Gold World News Flash |
- For Those Who Think Justice is Dead…
- US Dollar Valued In Gold Since 1718
- The Pope: “Corruption Is a Greater Evil than Sin”
- All The Easy Gold Is Gone — Discovery Channel’s ‘Gold Rush’ Crew
- Critical Moment In History For Gold & Two Shocking Charts
- The American Dream Is Still Possible, Just Not In The US
- The Gold Price Closed Down $7.10 this Week Ending at $1,231.20
- Gold Daily and Silver Weekly Charts – Audacious Oligarchy – Ten Tonnes of Gold Taken Out of JPM?
- Putin Warns Of Risk Of Major Conflict, Says Dollar Losing Reserve Currency Status
- GLD Drained Again Yesterday: 33% of JPM’s Comex Gold Is Drained
- Paying People their Salary in Gold, A First in Singapore
- Dollar Losing Reserve Currency Status, Central Bankers Preparing A Major Conflict
- Manipulation of Gold And Silver In The Futures Market
- Shanghai Delivers 51.5 Tonnes of Gold For the Week: How Long Can the Gold Pool Be Sustained
- 50% Of American Workers Make Less Than $28,031 A Year
- More nations are trying to get out from under the U.S. dollar, Putin says
- Who rules? Information Technology
- Martin Armstrong On The Danger Of Conspiracy Theories
- Keeping the Economy Alive with QE and Cheap Credit
- Gold Daily and Silver Weekly Charts - Plus C'est la Même Chose - Mandatory Quarantines
- Why the Fed Will Launch Another Round of QE
- Bullish Silver Stealth Buying
- Blood in the Streets to Create the Gold Stocks Investor Opportunity of the Decade
- Gold and Silver Subdued as Panic Over
- Swiss ‘Yes’ and ‘No’ Gold Initiative Campaigns Compete at Launches in Bern
- In The News Today
- Rick Santelli Predicts Stunning Victory For Swiss Gold Initiative
- Critical Moment In History For Gold & Two Shocking Charts
- At King World News, Sperandeo, Celente, and Mauldin
- Paying people their worth in gold -- a first in Singapore
- The Geopolitics of World War III
- Alasdair Macleod: Markets and reality disconnected
- Three major nations absent as China launches rival to Western development bank
- Tesco Meltdown Debt Default Risk Could Trigger a Financial Crisis in Early 2015
- Institutional Investors Fish
- Gold Prices to 1-Week Low as Safe Haven Demand Falls
| For Those Who Think Justice is Dead… Posted: 24 Oct 2014 09:00 PM PDT from The Wealth Watchman:
I once heard a shield brother tell me an anecdote about his childhood. He asked me if I ever watched wrestling as a kid(I had, a few times), and then told me that he watched it religiously in his youth. We're not talking MMA here, ok? We're talking good-ole, "professional wrestling". His story was memorable: "Watchman, I knew every wrestler's name, their match stats, and most importantly: I knew all the vendettas that each wrestler harbored for particular opponents. It was my life. I loved it." "But", he continued, "One day my dad asked me if I'd like to go to one of these matches in person, and of course, I gladly said 'yes!'. Right there I sat, in my ring-side seat, and watched my hero duke it out with his nemesis! When my hero came out, we all cheered! When his nemesis walked into the ring, we all booed loudly. It was a riot!
Then something happened. My dad, being one of the coolest dads in the world, asked me if I'd like to wait at the back door for my hero to come out. You know I did! So, there I stood with him, a little boy, on pins and needles, waiting for all the crowds to shuffle on home. And finally, jubilation came across my little face as the security guards came out through the door. It closed, and then re-opened! Suddenly, there I stood, my ecstasy giving way to complete and utter horror, as I witnessed something that crushed my little spirit into the ground! For there he stood: my hero and his 'much-hated' nemesis, happily smoking cigars, with arms flung round' each other's shoulders! They were laughing and hyucking it up. They were best buddies! I was devastated! None of it was…real, at all! None of it! It soured me, and ruined wrestling for me for life." Of course, none of us have ever seen a sight like the one described above, elsewhere in our lives, have we? Nowhere else have we seen much-ballyhooed enemies (supposedly at war with one another) all hugging:
Hyucking:
Or pretending:
Have we? Nope. Never. It's the Same Thing Most folks would joke around about anyone being foolish enough to believe professional wrestling was real, and yet, for many, the joke's on them! After all, most of those folks give many thousands of dollars to political campaigns! Most of them dutifully stump for their favorite politician, and memorize all the slick slogans, and talking points. Most of them are filled with dread to think of "acting wrestler A" winning, as opposed to "acting wrestler B". It's all kabuki! It's all popcorn! It's all nonsense! The financial system, and the political system which protects it, are utterly compromised. Whether they be politicians, regulators, judges, or mere bureaucrats, most anyone with any reasonable degree of power has been given too much from the system to oppose it. Look, I say this, because for years now, I've watched too many good men swear that if we could just get the right regulators looking at the crime in gold and silver rigging, that it could all be solved. "This is all some horrible misunderstanding! Surely, the regulators can't know what's going on here in the gold and silver markets. Any day now, the CFTC and SEC will come riding in on a white horse, and execute some real justice! You'll see! The system works!" Or even sickeningly worse: "There is no fraudulent rigging in the gold and silver markets, because if there was, we'd have seen some arrests by now!" Ok, that sort of idiot comment is no different than this:
It's exactly the same thing. You're lying to yourself, and you look ridiculous. Children can be forgiven for believing everything they see and hear, because it's(thankfully) not in their nature, to try to detect veneers of fakery and duplicity. That's why children are always so refreshing: children just trust, just believe! But you're not a child, are you? I've been shocked as I've witnessed perfectly intelligent, grown men, whom I respect, go on asserting, despite the Everest of evidence to the contrary, that "the system works". | |||||||||||||||||||||||||||||||||||||
| US Dollar Valued In Gold Since 1718 Posted: 24 Oct 2014 09:00 PM PDT Le Cafe Américain | |||||||||||||||||||||||||||||||||||||
| The Pope: “Corruption Is a Greater Evil than Sin” Posted: 24 Oct 2014 07:48 PM PDT
Preface: If you are an atheist (or adherent of another faith) and believe that the Catholic faith is crazy, you are obviously entitled to your belief. But please remember that very few Americans are atheists … and the majority don’t trust atheists. More importantly, it's wise to work with allies on core issues, such as fighting corruption ... even if you would normally disagree with them. In this case, the Pope just may speak for a lot of allies. After all, there are more than a billion Catholics worldwide. Some 85% of the American population identifies itself as Christian, and 78 million Americans have been baptized into the Catholic Church. The U.S. has the world's fourth largest Catholic population. Legal authorities have done nothing to crack down on Wall Street corruption. The U.S. government admits that it refuses to prosecute fraud … pretty much as an official policy. Sure, a few "small fish" are indicted ... but the big boys go free. Indeed, there are two systems of justice in America … one for the Wall Street fatcats, and one for everyone else. In reality, the government helped cover up the crimes of the big banks, used claims of national security to keep everything in the dark, and changed basic rules and definitions to allow the game to continue. See this, this, this and this. Because fraudsters weren’t prosecuted and the banks weren’t broken up, the fraudsters are now committing bigger and bigger crimes, and banks are now bigger than ever … leaving the economy open to an even bigger crash than occurred in 2008. Even the President of the New York Federal Reserve Bank has repeatedly said that bankers have to improve their ethics ... but to no avail. Why isn't the government cracking down on corruption and fraud? Because most government workers are themselves corrupt. As is the government procurement process. Yesterday, Pope Francis gave a powerful speech, directly addressing these problems (Google translate):
(Note: I tried to improve Google translate's rough translation. My Italian is rusty, and I would welcome a better translation from a fluent Italian speaker.) What Does it Mean to Do God's Work?The head of Goldman Sachs said he’s doing “God’s work” with his banking activities. The head of Barclays also told his congregation that banking as practiced by his company was not antithetical to Christian principles. Are they right? Is big banking as practiced by the giant banks in harmony with Christian principles? Do JusticeInitially, the Bible does not counsel us to ignore the breaking of laws by the the powerful. In fact, the Bible mentions justice over 200 times — more than just about any other topic. The Bible asks us to do justice and to stand up to ANYONE — including the rich or powerful — who do injustice or oppress the people. Indeed, one of the first things God asks of us is to do justice:
While many churches and synagogues have become obsessed with other issues, many have arguably ignored this most important of God’s demands of us. As pointed out by a leading Christian ministry, which rescues underage girls trapped as sex slaves in third world countries:
Should Christians just pray for justice and leave the rest to God? That’s not what the Bible asks us to do. Instead, Hebrews 11:33 tells us that we are God’s hands for dispensing justice, and God uses us to “administer justice.” We have to “walk our talk” and put our prayers into action. God demands that we do everything in our power to act as “God’s hands” in bringing justice. And as Saint Augustine reminds us, “Charity is no substitute for justice withheld.” Indeed:
This is the only place in the Bible where the word “appalled” is used for the way God feels — in other words, the only thing which we know God is appalled by is if people are not doing justice. There are hundreds of other references to justice in the Bible, including:
So if the powerful players in the giant banks broke the laws, they must be held to account. Fraud and Manipulation of MoneyThe big banks have engaged in systemic, continuous ongoing criminal fraud. Allowing the banks to commit crime with impunity is not what Jesus would do. What would Jesus do? Turn over the tables of the money-changers. (economists agree.) Moreover, the giant banks manipulate currency through the use of schemes such as manipulating interest rates (gaming interest rates in different regions – Libor, Eurobor, etc. – can in turn drive their currencies up or down), high frequency trading and artificially suppressing gold prices (which artificially inflates the value of fiat money) . As Ron Paul notes, the Bible forbids altering the quality of money (which, at the time and place, was entirely in the form of coins):
Proverbs 11:1 also provides:
So to the extent that the giant banks have engaged in any dishonest acts or the manipulation of currencies, they are violating scripture. Oppression of the PoorThe Bible condemns oppression of the poor for the benefit of the affluent:
To the extent that the giant banks have oppressed the poor to increase their riches, they are violating scripture. Due to their looting, inequality is now worse in American than in Egypt, Tunisia, Yemen, most Latin American banana republics … and ancient Rome. Waging WarBankers are often the driving force behind war. "Blessed are the peacemakers" (Matthew 5:9), and Jesus would not have taken kindly to waging wars for profit based upon false pretenses. Jesus Was Killed for Standing Up to CorruptionReverend Howard Bess notes:
In other words, Jesus wasn't sentenced to death until he challenged the money changers. Jesus didn't die for a sin like lust or slothfulness. He died for our corruption. Resurrection: Christ's MinistryChrist - and his ministry - lives to the extent that we act as God's hands to confront the big banks which are warping our economy and our world. But Isn't the Economy Still Too Fragile?Shouldn't we wait until the economy is stronger before prosecuting fraud? Nope ... Ecclesiastes 8:11 notes:
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| All The Easy Gold Is Gone — Discovery Channel’s ‘Gold Rush’ Crew Posted: 24 Oct 2014 07:40 PM PDT from KitcoNews: | |||||||||||||||||||||||||||||||||||||
| Critical Moment In History For Gold & Two Shocking Charts Posted: 24 Oct 2014 07:20 PM PDT from KingWorldNews:
Currently the industrial nations continue to be faced with the highest levels of public debt in peacetime. In the US, the Government Accountability Office sees fiscal policy on a path that is intractable in the long-term. In the following illustration of scenarios, rising debt is caused by fundamental imbalances between expenditures and revenues, demographic changes, as well as strongly rising health care costs. | |||||||||||||||||||||||||||||||||||||
| The American Dream Is Still Possible, Just Not In The US Posted: 24 Oct 2014 07:08 PM PDT Submitted by Ron Holland via The Daily Bell, Although there are no firm statistics on the number of Americans living outside the US, the US State Department estimates that somewhere between 3 and 6 million Americans now live offshore. I think this is a low estimate and the number is clearly growing. I now live in Canada but often travel back to the United States. Driving through Customs near Buffalo is usually not a big ordeal but it does involve a time-wasting delay much like visiting the post office or any other US government bureaucracy. But governments should police their borders, as this is one of the few legitimate functions of a central government. Still, whenever I'm there I do notice the America I grew up in and once knew has really changed since 9/11. The trend toward a more militarized and aggressive police force continues to quicken. I know most Americans accept this as part of the consequences of the War on Terror just as they do the loss of financial privacy, increased fines and asset seizures. The Canadian government recently warned citizens to be careful when taking cash to the US because of the risk of police taking their cash for hyped-up offenses. Did you know that in the last 13 years, over $2.5 billion has been stolen by law enforcement in almost 62,000 cash seizures? I have to say that as an American, I'm outraged at the situation and always on guard when in the USSA. I fear many Americans who don't travel internationally might have become somewhat immune to the intrusive, arbitrary nature of today's American government and its institutions. Here in Canada, law enforcement is almost always professional and courteous and even the bureaucrats are friendly and helpful, which simply amazes me. So to my American family, friends and business associates, I want you to know it is still possible to achieve the American Dream of a simple life with opportunity for wealth creation, fun, freedom and good times without an overly intrusive, threatening government ... just not in the United States. Many other nations, in Central and South America and elsewhere, certainly also experience corruption and inefficiencies but government threats remain outside of everyday life for most citizens and expats. Following are a few things I've noticed recently pertaining to international real estate and lifestyle decisions many people are considering, ranging from a new presidential executive order to mouth-watering Austrian chalets. I mention the latest presidential executive order not because it concerns your lifestyle or real estate but because this is how you are likely to lose more liberties, have your gold confiscated or your bank safe deposit box frozen during a future real or contrived crisis. Roosevelt used this governmental tool to illegally confiscate private gold in 1933 and there is no immediate defense or remedy to a presidential executive order. Yes, Congress can act over time but exactly how this would help after the fact is a question no one can answer. When retiring overseas, many countries require a minimum pension or retirement income in order receive the coveted benefits of expat retirement and your Social Security benefits can be all or part of this package. Therefore, leaving the US does not mean you lose your "promised but not guaranteed" Social Security benefits ... at least not until Congress starts to "means test" Social Security in order to end benefits to the wealthy and middle class. It is possible to continue to receive your benefits. Read more here. A couple of weeks ago I was flying back to Canada from a Casey Research conference in historic San Antonio, TX. The American Airlines flight magazine had an excellent article on the radical transformation of Colombia from a crime haven to a tourist haven and now the toast of South America. I have visited Colombia several times recently and you must put this exciting country on your bucket list for a visit. Read about it in "A Radical Transformation." I don't have a compulsive bone in my body except for being on time and I unrealistically expect everyone else to be on time. This is a minor problem for me in the United States, Canada or Europe – other than in Switzerland where everyone and everything is done in a timely manner. But in Central and South America, nothing happens by the clock. This is something potential expats and others considering living in Latin cultures will want to be aware of. While this article focuses on Ecuador, it provides excellent insight into the entire region. The Colombia economy is booming and is viewed increasingly by international investment managers as a good candidate for global diversification. The earlier long years of political upheaval and guerilla violence means that much of the reserves of this resource rich country including oil, gold and coal have not been explored and the reserves are still unaccounted for. Read what the NASDAQ has to say about the country at "Colombia Represents A New Vision in South America." Of course, going offshore isn't restricted to the lower cost, tropical venues of Central and South America. Some people may enjoy the opportunities for cold weather sports and the history of a wonderful country like Austria. Think of Austria as similar to Switzerland or Germany but a place where locals and visitors alike have a lot more fun. While Austrian real estate is not a bargain as it still is in South America, compared to Switzerland it is an excellent value. Here are a few chalets to tempt your wandering eye. The opportunities still available are truly amazing and I encourage you to takes steps to ensure your lifestyle and wealth now, while you can. | |||||||||||||||||||||||||||||||||||||
