Gold World News Flash |
- Silver Futures Ripe for Short Squeeze and ‘Cash Settlement’ Default, Sprott Says
- Reading The Road Map To A Police State
- Why Abenomics Failed: There Was A "Blind Spot From The Outset", Goldman Apologizes
- Current Economic Collapse News Brief
- Mind "The Asian Dollar Short" - Another Ticking Time Bomb Gifted By The Central Banks
- Thoughts about the Price Action
- Welcome To Arcadia – The California Suburb Where Rich Chinese Stash Cash In McMansions
- Peter Schiff: The Fed Will Have More QEs Than Rocky Movies
- In The News Today
- How QE Increases Poverty Which Leads to CIVIL UNREST & RIOTS!
- Gold And Silver - Financial World: House Of Cards Built On Sand
- Europe’s Fatal Flaw Laid Bare For All To See. Again
- Janet Yellen is Wrong About the Cause of Wealth Inequality
- In Silver Doctors interview, GATA secretary discusses developments in market manipulation
- Silver futures ripe for short squeeze and 'cash settlement' default, Sprott says
- Leading Indicators for Gold Price Turnaround
- Stock Market SPX New Head & Shoulders Formation
- Gold and Silver Extreme Shorting Peaks
| Silver Futures Ripe for Short Squeeze and ‘Cash Settlement’ Default, Sprott Says Posted: 18 Oct 2014 10:00 PM PDT by Chris Powell, GATA:
Dear Friend of GATA and Gold: Sprott Asset Management CEO Eric Sprott, interviewed for the Sprott Money News weekly review, notes that the Ebola virus problem is far worse than government officials have said, that the world economy is too, that the monetary metals futures markets are easily manipulated by big money, but that the silver futures market is ripe for a short squeeze that will end in the default of “cash settlement.” The interview is 15 minutes long and can be heard at the Sprott Money Internet site here: |
| Reading The Road Map To A Police State Posted: 18 Oct 2014 06:36 PM PDT Submitted by Aaron Tao via Ludwig von Mises Institute, Rise of the Warrior Cop: The Militarization of America's Police Forces, by Radley Balko, PublicAffairs, 2013
If there was any silver lining to the horrifying events that took place in Ferguson, Missouri which riled the month of August, it has finally brought the issue of police militarization to the forefront. As outrageous as the police shooting death of unarmed 18-year-old Michael Brown was, the brutal law enforcement response in the form of running roughshod over the First Amendment and resorting to quasi-martial law to mostly peaceful protests by local residents and activists was worse. To many observers, what took place in a Midwest suburb was indistinguishable from scenes out of occupied Iraq. How did this happen? For an answer, the writings of investigative journalist Radley Balko are an invaluable resource. Perhaps more than any other person, Balko has reported substantially on police militarization and injustice across the country for years. The full details can be found in his book Rise of the Warrior Cop: The Militarization of America's Police Forces . This important book, which was recently released in its paperback edition, could not have arrived at a better time. Despite going into an intellectually rigorous analysis of law, politics, and history, Balko has a gift for storytelling, which highlights many heartbreaking stories and makes Rise of the Warrior Cop an accessible and gripping read. In the introduction, Balko begins with the provocative question:
In the first chapter, Balko traces classical history and its lessons on America’s Founders as well their own experiences under British rule. As students of the Enlightenment, they were familiar with how the Roman Republic was overthrown by ambitious military leaders and how the Praetorian Guard in the Empire era, which not only acted as bodyguards for the emperor but also took on many policing roles as well, was responsible for much political intrigue and instability. In the lead-up to the American Revolution, British authorities used the hated writs of assistance to enforce tax laws and to crackdown on contraband in the colonies. This type of general warrant allowed for authorities to “search broad groups of people, for evidence of any number of crimes, sometimes over long stretches of time.” As bad as they were, Balko noted that in contrast to what police can do today, the writs of assistance could not be exercised at night and they required a knock-and-announcement before entry into a private home. Finally, it was the deployment of British soldiers to enforce the law that brought long-simmering tensions to a boil. After the Revolutionary War, with these abuses still fresh on their minds, the Founders framed and ratified a Constitution with a Bill of Rights. The Fourth Amendment, in particular, was written explicitly to prohibit general warrants and to reinforce the Castle Doctrine, an even older principle carried over from the British common law that can be traced back to antiquity. The Castle Doctrine simply reinforces the timeless idea that "a man’s home is his castle." As explained by Balko:
