large chunk of the problem, the bank is now making a big offer: It will pay what would amount to one of the biggest fines in history to the Department of Justice to wipe clean the slate with prosecutors. WSJ says it has offered $3 billion for a global settlement. That actually could be something of a pittance to what the bank is up against. Earlier this month, analysts at Bernstein attempted to get to the bottom of J.P. Morgan’s legal issues. The analysts estimated that since 2009, J.P. Morgan has set aside about $21 billion in total legal reserves, including what Bernstein expects to be $2 billion in the current quarter. Three billion dollars?  Their generosity knows no bounds.  This was posted on The Wall Street Journal website early yesterday evening EDT...and it's courtesy of reader John Sanders.

Alasdair Macleod: The 80/20 Rule Posted: 25 Sep 2013 02:25 AM PDT Alasdair Macleod: The 80/20 Rule In his new commentary, "The 80 / 20 Rule," GoldMoney research director Alasdair Macleod warns that money exiting the bond market as interest rates rise will likely inflate asset prices and make inflation even more of a hardship for people of no particular financial means. "The fatal error of rescuing both the banking system and government finances by reckless currency inflation is becoming apparent to all," Macleod writes. "Unless this policy is somehow reversed, we risk a global rerun of the collapse of the German mark in 1923." Alasdair's commentary is posted at GoldMoney's Internet site, and I borrowed the above paragraphs of introduction from a GATA release yesterday.

Eurozone bank fund needs credit line, Draghi says Posted: 25 Sep 2013 02:25 AM PDT Eurozone bank fund needs credit line, Draghi says A eurozone bank resolution fund should have its own credit line allowing it to cover the costs of bank failure, European Central Bank (ECB) chief Mario Draghi said Monday. Speaking on Monday (23 September) at a hearing of the European Parliament's Economic committee, Draghi told MEPs that although national authorities will still be responsible for bearing the costs of bank resolution in the short-term, a permanent fund would need a "backstop." The ECB will be conducting stress-tests of banks across the eurozone in the coming months, as it prepares to become the bloc’s single bank supervisor next year. “We’ll have to have national backstops in place,” said Draghi, adding that “the role for the national backstops is there and it’s realistic.” More smoke and mirrors from the E.U.  This news item, filed from Brussels, appeared on the euobserver.com Internet site yesterday morning...and I thank Roy Stephens for sending it our way.

China 'to rent five per cent of Ukraine' Posted: 25 Sep 2013 02:25 AM PDT China 'to rent five per cent of Ukraine' Ukraine has agreed a deal with a Chinese firm to lease five per cent of its land to feed China's burgeoning and increasingly demanding population, it has been reported. It would be the biggest so called "land grab" agreement, where one country leases or sells land to another, in a trend that has been compared to the 19th century "scramble for Africa", but which is now spreading to the vast and fertile plains of eastern Europe. Under the 50-year plan, China would eventually control three million hectares, an area equivalent to Belgium or Massachusetts, which represents nine per cent of Ukraine's arable land. Initially 100,000 hectares would be leased. The farmland in the eastern Dnipropetrovsk region would be cultivated principally for growing crops and raising pigs. The produce will be sold at preferential prices to Chinese state-owned conglomerates, said the Xinjiang Production and Construction Corp (XPCC), a quasi-military organisation also known as Bingtuan. This very interesting story was posted on the telegraph.co.uk Internet site early yesterday evening BST.

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