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• Will Senators Rand Paul and Elizabeth Warren Unite to Finally “Audit the Fed”?
• Auszug GEAB N°81 (Januar 2014) : 2014 – globales politisches Chaos, statistischer « Smog », Risiko der Explosion des Finanzsystems… aber die ‘Welt von Morgen’ nimmt 2014 weiter Gestalt an
• Why There Is Still Hope For Gold Bulls
• Excerpt GEAB 81 (January 2014) – World political chaos, statistical « smog », risk that the financial planet explodes… but solutions for the future continue to emerge
• Greenspan on the universality of gold
• The Real Reason Canada Advised against Carrying Cash into the U.S.
• Extrait GEAB n°81 (janvier 2014) - Chaos politique mondial, « smog » statistique, risque d’explosion de la planète finance… mais les solutions d’avenir continuent à émerger
• Gold Holding Up at 1206…1240 Next?
• Endeavour Mining cranks up gold output forecast
• Everything's coming up gold in Colorado
• If Anything Rattles This Ponzi Scheme, Life in America Will Radically Change Overnight!
• Mr. Magoo (Greenspan) scrubbing his legacy on gold
• Gold ideas: From Beaver Creek to Denver
• This Has Got to be the Top…
• Metals market update for October 2
• Indian Customs Air Intelligence Unit reports record gold seizure in 2014
• Marshall Swing: $16 Handle Silver- BUY Like There is No Tomorrow!
• Yet Another Reason Why FATCA is FUBAR
• Festive demand ramps up Indian gold imports
• Top trader Clark: The U.S. dollar is going to plunge
• New futures contract to help gold delivery
• Hong Kong Congeniality or Hefty Hefty Cinch Sack of Sovereignty?
• Mecca gold sales down
• Perth Mint’s Gold Coins and Bars Sales Highest In Year On Safe Haven Demand
• Perth Mints Gold Coins and Bars Sales Highest In Year On Safe Haven Demand
• Emaar Malls IPO wipes $1 billion off value of Emaar Properties on Day One of trading
• Perth Mint gold sales reach 11-month high
• SILVER Breaks 17.24 Support
• TECHNICAL ANALYSIS – GOLD – GET ON WITH IT
• Gold Hits Lowest Level This Year
• Ichimoku Cloud Analysis: GBP/USD, Gold
• Gold Trying to Find a Bottom, SPX 500 Slumps to 7-Week Low
• Gold: Desperately Trying To Stay Above $1200
• Gold tests the channel’s resistance – Analysis - 02/10/2014
• SILVER Breaks to the Downside in a Big Way – Technical Picture
• Depressions Are Depressing
• U.S. Mint Bullion Coin Sales Double in September
• U.S. dollar rally 'has years to go'
• Banks pull out of dozens of benchmarks after rate-rigging scandals
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• Jim Rickards: Wealthy Elites Want Their Money Out of China
• U.S. Mint bullion coin sales double in September
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• Ilargi: Europe Is Crumbling Into Collapse
• William Cohan vs. Andrew Maguire - Some Thoughts
• US Dollar Long Term Chart
• Gold and silver bounce off the bottom as stocks enter correction mode
• Ebola is a new factor driving global stocks down warns market veteran Art Cashin
• The Curious Item the Chinese Can’t Get Enough Of (It’s Not What You Think)
• The Economic Implications Of A Potential Ebola Pandemic In The United States

Will Senators Rand Paul and Elizabeth Warren Unite to Finally “Audit the Fed”? Posted: 02 Oct 2014 12:45 PM PDT The most incredible thing you realize from Carmen Segarra's account of her brief stint at the Fed, is that when push came to shove and non-compliance issues were revealed, her bosses had no backbone whatsoever and in fact scrambled to protect the banks and coverup their malfeasance. Incredibly, this was still business as usual just a couple of […] The post Will Senators Rand Paul and Elizabeth Warren Unite to Finally "Audit the Fed"? appeared first on Silver Doctors. Check out these similar articles: Smoking Gun Evidence That The New York Fed Serves The Interests Of Goldman Sachs 100 Reasons to Shut Down the Fed Forever! Video of the Day – Elizabeth Warren Torches Janet Yellen on TBTF