Balko also goes into interesting detail regarding the Third Amendment, the "runt piglet of the Bill of Rights," which contains the seemingly antiquated provision that prohibits the quartering of soldiers in private homes. The case law pertaining to the amendment is scant but Balko asks us to consider why the Founders placed such an importance on it. Read in light of the Castle Doctrine, it makes sense that those who revere the principle that "a man’s home is his castle" would not tolerate their homes being occupied by soldiers. But most importantly, "the amendment was a placeholder for the broader aversion to a standing army. … It represented a long-standing, deeply ingrained resistance to armies patrolling American streets and policing American communities." Until the Civil War and Reconstruction, active duty troops were rarely if ever used for domestic law enforcement. In the early American republic, law enforcement was left mostly in private hands. Close-knit communities with shared values relied mostly on social stigma and shaming to maintain order. Professional full-time prosecutors didn’t exist, and it fell upon crime victims themselves to initiate the charges before a grand jury, a panel of private citizens who had the power to indict. The citizen militia was called out for only the worst cases that required force. But as urbanization advanced and an increasingly diverse population grew, it brought the need for changes. One particularly interesting historical fact noted by Balko is that after the fall of Rome, centralized metropolitan police forces were not to be formed for almost another two millennia. In places that developed strong civil liberties traditions such as England and the American republic, people remained suspicious of standing armies, martial law, and powerful executives. In the United States, the New York Police Department (NYPD) was not formed until 1845. Modeled after London’s famous "bobbies," political leaders had to wage major public relations campaigns to win over the trust of citizens. Major efforts were taken to distinguish the police from soldiers, and to ensure they were responsive to elected officials and the public. But in many jurisdictions, the police became a little too responsive to politicians, acted as corrupt henchmen for anyone who won office, and oppressed minorities and outsiders. The issue of police corruption was serious enough that it became a plank in the progressive movement by the early twentieth century. Reformers introduced the concept of professionalism which "transformed the job of police officer from a perk of patronage to a formal profession with its own standards, specialized knowledge, and higher personnel standards and entry requirements." Although it helped address the problem of corruption, this new policy began to subtly separate the police from the communities they supposedly served and protected. The meat of Balko’s story focusing on police militarization began in the 1960s. During this time, the civil rights, antiwar, and counterculture movements became very active while the overall crime rates soared. As the liberal Warren Court expanded the rights of the accused in a number of notable rulings, the law-and-order types became greatly alarmed that society was falling apart. As his critics on the right continued their attacks that he was "soft" on crime, President Lyndon B. Johnson oversaw the creation of two government institutions to fight crime that would have huge future ramifications:
This would go on to set a large precedent for future programs like Byrne grants and the Pentagon’s 1033 program as "Johnson’s successors would quickly discover that introducing a funding spigot like LEAA, then threatening to pull it away, was an effective way to persuade local police agencies to adopt their preferred polices." The modern War on Drugs would officially begin under President Richard Nixon after winning on a law-and-order campaign and appealing to the “Silent Majority.” The focus of the Nixon’s administration’s anticrime effort would be on drugs, which they thought was the common denominator among racial minorities, the counterculture, and the antiwar movement that alienated “ignored America.” The Nixonites pushed for massive funding for the BNDD and LEAA, demanded no-knock warrants for federal drug agents, and even temporarily shutdown the U.S-Mexican border in Operation Intercept. In 1969, the first SWAT raid was carried out in Los Angeles against the Black Panthers. Despite the raid being a disaster "practically, logistically, and tactically," it was a major success in public relations and SWAT teams would spread to nearly every city in America in the following decades. Despite being originally designed for emergency situations where violence was needed to end violence such as bank robberies and hostage scenarios, mission creep was unavoidable and SWAT teams would go on to be used for everything from breaking up neighborhood poker games, enforcing underage drinking laws, and performing regulatory inspections, as meticulously documented by Balko. Fast forward to modern day, it is now estimated that SWAT raids occur up to 40,000 times per year across the United States. This can be traced back to the Reagan administration when SWAT tactics began to be increasingly used in fighting the drug war. Hardliners in his administration saw a "biblical struggle between good and evil, and in the process turn[ed] the country’s drug cops into holy soldiers." Noting the inconsistent reverence supposed limited government conservatives have for Reagan, Balko had this to say:
Under Reagan, the FBI was brought into enforcing drug laws, health professionals who favored treatment for drug abusers were purged from the bureaucracy, and sweeping new policies such as civil asset forfeiture (the legal theory that property itself can be guilty of a crime and be seized without the owner even being charged) were embraced. Perhaps the most radical action was that Reagan sought to amend the Posse Comitatus Act and bring the military into the Drug War. Balko notes that:
After Reagan was succeeded by Vice President George H.W. Bush, the same course continued. Bush Sr. appointed hardliner Bill Bennnet (who once called for beheading drug dealers on Larry King live and even "urged children to turn in their friends who used drugs to the police") as drug czar and ramped up rhetoric that the drug war was a moral crusade between good and evil. Drug treatment programs were stripped of funding, while additional cash flowed into law enforcement and new prison construction. Perhaps the most significant were the Byrne grants that were created in a 1988 crime bill which would send billions in federal cash to police departments over the next twenty-five years and allow "the White House another way to impose its crime policy on local law enforcement." But in Balko’s view, the program's most harmful legacy was the "creation of hundreds of regional and multijurisdictional narcotics task forces" that were often unaccountable and financially rewarded for making many busts in the following decades. Reformers and activists hoped the election of Bill Clinton would bring changes to the War on Drugs but sadly, that would not be the case. Instead, Clinton "encouraged paramilitary raids against low-level offenders — even users" and cracked down hard on medical marijuana facilities in order to send a political message despite legalization in a number of states. In addition, the Bryne grants picked up steam as they incentivized "police departments across the country to prioritize drug crimes over other investigations." Perversely, the funds were awarded based on the "number of overall arrests, the number of warrants served, or the number of drug seizures." As a result, actually reducing crime was not favored and instead, grants were given to police departments that were making lots of seizures regardless of size and easy arrests (e.g., low level drug offenders). During this time, the Supreme Court continued to whittle away the Fourth Amendment and further militarization was promoted through the creation of infamous 1033 program as relationships between the federal government and local police departments deepened. High-profile tragedies in the 1990s involving heavily militarized law enforcement such as Ruby Ridge and the Waco Siege served mostly as partisan fodder as the right temporarily became critics only to fall silent when George W. Bush became President. Bush Jr. followed the moral crusade script and continued the paramilitary raids against medical marijuana facilities and patients despite some initial lip service to federalism. After the September 11th terrorist attacks, drug warriors did not fail to waste a good crisis and used the opportunity to attempt to link the new fear of terrorism to drug use. In addition, the new War on Terror created another "ratchet effect" that ballooned an already-growing National Security State and furthered militarized the police. Thanks to generous anti-terrorism grants from the Department of Homeland Security which dwarfed even the 1033 program, police departments across the country upgraded their arsenals with automatic weapons, drones, armored vehicles, and other military equipment. But since terrorist attacks are incredibly rare, police used their new gear for drug raids instead. Meanwhile, the Supreme Court continued its siege on the Castle Doctrine and the Fourth Amendment with its decisions in United States v. Banks and Hudson v. Michigan. Many people desiring "hope and change" put their faith in Barack Obama for a drug war détente and an overall repudiation of the Bush policies, but as with what happened with Clinton, they were in for a very bitter disappointment. Obama expanded the trend of police militarization by pouring a reco |
| Why Abenomics Failed: There Was A "Blind Spot From The Outset", Goldman Apologizes Posted: 18 Oct 2014 05:28 PM PDT Ever since Abenomics was announced in late 2012, we have explained very clearly (for example here, here, here, here, here, here and here) that the whole "shock and awe" approach to stimulating the economy by sending inflation into borderline "hyper" mode in a country whose main problem has to do with an aging population demographic cliff and a global market that no longer thinks Walkmen and Sony Trinitrons are cool and instead can find all of Japan's replacement products for cheaper and at a higher quality out of South Korea, was doomed to failure. Very serious sellsiders, economists and pundits disagreed and commended Abe on his second attempt at fixing the country by doing more of what has not only failed to work for 30 years, but made the problem worse and worse. Well, nearly two years later, or roughly the usual delay before the rest of the world catches up to this website's "conspiratorial ramblings", the leader of the very serious economist crew, none other than Goldman Sachs, formally admits that Abenomics was a failure, and two weeks after Goldman also admitted that now Japan is informally (and soon officially) in a triple-drip recession, begins the scapegoating process when in a note by its Naohiko Baba, it says that Abenomics failed because all along it was based on two faulty "misconceptions and miscalculations." Ironically, the same "misconceptions and miscalculations" that frame the Keynesian "recovery" debate in every insolvent developed world country which is devaluing its currency to boost its exports and economy, when in reality all it is doing is propping up its stock market, allowing the 1% of the population to cash out and leaving the 99% with the economic collapse that inevitably follows. So what happened with Abenomics, and why did Goldman, initially a fervent supporter and huge fan - and beneficiary because those trillions in fungible BOJ liquidity injections made their way first and foremost into Goldman year end bonuses - change its tune so dramatically? Here is the answer from Goldman Sachs.