| The Gold Price Closed Down $7.10 this Week Ending at $1,231.20 Posted: 24 Oct 2014 06:57 PM PDT
Y'all enjoy your weekend! Aurum et argentum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com © 2014, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold or 18 ounces of silver. or 18 ounces of silver. US $ and US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. | |||||||||||||||||||||||||||||||||||||
| Gold Daily and Silver Weekly Charts РAudacious Oligarchy РTen Tonnes of Gold Taken Out of JPM? Posted: 24 Oct 2014 06:40 PM PDT from Jesse's Caf̩ Am̩ricain:
Marcus Tullius Cicero, In Catilinam I There was little of note in the Comex delivery report but there was a sizable withdrawal of gold reported from storage at the JP Morgan warehouse, about a third of the total at ten tonnes. Let’s see if that turns up anywhere, or is another fat finger. An individual event is of less matter than the significance of the trend. And the trends are apparent. Wall Street is drawing pictures on the Comex price charts, and there are those who will keep their heads down and continue to read them as if it is business as usual. They will not look at the reports from the new markets in Asia. They will ignore the uncomfortable and the unfamiliar. They are oblivious to the approach of change. Quite a few do not look at all. | |||||||||||||||||||||||||||||||||||||
| Putin Warns Of Risk Of Major Conflict, Says Dollar Losing Reserve Currency Status Posted: 24 Oct 2014 06:36 PM PDT Having been relatively quiet for a while, Russia's leader Vladimir, speaking in Sochi (following meetings with Middle East crown princes who confirmed Russia as a key partner - "isolated"?), has unleashed his most aggressive statements with regard the failing world order:
Adding that the risk of major conflicts involving major countries is growing, as well as the risk of arms control treaties being violated, Putin exclaimed that the US-led unipolar world is like a dictatorship over other countries and that "US leadership brings no good for others," and calls for a new global consensus.
Having met Crown Prince Al Nahyan of Abu Dhabi in Sochi, who confirmed that Moscow "plays a very important role in the Middle East," and added that he had no doubts that his country and Russia "are bound by a privileged relationship," it appears Russia is less "isolated" than the West would have many believe. As Bloomberg reports:
* * * Fighting talk? * * * Escalation? It seems sabre-rattling is picking up as The Washington Times reports,
* * * | |||||||||||||||||||||||||||||||||||||
| GLD Drained Again Yesterday: 33% of JPM’s Comex Gold Is Drained Posted: 24 Oct 2014 06:35 PM PDT by Dave Kranzler, Investment Research Dynamics:
To compound the removal of the "visible" physical stock of gold from our western system, nearly 10 tonnes of gold was removed from JP Morgan's Comex gold vault:
Over the last month, roughly 1 million ounces, or 31 tonnes of gold has been removed from JP Morgan's Comex gold vault. Based on the latest Comex gold futures open interest report, the ratio of December gold futures to "registered" gold available to deliver is 31. In other words, there 31 ounces of paper gold that has been sold into the market for every ounce of gold available to deliver. If that's not evidence of a rigged, manipulated market, I don't know it is. | |||||||||||||||||||||||||||||||||||||
| Paying People their Salary in Gold, A First in Singapore Posted: 24 Oct 2014 06:30 PM PDT from Koos Jansen: | |||||||||||||||||||||||||||||||||||||
| Dollar Losing Reserve Currency Status, Central Bankers Preparing A Major Conflict Posted: 24 Oct 2014 06:18 PM PDT UK growth falls .7%. Frances unemployment is at an all time high. Unilever sales down because of economy. U.S. Government revises house data to make it look like housing is in a recovery.China launches the BRICS bank. Shooting in Washington state to push gun bills. Mali has first case of Ebola as... [[ 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! ]]  | |||||||||||||||||||||||||||||||||||||
| Manipulation of Gold And Silver In The Futures Market Posted: 24 Oct 2014 06:00 PM PDT by David Schectman, MilesFranklin.com:
Relying on information from other people, I inadvertently published incorrect information on precious metals reporting requirements. We at Miles Franklin are not providing tax advice. What I am providing is what we (or any Precious Metals Broker) are required to report on as of today's IRS regulations. Each Individual is responsible for their own tax reporting obligations and should seek advice from a licensed tax professional. Here is what We are required to report and file a 1099, per ICTA and our primary wholesalers. | |||||||||||||||||||||||||||||||||||||
| Shanghai Delivers 51.5 Tonnes of Gold For the Week: How Long Can the Gold Pool Be Sustained Posted: 24 Oct 2014 05:54 PM PDT | |||||||||||||||||||||||||||||||||||||
| 50% Of American Workers Make Less Than $28,031 A Year Posted: 24 Oct 2014 05:35 PM PDT Submitted by Michael Snyder of The Economic Collapse blog, The Social Security Administration has just released wage statistics for 2013, and the numbers are startling. Last year, 50 percent of all American workers made less than $28,031, and 39 percent of all American workers made less than $20,000. If you worked a full-time job at $10 an hour all year long with two weeks off, you would make $20,000. So the fact that 39 percent of all workers made less than that amount is rather telling. This is more evidence of the declining quality of the jobs in this country. In many homes in America today, both parents are working multiple jobs in a desperate attempt to make ends meet. Our paychecks are stagnant while the cost of living just continues to soar. And the jobs that are being added to the economy pay a lot less than the jobs lost in the last recession. In fact, it has been estimated that the jobs that have been created since the last recession pay an average of 23 percent less than the jobs that were lost. We are witnessing the slow-motion destruction of the middle class, and very few of our leaders seem to care. The "average" yearly wage in America last year was just $43,041. But after accounting for inflation, that was actually worse than the year before...
And please keep in mind that "average pay" is really skewed by the millionaires and billionaires at the top end of the spectrum. Median pay in 2013 was just $28,031.02. That means that 50 percent of American workers made less than that number, and 50 percent of American workers made more than that number. Here are some more numbers from the report that the Social Security Administration just released...
I don't know about you, but those numbers are deeply troubling to me. It has been estimated that it takes approximately $50,000 a year to support a middle class lifestyle for a family of four, and so the fact that 72 percent of all workers make less than that amount shows how difficult it is for families that try to get by with just a single breadwinner. The way that our economy is structured now, both parents usually have to work as hard as they can just to pay the bills. But there was one group of Americans that did see their incomes actually increase last year. Those making over 50 million dollars had their pay increase by an average of $12.8 million in 2013. For everyone else, the news was not good. And of course this is a trend that has been going on for a long time. Posted below is a chart that comes from the Federal Reserve. It shows how real median household income in the United States has declined since the year 2000...