Auszug GEAB N°81 (Januar 2014) : 2014 – globales politisches Chaos, statistischer « Smog », Risiko der Explosion des Finanzsystems… aber die ‘Welt von Morgen’ nimmt 2014 weiter Gestalt an Posted: 02 Oct 2014 12:37 PM PDT - Auszug GEAB vom 15. Januar 2014 (GEAB N°81) - Die Geschichtswissenschaftler datieren das 19. Jahrhundert in der Regel von 1815 (Waterloo) bis 1914 (Erster Weltkrieg). Sie werden zweifelsohne das 20. Jahrhundert von 1914 bis 2014 datieren, das Jahr, in dem die alte Weltordnung verschwand und die neue Gestalt annahm. Wir möchten also Ihnen und der Welt in diesem Januar 2014 alles Gute für das 21. Jahrhundert wünschen. Wir hatten 2013 unter das Motto der « Ersten Schritte in einer chaotischen ‚Welt von Morgen' gestellt (1). 2013 war tatsächlich das Jahr, in dem das alte Jahrhundert zu Ende ging und sich die ‚Welt von Morgen' immer deutlicher abzeichnete. Mit Jahresbeginn 2014 ist alle Aufmerksamkeit auf die Eurozone, China, Russland und den BRICS im Allgemeinen gerichtet. Denn dort werden die Werkzeuge, mit denen die ‚Welt von Morgen' aufgebaut werden kann, in einem unfassbar schnellen Rhythmus geschmiedet; die ‚Welt von Gestern' hat den Staffelstab der Geschichte an die ‚Welt von Morgen' weitergereicht. Dennoch besteht das ständige Risiko, dass die überhitzten globalen Finanzmärkte durch die gigantischen amerikanischen Ungleichgewichte – an denen sich nicht viel geändert hat - zur Explosion gebracht werden. Somit bleibt die gegenwärtige Übergangszeit trotz aller Hoffnung, die sie birgt, äußerst gefährlich. Eine der Gefahren ist der statistische „Smog" (2), in den 2014 gehüllt sein wird: Zum einen haben die wirtschaftlichen und finanziellen Indikatoren aus Amerika, die mit dem Ziel, die katastrophale Wirklichkeit zu verschleiern, ungeniert manipuliert werden, jegliche Aussagekraft verloren. Zum anderen sind statistische Alternativen, mit denen die Entwicklungen der entstehenden Welt erfasst werden könnten, noch nicht ausreichend verlässlich, um die Wirklichkeit zufriedenstellend exakt darzustellen. Während auf der einen Seite die Aussagekraft der alten Indikatoren schon seit Jahren immer weiter abnimmt, sind auf der anderen Seite die neuen Transparenzinstrumente, die die Weltwirtschaft braucht, um ihre Strategien festzulegen, noch nicht ausgereift und einsatzfähig. Was die statistische Erfassung der Wirklichkeit anbelangt, befinden wir uns 2014 im Tal der Welle. Und das wird nicht ohne Folgen bleiben. STATISTISCHER « SMOG » Die gegenwärtige Periode ist besonders schwierig zu analysieren. Noch nie haben Zentralbanken in einem solchen Volumen Liquidität in die Wirtschaft gepumpt, wo sie wie Morphium schleichend wirkt: Die Aktienmärkte entwickeln sich umgekehrt proportional zur Gesundheit der Realwirtschaft; Finanzmärkte und Derivatenhandel sind wie entfesselt; der Westen und insbesondere die USA versuchen, die katastrophale Lage, in der sie sich befinden, zu verschleiern, indem sie Indikatoren ohne jegliche Aussagekraft veröffentlichen, wie insbesondere die US- Arbeitslosenstatistik. Wir haben über diesen ‚statistischen Nebel' schon ausführlich in der 73. Ausgabe des GEAB geschrieben. Die Kompasse der ‚Welt von Gestern' wurden zerstört; sie weiß nicht, wohin ihr Weg sie Die Finanz- und Aktienmärkte, die ohne die Unterstützung der Fed schon lange zusammen gebrochen wären und den Dollar als Handelswährung nicht aufgeben