Odd: nobody could think of any of this before Abenomics was launched resulting in the largest domestic misery in Japan in over three decades?
Let the scapegoating begin: here are the two misconceptions why, according to Goldman, Abenomics failed:
There is more, but the point is clear: we hear your apology loud and clear, Goldman, and we accept it - after all you couldn't possibly tell the truth two years ago when this Keynesian insanity, which incidentally is being tried everywhere around the globe and will have the same results, was about to begin. And now, where is Abe's Imodium? He is going to need it. |
| Current Economic Collapse News Brief Posted: 18 Oct 2014 04:58 PM PDT In this news brief we will discuss the latest news on the economic collapse. We look to see if things are really that different. The central bank will not stop at just confiscating your wealth they will want your life. They want to enslave the people. [[ This is a content summary only. Visit http://www.GoldSilverNewsBlog.com or http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Mind "The Asian Dollar Short" - Another Ticking Time Bomb Gifted By The Central Banks Posted: 18 Oct 2014 04:55 PM PDT Submitted by Jeffrey Snider of Alhambra Partners via Contra Corner blog, The PBOC continues along with its path of “targeting” liquidity rather than “flooding” as has been done in the past. Expectations for Chinese action, however, seem to be resistant to getting that message. This is not something that is just now being applied, as if a sudden and unanticipated change in thinking. The entire default drama at the beginning of this year was intended to signal that the “flood” was ending, though I think the PBOC failed to follow that up for fear of further upset. The entire point of the now-prominent SLF is exactly this targeted approach. The Wall Street Journal reports that this continues to be the only conduit the PBOC is willing to utilize.
Until this year, slowing growth had almost universally been met with broad-based monetarism, including rate cuts in the repo market. Add that history to the growing sense that the Chinese economy may be worse than feared, and the “market” expectation for a new “flood” is somewhat understandable (particularly given the almost haphazard approach in practice), however misplaced. Central banks are into an age of secular stagnation in their thinking which is a total re-assessment of past behavior. In other words, they finally (FINALLY) recognize that the costs of “flooding” the world with economically useless and inefficient monetarism are high, and that the benefits are far too scarce (though almost everyone loves those asset prices, at least on the way up). Not only is this a full part of the PBOC action now, it is the foundation, I believe, behind what the ECB and even Fed are doing. As I wrote exactly a month ago:
But not everything is as it seems. While the PBOC may be taking a stand on monetarism and its character, it has been very curious that the yuan has not fully participated in the dollar turmoil marking so many other “dollar” dependent nations. While the yuan’s appreciation trend may have been altered, that has not led again to the kind of disorder that marked the currency earlier in the year.
Maybe that is due, at least in part, to these expectations that the PBOC will eventually relent on its new approach, but I also think that the PBOC is at least looking the other way on some of the “old tricks” that supported the Chinese version of the dollar short.