Meanwhile, the cost of living has continued to rise at a steady pace. Needless to say, this is putting a tremendous squeeze on the middle class. With each passing day, more Americans are losing their spots in the middle class and this has pushed government dependence to an all-time high. According to the U.S. Census Bureau, 49 percent of all Americans now live in a home that receives money from the government each month. This is completely and totally unsustainable, but our long-term economic problems just keep getting worse. Our politicians have stood by as millions upon millions of good paying jobs have been shipped out of the country. Millions of other middle class jobs have been lost to technology. This has resulted in intense competition for the middle class jobs that remain. And at this point we are even losing lots of lower paying retail jobs. For example, it is being reported that Sears plans to close 110 more stores and lay off more than 6,000 workers. Sears says that the report "isn't accurate", but it isn't denying that stores will be closed either...
No matter how many stores Sears does end up closing over the next few months, the truth is that our economy is a complete and total mess at this point. Our politicians and the mainstream media are trying to put a happy face on everything, but the cold, hard numbers prove that we are not anywhere close to where we were prior to the last recession. Because it is so difficult to find a good job in America today, I often recommend to people that they should consider starting their own businesses. But thanks to the bureaucratic control freaks in the Obama administration and in our state governments, small business ownership in America today is at an all-time low. It is almost as if they don't want the "little guy" to win. Every avenue of prosperity for the middle class is under assault, and there does not appear to be much hope that this will change any time soon. And the truly frightening thing is that this is about as good as things are going to get for the middle class. We are rapidly approaching the next major wave of our long-term economic decline, but that is a topic for a future article. | |||||||||||||||||||||||||||||||||||||
| More nations are trying to get out from under the U.S. dollar, Putin says Posted: 24 Oct 2014 04:23 PM PDT Putin Accuses U.S. of Blackmail, Weakening Global Order By Stepan Kravchenko http://www.bloomberg.com/news/2014-10-24/putin-accuses-u-s-of-blackmail-... MOSCOW -- The U.S. is behaving like "Big Brother" and blackmailing world leaders while making imbalances in global relations worse, Russia's president said. Current conflicts risk bringing world order to collapse, Vladimir Putin told the annual Valdai Club in the Black Sea resort of Sochi. The Cold War's "victors" are dismantling established international laws and relations, while the global security system has become weak and deformed, with the U.S. acting like the "nouveau riche" as global leader, he said. "The Cold War has ended," Putin said. "But it ended without peace being achieved, without clear and transparent agreements on the new rules and standards." ... Dispatch continues below ... ADVERTISEMENT Own Allocated -- and Most Importantly -- Zurich, Switzerland, remains an extremely safe location for storing coins and bars of the monetary metals. If you do not own segregated physical coins and bars that you can visit, inspect, and take delivery of, you are vulnerable. International diversification remains vital to investors. GoldCore can accomplish this for you. Read GoldCore's "Essential Guide to Gold Storage In Switzerland" here: http://info.goldcore.com/essential-guide-to-storing-gold-in-switzerland Email the GoldCore team at info@goldcore.com or call our trading desk: UK: +44 (0)203 086 9200 -- U.S.: +1-302-635-1160 -- International: +353 (0)1 632 5010 Russia has clashed with the U.S. over conflicts from Syria to Ukraine, sending relations between the two countries to levels not seen since Soviet times. Putin, whose nation is on the brink of recession because of U.S. and European sanctions over Ukraine, also offered asylum to fugitive American government intelligence contractor Edward Snowden in 2013. "Global anarchy" will grow unless clear mechanisms are established for resolving crises, Putin told the invited group of foreign and Russian academics and analysts. The U.S.'s "self-appointed" leadership has brought no good for other nations and a unipolar world amounts to a dictatorship, he said. "The United States does not seek confrontation with Russia, but we cannot and will not compromise on the principles on which security in Europe and North America rests," State Department spokeswoman Jen Psaki said in response today in Washington. Psaki said the U.S. was committed to upholding Ukraine's sovereignty and territorial integrity while continuing to cooperate with Russia on other issues, including destroying nuclear stockpiles and Syria's chemical weapons cache. "Our focus is on continuing to engage with Russia on areas of mutual concern, and we're hopeful that we'll be able to continue to do that," Psaki said, "while we still certainly have disagreements on some issues." Putin also attacked globalization, which he said has "disillusioned" many countries and risks hurting trust in the U.S. and its allies. More nations are trying to escape dependence on the dollar as a reserve currency by forming alternative financial systems, according to the Russian leader. Russia doesn't want to restore its empire or have a special place in the world, Putin said. While it's not seeking superpower status in international relations, it wants its interests to be respected, he said. Putin also commented on Crimea, whose annexation by Russia in March triggered U.S. and European Union sanctions that have since been intensified over the insurgency in Ukraine's east. Absorbing the Black Sea peninsula that was earlier part of Russia complied with United Nations norms and followed an armed seizure of power in Kiev, he said. Russia wouldn't "mindlessly burn up" foreign currency reserves to defend the ruble, Putin said, as he acknowledged that the reserves were shrinking from interventions in the market. Under pressure from sanctions and falling oil prices, the ruble fell to a record today against the central bank's target dollar-euro basket. While Ukraine's crisis isn't the prime cause of Russia's worsening ties with the U.S and its allies, attempts are being made "once again to create the image of an enemy, as during the years of the Cold War" and to divide up the world, Putin said. The Russian people sensed danger and are rallying around their leader, said Putin, who described himself as the country's biggest nationalist. There were similarities between Russia now and the U.S. after the Sept. 11 attacks, he said. Putin said that while President Barack Obama sees Russia as a threat, Russia didn't seek a confrontation with the U.S. The sanctions undermine World Trade Organization rules and Russia remains ready for dialogue over normalizing economic ties, he said. Even so, Russia won't "beg for anything" in response to the measures, nor is it walling itself off from the world, according to Putin. "External pressure, just as in the past, is only consolidating our society, not weakening it." He rejected a claim attributed to the Kremlin's first deputy chief of staff, Vyacheslav Volodin, that "without Putin, there is no Russia." The president told his audience that "Russia can get by without people like me." Join GATA here: Mines and Money London http://www.minesandmoney.com/london/ Vancouver Resource Investment Conference http://cambridgehouse.com/event/33/vancouver-resource-investment-confere... * * * 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: | |||||||||||||||||||||||||||||||||||||
| Who rules? Information Technology Posted: 24 Oct 2014 04:17 PM PDT Natural systems show us only lower bounds to the possible, in cell repair as in everything else. — K. Eric Drexler, Engines of Creation, p. 105 Our ability to create models— virtual realities—in our brains, combined with our modest-looking thumbs, has been sufficient to usher in another form of evolution: technology. That development enabled the persistence of the accelerating pace that started with biological evolution. It will continue until the entire universe is at our fingertips. — Ray Kurzweil, The Singularity Is Near: When Humans Transcend Biology (Kindle Locations 9409-9412; all subsequent references in this format refer to this source) The combination of nanotechnology and advanced AI will make possible intelligent, effective robots; with such robots, a state could prosper while discarding anyone, or even (in principle) everyone. — K. Eric Drexler, Engines of Creation, p. 176 Along with the massive money printing and debt-laden economy our overlords insist we need there is another economy, so to speak, that defies their intentions. In the world of technology the Keynesian horror known as price deflation is the overpowering fact. Far from bringing economic calamity, the accelerating growth of a widening range of technologies is proving resistant to the Keynesian virus of central bank inflation. And as these technologies merge with our minds and bodies in increasingly diverse and intimate ways, decentralize and revolutionize nearly every aspect of our economy and culture, the world as we know it today will disappear during our lifetimes. There are at least three reasons why today's world will soon be ancient history: 1. The life force of capitalism (creativity, entrepreneurship, competition, free markets) is still alive, especially in information technology. Ray Kurzweil (March 31, 2011 interview): The smartphones we carry around in our pockets are a billion times more powerful — per dollar — than the computer I used at MIT in the late 1960s. They're also 100,000 times smaller. In 25 years our cell phones will be the size of a blood cell and more powerful. (6:10) 2. Once a technology becomes an information technology it is subject to the Law of Accelerating Returns, meaning it advances exponentially. Human biology and medicine historically progressed at a linear rate until they were transformed by information technology. When the government version of the Human Genome Project began in 1990, for example, critics said it would take thousands of years to finish, given the speed at which the genome could then be scanned. Yet the 15 year project finished slightly ahead of schedule. 