wollen, solange auch nur noch ein Tropfen Profit daraus gepresst werden kann, sind weitgehend verantwortlich für diese Verblendung. Der schon sprichwörtliche Frosch spürt erst, dass das Wasser, in dem er sitzt, heißer wird, wenn es zu spät ist und er zu kochen beginnt; die Finanzmärkte hatten früher ein Thermometer, das sie vor dieser Gefahr warnte, aber sie haben es aus dem Kessel geworfen, weil in der Anwärmphase so schöne Profite zu machen waren – eindeutig ein Fall von Todessehnsucht. Sich in unwegsamen Gelände zu recht zu finden, ist schon mit Kompass schwer- ohne ist es unmöglich. Wie wir bereits schrieben, hatte die Eurozone das Glück, während einiger Jahre dank der „Eurokrise" im vollen Scheinwerferlicht der Wirtschaftsmedien und – Wissenschaftler zu sein, und versuchtu nicht, seine Schwierigkeiten mit Strömen von Liquidität zuzuschütten (3). Ganz anders die USA, die mit verbundenen Augen auf den Abgrund zurennen. Zur Zeit ist die Welt wie auf dem einen Augen blind, ohne mit dem anderen schon sehen zu können. Ein Teil der neuen Welt, der bereits entstanden ist, insbesondere die BRICS und unter ihnen vor allen Dingen China, haben gerade erst begonnen, sich die statistischen Instrumente zu schaffen, die sie brauchen, um ihre internationalen Ziele zu verfolgen. Aber auch diese Länder haben sich von einigen Exzessen der ‚Welt von Gestern' anstecken lassen, wie die Flucht in die massive Verschuldung und die Deregulierung des Finanzsystems und des Bankensektors, so dass auch ihre Entwicklung einigen Risiken ausgesetzt ist. China ist gerade dabei, sich der Probleme der Verschuldung der lokalen Verwaltungen und ihrer „Sondervehikel zur Finanzierung lokaler Regierungen" (4) sowie seiner „Schattenfinanzwirtschaft" („shadow banking") anzunehmen, von deren Ausmaß mangels verlässlicher Statistiken (5) jedermann überrascht war. Dieses shadow banking ist sowohl unerlässlich, um den kleinen Unternehmen und Städten und Gemeinden Kredite zur Finanzierung ihrer Investitionen einzuräumen, wie auch zurzeit noch vollkommen unkontrollierbar. Daher hat die chinesische Regierung einigen Aufwand betrieben, um sich einen Überblick zu verschaffen und den Sektor zu regulieren. Der chinesische Rechnungshof hat den Bereich statistisch durchleuchtet und die Regierung strengere Transparenzauflagen für die Banken verabschiedet, sowie ein fünfjähriges Verbot für Städte und Gemeinden erlassen, neue Verwaltungsgebäude mit Krediten aus dem shadow banking zu finanzieren (6). Aber trotz dieser Anstrengungen für mehr Transparenz, die schnell ihre Früchte tragen werden, werden noch einige Jahre notwendig sein, damit diese Länder über die notwendigen statistischen Instrumente verfügen. Ganz abgesehen davon, dass die chinesische Regierung es noch während einiger Zeit sehr gerne sieht, dass gewisse Bereiche im Dunkeln liegen. Es ist schön, wenn man Zeit zum Aufräumen hatte, bevor alles für jedermann sichtbar wird. Die Regierungen müssen sich daher mit äußerster Vorsicht auf einem Weg bewegen, der mit Hindernissen übersät ist, ohne dass ihnen verlässliche Indikatoren zur Verfügung stünden, die ihnen helfen könnten, ihren Weg zu planen. Jegliche Antizipation/Vorhersage/Steuerung wird damit natürlich umso schwieriger. Die Schwellenländer profitieren jedoch von einer starken Dynamik, die ihnen ermöglicht, auch Fehler zu überstehen; andere Länder verfügen nicht über eine vergleichbare Fehlertoleranz; bei ihnen kann jeder falsche Schritt zur Katastrophe führen. Insoweit muss man einräumen, dass die Fed einen wahren Drahtseilakt bisher mit viel Talent und Geschick abgeliefert hat; noch befinden sich die USA auf dem Hochseil – aber wie lange wird es überhaupt noch ein Seil geben, auf dem sie tanzen können? ----------- Noten : 1 Überschrift der 70. Ausgabe des GEAB vom Dezember 2012. 