Aside from the second paragraph where I believe the author attributes the wrong factor (not to “bet on China’s rising currency” but rather to keep the flow of dollars to the Chinese corporate sector that is very short), the description and the timing of this potential “error” sets it within the context of the rapid and dramatic “rise” in the “dollar.” The pressure was at its greatest in September, as the real and ruble can ably attest. I think that is a second unappreciated change that is taking place, and in some respects has already taken place. The dollar short was very European-centric in the 2000’s, owing to their ready participation in the housing bubble in the US (and I would even argue that the bubble itself was largely based on that European short). Since August 2007, Europe has withdrawn somewhat, if only in terms of marginal participation. That, however, does not mean that the dollar short goes away with Europe’s retrenching. Jason Fraser of Ceredex Value Advisors alerted me to a recent IMF study, publicized here in the Financial Times, that “found” Asian corporations are more short dollars than previously estimated:
I’m not sure I agree with the author’s tense on the squeeze – “could cause” maybe should be rethought to “has caused” given what transpired in August and September. Perhaps that was limited to Europe, Brazil and the usual suspects while the Asian shorts, as Chinese were over-represented, were steadied by the Hong Kong mess (which would have been collateralized by some real good or commodity). And that brings us back to the basic analysis of the dollar short – nobody really knows much about it. It exists independent of any statistical measure and in far too many cases, including and especially policymakers, independent of knowledge and experience (closed system? The dollar short is the empirical refutation of all closed system approaches in economics). As it is in 2014 we are still finding out it is probably bigger (IMF) and more widespread than even thought now after seven years of close involvement with it. That makes the indirect indications provided by TIC and dollar “flows” all that more concerning, especially as they represent a sort of proxy for liquidity health and systemic capacity. At some point it may become necessary for “someone” to provide all these “dollars” and if everyone is all short then there will be no one left to take up that side (rerun of 2008). Maybe it is enough to hope that the Fed will act, but history is conclusive that they will do so only after it is obvious; which is, by then, far too late. In that respect, the dollar “tightening” in both 2013 and now in 2014 has reinforced that history. But there is another element to consider, the PBOC being representative – that the “flood” approach is now pretty much discredited as a monetary measure. That would seem to suggest if the dollar short grows far more problematic, then central banks may not just be behind the curve in their planning but also and actually reluctant to step into that void with what would have to be a “flood” since doing so would refute their “evolution” in the other direction. That would certainly suggest a reason for allowing the Hong Kong “fraud” to return. Central banks are loathe to do many things, but at the top is admit mistakes. |
| Thoughts about the Price Action Posted: 18 Oct 2014 02:43 PM PDT After wild swings at midweek (October 15), the US dollar spent the last two sessions of the week consolidating. While we expect the Federal Reserve will not be distracted by the recent market turmoil, or the softening of some market-based measures of inflation expectations, and will announce the finishing of its asset purchases, we recognize that Bullard's comments cast a greater element of doubt. This doubt may prevent a resumption of the dollar's uptrend. Broad consolidation is more likely in the days ahead.
The dollar's advance sat on two legs: Positive developments in the US, that would lead to a Fed rate hike next year and negative developments outside the US. The second leg remains intact. The first leg has been shaken. We suspect that many have exaggerated the weakness of the US. We accept that the Fed's mandates are being approached, and that the drop in oil prices is a net positive for the US, even though investment in the the energy sector may slow.
The markets will learn this the extent to which the drop in weekly initial jobless claims to a new cyclical low (264k)a fluke around the Columbus Day holiday. Any reading below 280k is constructive. The market may also find that although headline inflation in the US may have softened, there may be an upward drift in the core measures, emanating for housing costs.
The $1.2700-$1.2850 band may contain the euro. A break down would signal a re-test of the $1.2600 area. Last week's high was set just shy of $1.2890. If our assessment is correct, and the market has exaggerated the dollar negatives, the risk is on the euro's downside.
The dollar looks considerably more constructive against the yen. Last Wednesday's range is important. According to Bloomberg, it was JPY105.23 to JPY107.57. The dollar finished the week on its session highs just below JPY107.00. The RSI has turned up, and the MACDs are about to turn. We anticipate a test on JPY107.50-60, with penetration allowing for a move to JPY108.00-20.
Sterling recorded new lows for the year at midweek near $1.5875. However, on both Thursday and Friday, sterling recovered, with higher highs being recorded, and a constructive pre-weekend close. The bullish divergence in the RSI and MACDs remain intact. The initial target is $1.6150-65 and then $1.6225-50.