3. The spread of information technology introduces a deflationary effect that expands with advancements in technology. You could buy one transistor for a dollar in 1968; in 2002 a dollar purchased about ten million transistors. (Kindle 1232) Despite [the] massive deflation in the cost of information technologies, demand has more than kept up. The number of bits shipped has doubled every 1.1 years, faster than the halving time in cost per bit, which is 1.5 years. As a result, the semiconductor industry enjoyed 18 percent annual growth in total revenue from 1958 to 2002. The entire information-technology (IT) industry has grown from 4.2 percent of the gross domestic product in 1977 to 8.2 percent in 1998. (Kindle 1263-1266) As Kurzweil has often articulated, exponential growth itself is growing exponentially and applies to a wide range of technologies, from electronic to biological. Nor does growth depend on a specific paradigm, such as Moore's Law (shrinking of components on an integrated circuit). Since the U.S. census of 1890, there have been five paradigms of computing, each one showing exponential growth in price-performance — electromechanical, relays, vacuum tubes, discrete transistors, and integrated circuits. Each of these paradigms follows an S-curve life cycle — slow growth, followed by explosive growth, ending in a leveling off as it matures. As a paradigm begins to stall pressure grows for a replacement paradigm. Engineers were shrinking vacuum tubes in the 1950s while transistors were making their way into portable radios, and they later replaced vacuum tubes in computers. Moore's Law will fade around the end of this decade and will be replaced by a sixth paradigm, which will likely be three-dimensional molecular computing. More specifically, researchers have been experimenting with nanotubes — carbon atoms rolled up into a seamless tube — to replace silicon in computers. Because they're very small nanotubes can achieve very high densities. Last year, Stanford University engineers built a carbon nanotube computer that was comparable in performance to a 1971 Intel 4004. Peter Burke at California/Irvine in the peer-reviewed journal Nano Letters says the theoretical speed limit of nanotube transistors should be one terahertz (1,000 GHz). Kurzweil estimates that a cubic inch of nanotube circuitry would be up to 100 million times more powerful than the human brain. (Kindle 1893) Working smarter As the computing substrate evolves and becomes orders of magnitude faster, we're seeing evidence that the software component will lag only slightly behind the hardware advancements. IBM's Deep Blue defeated chess champion Garry Kasparov in 1997. Deep Blue, though, was an expensive supercomputer built for that one purpose. Less than a decade later Deep Fritz 10, running on a desktop PC with two Intel Core 2 Duo CPUs, accomplished a similar feat by defeating the undisputed world champion Vladimir Kramnik in Bonn, Germany. More recently Christophe Théron's Tiger chess engine, which won tournaments between 2000-2002, has found a home on Apple's mobile devices. Desktop computers and smartphones lack the speed and capacity of 1990s supercomputers. So how can they be so good at playing chess? In The Age of Intelligent Machines (p. 130), Kurzweil estimated that it would take about 40 billion years to make the "perfect" move in a typical chess match, assuming a 30-move game in which a computer would analyze 830 possible moves at the rate of one billion moves per second. (As Kurzweil notes the computer would probably blow up with Big Bang II before the first move was determined.) Rather than attempt the perfect move, human players consider various paths and "prune away" unpromising moves based on pattern-recognition judgments. That's how humans approach chess. That's also how Deep Fritz plays chess. Chess software has become more human-like. The Evolution of Watson Watson, the IBM supercomputer that defeated Jeopardy!'s two all-time champions in 2011, added a new element to computer evolution with its advanced natural language abilities. Watson could not only "read" and retain massive amounts of English-language content, it could understand Alex Trebek's queries (which were often tricky), determine the probability that it knew the correct answer, and decide whether to respond or not. Watson had to do all this in less than three seconds, on average. To meet this challenge IBM developed a computer architecture called DeepQA. (QA refers to question answering.) Since donating Watson's million-dollar Jeopardy award to charities, IBM has opened up six Watson Client Experience Centers around the world, with headquarters in a new, glass-walled office building at 21 Astor Place in Manhattan's East Village. In partnership with Spain's CaixaBank, Watson is now learning Spanish, too. Perhaps we should be addressing it as Dr. Watson. Watson can read two hundred million pages of clinical data, cross-reference the symptoms of one million cancer patients or read millions of current medical journals to test hypotheses. It can do any of these tasks in 15 seconds or less. So, for example, the query: "Which disease causes 'Uveitis' in a patient with a family history of arthritis presenting circular rash, fever, and headache?", a traditional search engine would answer with a set of links to web pages which a domain expert then has to read through in order to get the relevant information. If you ask the same question to Watson, the answer would be: 76% Lyme disease, And Watson has trimmed down considerably. The version that starred on Jeopardy occupied a large, air conditioned room that was connected to the TV show through an avatar. Today's Watson, according to IBM, is 24 times faster, 90 percent smaller and delivered from the cloud. Watson has gone from the size of a master bedroom to three stacked pizza boxes. The latter will seem huge when Watson becomes available on mobile devices. Can Watson pass for human? How would Watson technology do in a well-designed Turing test? Better than most but it still lacks some of the subtleties most people regard as uniquely human. Alan Turing designed the test on the grounds that if a machine can think it can pass for human. According to Kurzweil, there are no simple language tricks that would enable a computer to pass a well-designed Turing test. A computer would need to actually master human levels of understanding to pass this threshold. And when a computer does pass that threshold, Kurzweil will regard it as human. There of course will be controversy over the results. By the time most people concede that machines can think, Kurzweil contends, they will already be "thousands of times smarter than us." Which means that a strategy for passing the test will be to dumb itself down, which it will easily be smart enough to do. Given the exponential price-performance growth of technology, he projects that the hardware to simulate the human brain will be available for $1,000 by 2020. This assumes a PC capable of operating at 1016 (ten quadrillion) calculations per second, using dedicated ASIC chips, and harvesting unused computational capacity of the internet. The software to replicate the functions should take about a decade longer. He's betting that by 2029 a computer will pass Turing. "By 2030 it will take a village of human brains (around one thousand) to match a thousand dollars' worth of computing." Martin Armstrong On The Danger Of Conspiracy Theories Posted: 24 Oct 2014 04:01 PM PDT Submitted by Martin Armstrong via Armstrong Economics blog,
If you want to hide something in plain view, exaggerate it to the point it becomes extreme and convert it to a conspiracy theory. This is a very standard in how to create propaganda and if you keep saying a lie, its becomes the truth to many without ever having to prove anything. To uncover the truth, takes digging. This I have discovered both in politics as well as market fundamentals. The two big conspiracy theories to be exaggerated that cover up the truth are the 911 WTC Attack and the Kennedy Assassination. With the former, people take it to the extreme and claim there was not even an attack by terrorists and the whole thing was made up. Sorry, there was an attack and the government knew it was coming and allowed it to for three purposes
Now, that is far closer to the truth than claiming there was no Middle East terrorists involved at all, Strange, for that does not jive with Saudi Arabia threatening Russia with terrorism or the funding of ISIS to overthrow Syria which has now overthrown most of Iraq.