The technical outlook of the Canadian dollar did not clarify much. The CAD1.1200 area held. A break of this, and CAD1.1160-70 is needed to confirm a top is in place, and signal a test on CAD1.11. Retail sales and the Bank of Canada meeting on Wednesday Oct 22 may provide the spark.
The Australian dollar is very choppy, and the technical indicators we use, do not seem to be particularly helpful presently. Some support appears to have been established just below $0.8700, while the upside appears capped in the $0.8860 area.
The dollar pushed through MXN13.67 on October 16, which is the highest it has been since July 2013. Lower oil prices, and the risk-off theme in the markets took its toll. The RSI and MACDs did not confirm the new highs, and the dollar-bearish divergence suggests the peso can recover in the days ahead. Initial support for the dollar is seen in the MXN13.42-47 area. A break could signal a move back to MXN13.30.
The low the S&P 500 recorded on October 15 represented nearly a 10% drop from the record high set on September 19. The correction was long overdue. If it is indeed over, the 1900 level should be overcome at the start of the week. Initially this will allow for a move toward 1920, then 1940. The RSI has turned up and the MACDs are poised to turn.
The US 10-year yield reached a panic low of nearly 1.86% in October 15. We suspect this represented some sort of capitulation. That level is unlikely to be seen again. Overcoming the cap at 2.23%-2.26%, would allow the yield to back up toward 2.35%-2.40%.
The CRB index reached a low in the second half of last week. The move below 270 on October 16 represents a new two-year low. Technical readings are stretched, but have not generated a convincing signal that a low is in place. The November crude oil futures contract staged a key reversal on October 16, but was undermined by the lack of follow through the next day. Resistance is pegged in the $85-$86 area. A break below $82.50 now would warn of the risk of new lows.
Observations based on the speculative positioning in the futures market:
1. The latest CFTC Commitment of Traders report covers the week ending October 14, so it does not cover the drama on October 15. Therefore, the positioning data may be less complete then usual.
2. There were three significant adjustments (in excess of 10k contracts). The gross short yen position was trimmed by 13.4k contracts to 124k. In the Australian dollar, both bulls and bears reduced their positions significantly. The longs were more than halved to 14.4k contracts (from 31.6k) and the shorts were culled by 13.4k contracts to 44.6k.
3. All the currency futures we track saw a decline in gross long positions. They were minor (less than 5k contracts), except for the Australian dollar. There was less of a pattern in the gross short positions. As we have seen the gross short yen and Australian dollar were cut, but so were the gross short sterling and peso positions (-1.6k and -5.8k contracts respectively).
4. The net short 10-year US Treasury futures position increased to 123k contracts from 92.3k. This was a reflection of a a 47k increase in gross short positions to 543.1k. This represents the largest gross short position since mid-2005. We suspect that the violence of the rally in the middle of last week reflected a powerful short squeeze. The longs felt emboldened and added 16.1k contracts to raise their position to 420k contracts. Some likely took profits on the spike down in yields.  |
| Welcome To Arcadia – The California Suburb Where Rich Chinese Stash Cash In McMansions Posted: 18 Oct 2014 02:31 PM PDT Submitted by Mike Krieger of Liberty Blitzkrieg blog,
The surge in foreigners buying up U.S. real estate has been well documented in recent years. Of all this buying, no nation has demonstrated a bigger increase in purchases than China. In fact, it is estimated that 24% of all foreign purchases of domestic real estate this year have come from China, up 72% from last year. In my post from July, Chinese Purchases of U.S. Real Estate hit $22 Billion as The Bank of China Facilitates Money Laundering, I noted that:
Well it appears that one of those communities is the 57,000 person Los Angeles suburb known as Arcadia. The suburb had a relatively insignificant Asian population of 4% in 1980, but it is now 59%. Of course, I could care less what the ethnic mix of any particular suburb is, but what does concern me is that a lot of the recent money coming in seems to be from questionable characters. The buyers are getting access to U.S. real estate via the EB-5 visa program, and of the 10,000 of these given away this year, 85% went to the Chinese. Oh, and it’s estimated some 20% of these home sit vacant. A great use of resources. Here are some excerpts from Bloomberg’s expose:
Yep, the guy gets cuffed in China, but here in America we welcome him with open arms and he gets to buy a mansions.
Another criminal, welcome with open arms in America. Must be nice.
Well sure, when you allow corrupt Chinese billionaires in, what do you think is going to happen? They’re not used to playing by the rules.
What’s happening in Arcadia is very similar to what I highlighted about Manhattan real estate in yesterday’s post: Meet the Pied-à-Terre Levy – The Proposed Tax that Could Crush High End NYC Real Estate. Between private equity, hedge fund and foreign oligarchs buying, I’m surprised a single American citizen has purchased a home in the past five years. |
| Peter Schiff: The Fed Will Have More QEs Than Rocky Movies Posted: 18 Oct 2014 02:24 PM PDT Peter Schiff - QE4 is Coming Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the... [[ This is a content summary only. Visit http://www.GoldSilverNewsBlog.com or http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Posted: 18 Oct 2014 01:17 PM PDT Jim Sinclair’s Commentary A step at a time on a path that will not be diverted from. Russians and Chinese are ditching the dollar as Europeans start using renminbi in their reserves by Simon Black on October 17, 2014 New York, USA At present, US dollar accounts for roughly 61% of the world's foreign exchange... Read more » The post In The News Today appeared first on Jim Sinclair's Mineset. |
| How QE Increases Poverty Which Leads to CIVIL UNREST & RIOTS! Posted: 18 Oct 2014 12:51 PM PDT Economic COLLAPSE is a certainly which we can ascertain from statistics, historical data, and projected calculations. It becomes much easier to see how the Fed and other central bank policies have generated a market which rides solely on their word. A $42 trillion bond market can be startled simply... [[ This is a content summary only. Visit http://www.GoldSilverNewsBlog.com or http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Gold And Silver - Financial World: House Of Cards Built On Sand Posted: 18 Oct 2014 09:02 AM PDT Take heart PM community, your turn is coming. What is happening in the stock market is a harbinger of what is sure to come for gold and silver, at some point in the future. When? Ah, that elusive question the answer to which so many want to know, the same answer to which so many so-called prognosticators have serially gotten wrong over the past few years. The best answer is patience. It is highly unlikely that a single bank, at least in the Western fiat central banking system, is solvent. All, repeat, all banks are insolvent, propped up by the Rothschild system that few can successfully challenge. All banks exist by accounting deceit and every kind of threat, indirect or otherwise, that it is not wise to challenge the international banking cartel [on the verge of collapse]. Russia and China are rising to the occasion rather timely. |
| Europe’s Fatal Flaw Laid Bare For All To See. Again Posted: 18 Oct 2014 08:55 AM PDT Da markets today sort of refound their – shaky – feet, oil up a dollar, EU exchanges up 3% or so, Greece even over 7%, while interestingly gold didn’t move much at all during the wild week (no safe haven), and most movement was perhaps, through all the see-saw, in bonds. To sum up the week: panic followed by plunge protection teams. And now the ‘leaders’ hope plunge protection will save another day too. And they may. Germany sinks a bit, but Germany is strong. US housing is at least not falling further, but US consumer spending stalls and drops. The deep dark weakness has not yet hit the big economies. But the nerves are back. Volatility is back with a vengeance. As it should. And that will paint the picture going forward, plunge protection or not. Da markets will come again and again and dare central banks to plunge protect. |
| Janet Yellen is Wrong About the Cause of Wealth Inequality Posted: 18 Oct 2014 08:52 AM PDT Fed Chair Janet Yellen said in a speech on the subject on Friday, that she is “greatly concerned by the extent, and continuing increase, of wealth inequality in the United States.”, noting the “significant income and wealth gains for those at the very top, and stagnant living standards for the majority.” She is echoing economists’ growing concerns of recent years. The statistics are shocking. A 2012 academic study by NYU economist Edward N. Wolff, ‘The Asset Price Meltdown and the Wealth of the Middle Class’, revealed that the richest 5% of Americans hold 88.9% of the nation’s wealth. A study by European Central Bank economists estimates that just the richest 1% of Americans control 35% of the wealth. |