Then there is the Kennedy Assassination spun to be the product of the Mafia or with Oswald’s Russian connection. Eisenhower in his Farewell Address warned of the vast military complex that had grown out of World War II employing over 3 million people. There was no such industry before that war and the view was now Communism would take the world. My father was a Colonel under General Patton and you to tell me all the time about him as a child how he read the books of his opponent and how he accurately predicted that the real enemy would be Stalin and wanted to go all the way to Moscow.
In the Third 1960 Presidential Debate, Kennedy exposed the truth behind the decline in the Bretton Woods System – it was the vast expenditure on the military. Her said: Now on the question of gold. The difficulty, of course, is that we do have heavy obligations abroad, that we therefore have to maintain not only a favorable balance of trade but also send a good deal of our dollars overseas to pay our troops, maintain our bases, and sustain other economies. The price of silver was rising and Kennedy set in motion the withdraw of silver from the monetary system. This too has been spun into a conspiracy theory Here they have spun JFK’s Executive Order 11110 into the Federal Reserve killed Kennedy because he was taking their power to print currency away. You just can’t get any more far-fetched than that one. Simply put, JFK also said the US current account deficit could be stopped at any time if the government stopped expanding its military worldwide for that was sending dollars offshore. If anyone had a motive, it was the very same people behind the NSA abuse of power – not the Federal Reserve, Mafia, or Russians. Just follow the money and you get closer to the truth – i.e. Halliburton, Cheney and the Iraq War against a nation who was against religious fanatics, the very terrorists who attacked the USA – go figure that one out without following the money. We took out two dictators who kept religious fanatics in check -Saddam Hussein and Muammar al-Gaddafi. BTW, as soon as Halliburton was to be investigated, they moved to Dubai. Just follow the money. | |||||||||||||||||||||||||||||||||||||
| Keeping the Economy Alive with QE and Cheap Credit Posted: 24 Oct 2014 01:39 PM PDT This post Keeping the Economy Alive with QE and Cheap Credit appeared first on Daily Reckoning. I think it’s very useful to think of the global economy as a big raft, but instead of being inflated with air, this raft is being inflated with credit. And on top of the raft you would have all of the asset classes; stocks, bonds, commodities (including gold), plus you have the world’s population of 7 billion people. The problem is the raft is now fundamentally defective; it is full of holes and the credit keeps leaking out the holes. Well, the natural tendency of the raft now is to sink and when it starts to sink, the stocks go down and the property goes down and the commodities go down and gold goes down and people start to get their feet wet. And the policy makers understand rightly that if the raft sinks it’s not going to be a matter of simply a stock market crash, people are going to die as they did in the 1930s. And so there’s only one possible policy response and that’s to pump in more credit and that’s what they’re doing through the large budgets and through the Fiat money creation, quantitative easing. And when they do that, the raft reflates and all the asset prices move up together and the people, once again, have their dry feet and they’re happy. But then once they stop with the quantitative easing, with the liquidity injection, the credit starts leaking out the sides again and the raft starts to sink and so they have to repeat quantitative easing. We’ve had QE1, QE2, QE3; when QE3 stops, we’ll have QE4 and probably QE5. Now the reason why the raft is fundamentally defective is because at this stage of creditism, so much credit has been created globally that the income of the 7 billion on earth, at least as it’s currently divided, is not adequate to continue paying interest on all of the debt that they have borrowed and so they keep defaulting. Whether it’s in Ireland, or Greece or the subprime disaster here, the banks in Japan suing the banks in China, someone defaults and the credit leaks out and the raft starts to sink and the only way to respond to this is by pumping in more credit and that’s why we’re on government life support. Take away the government life support and the world as you know it won’t be here. The post Keeping the Economy Alive with QE and Cheap Credit appeared first on Daily Reckoning. | |||||||||||||||||||||||||||||||||||||
| Gold Daily and Silver Weekly Charts - Plus C'est la Même Chose - Mandatory Quarantines Posted: 24 Oct 2014 01:32 PM PDT | |||||||||||||||||||||||||||||||||||||
| Why the Fed Will Launch Another Round of QE Posted: 24 Oct 2014 01:20 PM PDT This post Why the Fed Will Launch Another Round of QE appeared first on Daily Reckoning. In November 2002, Fed Governor Ben Bernanke introduced the concept of Quantitative Easing to the world. In a speech entitled "Deflation: Making Sure It Doesn't Happen Here", he explained that the Fed could prevent deflation from taking hold in the United States by creating money and using it to acquire government and agency (i.e. Fannie Mae and Freddie Mac) bonds. He proclaimed that this "unorthodox monetary policy" would be particularly efficacious if carried out in combination with an expansionary fiscal policy. With this speech, Bernanke reassured the banking industry and the rest of the speculating community of the Fed's omnipotence. In doing so, he encouraged even more aggressive credit creation and risk-taking. As a result, the credit bubble, which had already grown quite large, became very much larger. When it imploded six years later, Fed Chairman Bernanke, in cooperation with Treasury Secretaries Paulson and Geithner, responded to the crisis using the exact policies Bernanke had described in 2002. The Fed began printing very large amounts of money and using it to buy very large amounts of government and agency debt. The Treasury began borrowing and spending trillions of dollars, which it was able to finance at very low interest rates thanks to the Fed's purchases of government debt. This combination of very aggressive fiscal and monetary stimulus prevented a new great depression and the horrific collapse in prices that would have accompanied it. Therefore, while it should not be forgotten that Bernanke bears much blame for allowing this crisis to occur, it must also be acknowledged that he was correct when he declared the Fed would be able to prevent deflation through the aggressive use of unorthodox monetary policy. QE allowed the government…to finance its deficit spending at very low interest rates. Many financial commentators have noticed that bank reserves held at the Fed have increased by $2.9 trillion since early 2009. As this is equivalent to 83% of the amount of money the Fed has created during that period, they have concluded that almost all of the money created through QE has been stuck in the banks and therefore has had no impact on the economy whatsoever. This interpretation is incorrect, however. Between 2009 and 2013, the government borrowed approximately $5.8 trillion to finance its budget deficits. During that time, the Fed acquired $1.9 trillion worth of government bonds. If the Fed had not bought those bonds, either the government would have had to spend $1.9 trillion less, which would have removed $1.9 trillion of aggregate demand from the economy, or else the government would have had to borrow the $1.9 trillion from the financial markets. That would have drained liquidity from the system and pushed up interest rates (resulting in old fashioned Crowding Out). Higher interest rates would have pushed the collapsing property market down even further and damaged the economy in countless other ways. QE allowed the government to boost aggregate demand through deficit spending and to finance its deficit spending at very low interest rates. The Fed also bought $1.7 trillion worth of agency debt or, in other words, the mortgage-related debt issued and guaranteed by Fannie and Freddie. That pushed up the price of those bonds and drove down their yields. By acquiring that debt at a much higher price than would have otherwise prevailed, the Fed helped restore the solvency of the crippled financial industry, which was then teetering on the edge of the abyss. By pushing down the yield on mortgage-related debt, the