| In Silver Doctors interview, GATA secretary discusses developments in market manipulation Posted: 18 Oct 2014 08:46 AM PDT 11:45a ET Saturday, October 18, 2014 Dear Friend of GATA and Gold: Interviewed for about a half hour this week by Silver Doctors, your secretary/treasurer discussed recent developments in market manipulation, speculated that gold will be revalued overnight by major central banks as part of a general world currency revaluation, and cautioned that China's drive to obtain gold isn't intended to establish a free market in gold but to wrest control of the gold market from the United States. The interview can be heard at the Silver Doctors Internet site here: http://www.silverdoctors.com/chris-powell-gold-to-be-revaluated-upwards-... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Sinclair's Next Market Seminar Is Nov. 15 in San Francisco Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar from 10 a.m. to 3 p.m. on Saturday, November 15, at the Holiday Inn at San Francisco International Airport in South San Francisco, California. Admission will be $100. For more information and to register, please visit: http://www.jsmineset.com/2014/10/10/san-francisco-qa-session-announced/ Join GATA here: New Orleans Investment Conference https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520... Mines and Money London http://www.minesandmoney.com/london/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: |
| Silver futures ripe for short squeeze and 'cash settlement' default, Sprott says Posted: 18 Oct 2014 08:01 AM PDT 11a ET Saturday, October 18, 2014 Dear Friend of GATA and Gold: Sprott Asset Management CEO Eric Sprott, interviewed for the Sprott Money News weekly review, notes that the Ebola virus problem is far worse than government officials have said, that the world economy is too, that the monetary metals futures markets are easily manipulated by big money, but that the silver futures market is ripe for a short squeeze that will end in the default of "cash settlement." The interview is 15 minutes long and can be heard at the Sprott Money Internet site here: http://www.sprottmoney.com/sprott-money-weekly-wrap-up CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Buy metals at GoldMoney and enjoy international storage GoldMoney was established in 2001 by James and Geoff Turk and is safeguarding more than $1.7 billion in metals and currencies. Buy gold, silver, platinum, and palladium from GoldMoney over the Internet and store them in vaults in Canada, Hong Kong, Singapore, Switzerland, and the United Kingdom, taking advantage of GoldMoney's low storage rates, among the most competitive in the industry. GoldMoney also offers delivery of 100-gram and 1-kilogram gold bars and 1-kilogram silver bars. To learn more, please visit: http://www.goldmoney.com/?gmrefcode=gata Join GATA here: New Orleans Investment Conference https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520... Mines and Money London http://www.minesandmoney.com/london/ * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: |
| Leading Indicators for Gold Price Turnaround Posted: 18 Oct 2014 02:45 AM PDT Gold is currently getting a reprieve as it trades close to $1240 which is above important weekly support at $1200. It's safe for the time being but we believe that Gold will ultimately break back below $1200 and below $1100 before the end of the already long in the tooth bear market. Because Gold is somewhat of an anti-asset, it's important to chart its course against other asset classes. Gold performs best when its strong against all other classes. Moreover, prior to recent important bottoms Gold bottomed first against other classes before bottoming in nominal terms. It appears that could happen again. |
| Stock Market SPX New Head & Shoulders Formation Posted: 18 Oct 2014 02:20 AM PDT The bounce turned into a double zigzag correction which had a higher target than an a-b-c would accommodate. There is a new Head & Shoulders formation with the top of the right shoulder matching the length of the left shoulder at 1903.58, just under the 200-day Moving Average at 1906.07. It may not make either target. Intermediate Wave (1) may turn out to be either a Leading Diagonal with five Minor A-B-C waves, or an (A)-(B)-(C) wave in a larger degree Wave [1]. The pattern will work itself out, as it did in the decline in gold. |
| Gold and Silver Extreme Shorting Peaks Posted: 18 Oct 2014 02:16 AM PDT The world's financial markets are changing dramatically with the Federal Reserve on the verge of ending its third quantitative-easing campaign. The Fed's massive deluge of inflation drastically distorted markets, which are finally starting to normalize. The precious metals were crushed by the Fed's artificial levitation of the stock markets, leading to extreme futures shorting. But that looks to have peaked, a very bullish omen. What a difference a few weeks makes! Back in mid-September, the US stock markets were drenched in euphoria and hitting nominal record highs. Nearly everyone was totally convinced equities would keep on climbing forever. You couldn't turn on CNBC or open a financial newspaper without seeing endless predictions for a big end-of-year rally. And gold and silver were despised, believed to be doomed to spiral lower. |
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