Fed stopped the collapse in property prices and later, under QE 3, brought about their rebound. Higher property prices helped reflate the economy by pushing up household sector net worth. If the Fed had not bought $1.7 trillion worth of mortgage-related debt, the yield on that debt would have remained high (or moved higher), the owners of that debt would have been stuck with impaired assets and the property market would have weakened further instead of rebounding. In these ways, QE greatly strengthened the economic fundamentals of the United States. Recognizing this, equity investors drove the stock market higher each time a new round of QE was announced. Surging stock prices also served to reflate the economy. It is certain that QE reflated the US economy by pushing up asset prices. Between the rebound in property prices and the sharp rise in stock prices, household sector net worth increased by $25 trillion (or by 45%) from the low it reached in 2009. It is now 17% above its pre-crisis peak. This increase in wealth was the result of Quantitative Easing. What else could possibly explain it? That surge in net worth clearly created a wealth effect that allowed much more consumption and, therefore, economic growth, than would have been possible otherwise. It was not a coincidence that net worth rose by $25 trillion at the same time that the central bank was creating unprecedented amounts of fiat money and using it to acquire financial assets. It is certain that QE reflated the US economy by pushing up asset prices. It is not at all certain, however, that the economy will remain "reflated" when QE ends in October. In fact, the odds are quite high that it will begin to deflate again. Should that occur, the Fed would then have to decide whether to do nothing and allow everything it has accomplished to unravel in a process most probably leading back to severe recession and deflation or else to launch yet another round of Quantitative Easing. I believe it will be an easy decision for the Fed to make. After all, what's a few trillion dollars more (shared) among friends? Regards, Richard Duncan P.S. For my ongoing forecasts on what the Fed will do and where I believe asset prices are headed, please subscribe to my quarterly video newsletter Macro Watch. I’ve created a coupon code for you as a Daily Reckoning reader — simply enter the coupon “daily” to receive a 50% discount. The post Why the Fed Will Launch Another Round of QE appeared first on Daily Reckoning. | |||||||||||||||||||||||||||||||||||||
| Posted: 24 Oct 2014 12:06 PM PDT Battered silver remains deeply out of favor, recently plumbing miserable new lows after drifting sideways for most of 2014. This metal’s relentless and oppressive weakness continues to break the wills of long-suffering contrarians. But professional investors are taking advantage of the epically-bearish psychology plaguing silver. They’ve been steadily accumulating positions all year long in massive stealth buying. Silver certainly wasn’t always a loathed market pariah. Back in early 2011, silver blasted up above $48 on widespread enthusiasm from investors and speculators. It was one of the 2000s’ greatest bull markets, up an astounding 1105% during a 9.4-year span where the benchmark S&P 500 limped to a 20% gain. The brave contrarians fighting the herd to buy silver low in the early 2000s greatly multiplied their wealth. | |||||||||||||||||||||||||||||||||||||
| Blood in the Streets to Create the Gold Stocks Investor Opportunity of the Decade Posted: 24 Oct 2014 12:02 PM PDT By Laurynas Vegys, Research Analyst Gold stocks staged spring and summer rallies this year, but haven̢۪t able to sustain the momentum. Many have sold off sharply in recent weeks, along with gold. That makes this a good time to examine the book value of gold equities; are they objectively cheap now, or not? | |||||||||||||||||||||||||||||||||||||
| Gold and Silver Subdued as Panic Over Posted: 24 Oct 2014 11:47 AM PDT For gold and silver it has been a week of two halves: first prices rallied to a peak on Tuesday, then declined to show net losses for the week on Wednesday for silver and Thursday for gold. Broadly these precious metals reflected first weakness then strength in the US dollar. And equities reversed the nervousness of the previous week after a FOMC member suggested QE would be extended, with the S&P 500 closing up 7% on Thursday from its October 15 low. | |||||||||||||||||||||||||||||||||||||
| Swiss ‘Yes’ and ‘No’ Gold Initiative Campaigns Compete at Launches in Bern Posted: 24 Oct 2014 11:41 AM PDT by Ronan Manly, GoldCore Consultant Contents - Introduction - ‘Yes’ Campaign Launch - Paper Decays, Gold Holds Its Value - ‘No’ Campaign Launch - Alphabet Soup - Unsaleable Gold Like an Unusable Fire Extinguisher? - Swiss Electorate 5.2 Million - Double Majority Including Cantons - Referendas by the Dozen - Sometimes There are Shock Results | |||||||||||||||||||||||||||||||||||||
| Posted: 24 Oct 2014 10:54 AM PDT First Majestic CEO wants silver miners to form counter-cartel against futures shorters Submitted by cpowell on 10:14PM ET Thursday, October 23, 2014. Section: Daily Dispatches 12:10a CT Friday, October 24, 2014 Dear Friend of GATA and Gold: First Majestic Silver CEO Keith Neumeyer, interviewed by Future Money Trends, argues that silver miners should form... Read more » The post In The News Today appeared first on Jim Sinclair's Mineset. | |||||||||||||||||||||||||||||||||||||
| Rick Santelli Predicts Stunning Victory For Swiss Gold Initiative Posted: 24 Oct 2014 10:24 AM PDT  Today CNBC's Business News On-Air Editor Rick Santelli surprised King World News when he predicted a stunning victory for the Swiss Gold Initiative. Santelli also brought up Germany's struggle to get their gold back from the United States in his powerful interview below.This posting includes an audio/video/photo media file: Download Now | |||||||||||||||||||||||||||||||||||||
| Critical Moment In History For Gold & Two Shocking Charts Posted: 24 Oct 2014 08:10 AM PDT  Today King World News is featuring a piece by a man whose recently released masterpiece has been praised around the world, and also recognized as some of the most unique work in the gold market. Below is the latest exclusive KWN piece by Ronald-Peter Stoferle of Incrementum AG out of Liechtenstein.This posting includes an audio/video/photo media file: Download Now | |||||||||||||||||||||||||||||||||||||
| At King World News, Sperandeo, Celente, and Mauldin Posted: 24 Oct 2014 08:00 AM PDT 9:55a CT Friday, October 24, 2014 Dear Friend of GATA and Gold: At King World News, market analyst Victor Sperandeo says traders enjoy the current stock market because the Federal Reserve repeatedly has manipulated it back up: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/23_L... Also at KWN, trends forecaster Gerald Celente says that the more governments try to keep their economies going with money creation, the more support will be given to the price of gold: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/24_C... And market analyst John Mauldin says he expects powerful deflation and astonishing strength in the U.S. dollar: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/10/23_M... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Direct Ownership and Storage of Precious Metals Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore. Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars. Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver. Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173) To invest or learn more, please visit: Join GATA here: Mines and Money London http://www.minesandmoney.com/london/ Vancouver Resource Investment Conference http://cambridgehouse.com/event/33/vancouver-resource-investment-confere... * * * 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: | |||||||||||||||||||||||||||||||||||||
| Paying people their worth in gold -- a first in Singapore Posted: 24 Oct 2014 07:39 AM PDT From Channel News Asia, Singapore http://www.channelnewsasia.com/news/singapore/paying-people-their-worth/... SINGAPORE -- How would you like to be paid your worth in gold? Singapore-based precious metals dealer BullionStar is doing just that by rewarding staff with the commodity as salary, and it says it is the first in the country to do so. Here is how it works: If, for example, you earn S$3,200 a month, you can choose to be paid in two gold bars each worth S$1,600. Theoretically, if you are a high earner drawing a pay of S$51,000 a month, you can choose to be paid with a one-kilogram gold bar. Sales manager Vincent Tie is one of six employees at BullionStar who has opted to receive his salary in bullion. About 20 to 40 per cent of the 38-year-old's basic pay is given in gold. ... Dispatch continues below ... ADVERTISEMENT Silver mining stock report comes with 1-ounce silver round Future Money Trends is offering a special 18-page silver mining stock report about how to profit with the monetary and industrial metal in 2014, and it comes with a free 1-ounce silver round. Proceeds from the report's sales are shared with the Gold Anti-Trust Action Committee to support its efforts to expose manipulation in the monetary metals markets. To learn about this report, please visit: "If I save in a paper currency in a bank, the interest paid to me cannot beat the rate of inflation, so essentially I am losing purchasing power. That means that I am buying less with my wealth," Mr Tie said about why he went for the heavy metal option. BullionStar said it expects more employers to take up this practice, which harks back to the old days when gold and silver were indeed currency and used to reward labour. "Precious metals have served as money throughout most of history for some 6,000 years. So staying true to this belief that we have that precious metals might once again return in some form or shape as money, it is quite natural for us to also offer our employees salary payments in gold and silver," BullionStar CEO Torgny Persson said. Leaving paper money aside does not mean an end to paperwork, however. Human resource experts pointed out a few things to consider if firms wish to introduce such innovative payment policies. "All employers are obligated to pay salary within seven days of its due date. They also have to ensure that the calculations of the basic pay is clear and transparent," said Mr Erman Tan, president of the Singapore Human Resources Institute. "At a later stage all the employers are required to produce a stipulated pay slip as well. These administration issues will be part of the consideration." The volatility of commodities is another factor. Hays Regional Director Chris Mead said: "You might be paid, say, the equivalent of S$5,000 or S$10,000 in a particular month -- then if the price of gold goes up, that is great for you. If the price of gold goes down, then that is not so good for you. So I guess an individual would need to weigh those concerns." As for contributions for staff to the Central Provident Fund, BullionStar still makes those in cold, hard cash. Join GATA here: Mines and Money London http://www.minesandmoney.com/london/ Vancouver Resource Investment Conference http://cambridgehouse.com/event/33/vancouver-resource-investment-confere... * * * 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: | |||||||||||||||||||||||||||||||||||||
| The Geopolitics of World War III Posted: 24 Oct 2014 07:27 AM PDT The real reason Russia and Syria are being targeted right now. Sure the Dollar is part of it, in regards to attacking the Middle east, But the real story is about Ancient Artifacts, (some of which are high tech, and tell as well as show our real origins) blowing religions "Beliefs" out of 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! ]]  | |||||||||||||||||||||||||||||||||||||
| Alasdair Macleod: Markets and reality disconnected Posted: 24 Oct 2014 07:26 AM PDT 9:25a CT Friday, October 24, 2014 Dear Friend of GATA and Gold: Government intervention in markets is only part of the disconnection of markets from reality, GoldMoney research director Alasdair Macleod writes today. "Ordinary people have given their savings and pension funds to professionals who speculate on their behalf," Macleod writes. "It is the professionals who talk about the Yellen put, meaning that the Fed simply won't let prices fall significantly. We can fret about who is actually responsible for market distortions; instead we should ask who benefits." Macleod's commentary is headlined "Markets and Reality Disconnected" and it's posted at GoldMoney here: http://www.goldmoney.com/research/analysis/markets-and-reality-disconnec... 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: Mines and Money London http://www.minesandmoney.com/london/ Vancouver Resource Investment Conference http://cambridgehouse.com/event/33/vancouver-resource-investment-confere... * * * 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: | |||||||||||||||||||||||||||||||||||||
| Three major nations absent as China launches rival to Western development bank Posted: 24 Oct 2014 06:32 AM PDT By Brenda Goh SHANGHAI -- Australia, Indonesia, and South Korea skipped the launch of a China-backed Asian infrastructure bank on Friday as the United States said it had concerns about the new rival to Western-dominated multilateral lenders. China's proposed $50 billion Asian Infrastructure Investment Bank is seen as a challenge to the World Bank and Asian Development Bank, both multilateral lenders that count Washington and its allies as their biggest financial backers. China, which is keen to extend its influence in the region, has limited voting power over these existing banks despite being the world's second-largest economy. ... ... For the remainder of the report: http://www.reuters.com/article/2014/10/24/china-aiib-idUSL6N0SI26S201410... 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: Mines and Money London http://www.minesandmoney.com/london/ Vancouver Resource Investment Conference http://cambridgehouse.com/event/33/vancouver-resource-investment-confere... * * * 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: | |||||||||||||||||||||||||||||||||||||
| Tesco Meltdown Debt Default Risk Could Trigger a Financial Crisis in Early 2015 Posted: 24 Oct 2014 04:26 AM PDT The mainstream press is finally waking up the the catastrophe that is taking place at Britain's largest Supermarket that for well over a year has been in a state of collapse, whilst the mainstream press in large part swallowed Tesco's bogus financial numbers as its management in a complete state of denial 'of this cannot be happening' first bent and then broke umpteen accounting rules so as to hide the true state of the supermarket giant's financial picture, one of effectively fast disappearing down a black hole as a consequence of the fundamental factor that Tesco just CANNOT compete against the discount retailers such as Aldi and Lidl towards which Tesco has been exponentially haemorrhaging customers to the point where last week I wrote that it its customers had effectively vanished that risked the unthinkable that Tesco may not even make it to the end of the current financial year (March 2015). | |||||||||||||||||||||||||||||||||||||
| Posted: 24 Oct 2014 03:54 AM PDT Large and/or institutional investors, your pension funds, your market funds, you name them, have one glaringly obvious and immense Achilles heel that they very much prefer not to talk about. That is, they MUST invest their funds, in something, anything, they can’t NOT invest. They are trapped in the game. They have to roll over debt, investments, all the time. In today’s markets, they can move into Treasuries, as we see bond funds (and undoubtedly others) do recently, and while that’s already a sign of unrest in the ranks, at the same time it exposes the funds. And not only because everyone knows it won’t allow them to meet the targets they must meet. Oil, gas and gold are unattractive alternatives. | |||||||||||||||||||||||||||||||||||||
| Gold Prices to 1-Week Low as Safe Haven Demand Falls Posted: 23 Oct 2014 05:00 PM PDT Gold prices fell to a one-week low at $1232.55 per ounce on Friday in London as safe haven demand was eroded after a rebound in US equities and a strengthening dollar. |
If it's not possible to achieve surpluses even in times of economic prosperity, then the problems must be systemic. Due to compound interest, debt tends to grow exponentially. As soon as debt and debt service costs rise faster than income, the vicious circle of over-indebtedness begins.
Another 2 tonnes of gold was removed from the GLD trust yesterday. The last time the reported amount of gold in GLD was this low was November 18, 2008. The price of gold was $738. Despite the fact that the price of gold is up about 2% YTD, 6% of GLD's reported amount of gold has been removed by the bullion banks. I predicted in 2009 in a report I wrote about GLD's legal structure that GLD would eventually suffer the same fate as Enron. In fact, our entire is system is one giant Enron/Madoff Ponzi scheme.
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