2 Der « Smog » als Wortschöpfung und Mischung aus Rauch (smoke) und Nebel (fog), der in der Zeit der industriellen Revolution von Zeit zu Zeit über London lag. 3 Daraus lässt sich auch zum großen Teil sein geringeres Wirtschaftswachstum erklären. In den USA lag das offizielle Wirtschaftswachstum 2013 bei lediglich ungefähr 400 Milliarden Dollar (ungefähr 2,5$ des BIP); jedoch hatte die Fed im selben Zeitraum mehr als 1000 Milliarden in die Wirtschaft gepumpt. Wo sind die restlichen 600 Milliarden abgeblieben? In der gleichen Zeit hat die EZB ungefähr 1000 Milliarden Dollar bzw. 730 Milliarden Euro (Quelle: EZB) eingesammelt, wobei das Wachstum ungefähr bei Null lag, also ein „Gewinn" von 1000 Milliarden. Wessen Wirtschaft schwächelt hier? Vgl. auch das folgende Schaubild. 4 Quelle : Ecns.ch, 08/01/2014 5 Vgl. hierzu und das Folgende Les Échos (10/01/2014), Bloomberg (09/01/2014). 6 Quelle : La Croix, 30/07/2013.

Why There Is Still Hope For Gold Bulls Posted: 02 Oct 2014 12:26 PM PDT Gold is approaching a critical price point, i.e. $1,180. That is the lowest price of the last years. It has been tested twice, so this third retest is a crucial one for the short and medium term. Although the sentiment is extremely negative, there are some indications which could provide some help for the yellow metal. The first set of charts shows the precious metals complex: gold, silver, gold miners and the bullish percentage index of gold miners (BPGDM). The key insight from this set of charts is that silver has broken below the lows of December 31st 2013 gold and the miners are holding up much better, in particular junior miners. Also, the BPGDM is nowhere near the same  extreme levels as December 2013. It should be noted that the miners have been hit hard a week ago, not a sign of strength.   The second set of charts shows the gold ratios. Gold has held up much better than commodities, especially when compared to the lows of the ratio at the end of 2013. The Dow Jones to gold ratio (INDU:GOLD) is a multi-year high, which could spell a correction of that ratio. Interestingly, the TIP:GOLD ratio looks much better than at gold’s lows in December 2013 (TIP is an indicator of inflation expectation). In other words, gold has held up better than TIP.   By zooming on the TIP chart (Treasury Inflation Protected securities), an inflation hedging tool , it looks like it is coming off extreme oversold readings, bouncing from its 200 day moving average. Whether this is a “dead cat bounce” or not, remains to be seen. Nevertheless, the extreme reading could be a positive for gold.

Excerpt GEAB 81 (January 2014) – World political chaos, statistical « smog », risk that the financial planet explodes… but solutions for the future continue to emerge Posted: 02 Oct 2014 11:46 AM PDT - Excerpt GEAB N°81 (January 15, 2014) - Historians, who usually consider that the 19th century runs from 1815 (Waterloo) to 1914 (the First World War) would certainly define the 20th century by the period 1914-2014, ending with the year in which the old system dies whilst a new one emerges. In this New Year 2014 welcome, then, to the 21st century! We have symbolised 2013 as "the first steps in a chaotic world after" (1) A year which was in effect the new century's zero year and at the end of which solutions were emerging from all sides. At the beginning of 2014 the spotlight is henceforth on the Eurozone, China, Russia and the BRICS where the tools to shape the "world afterwards" are being designed with incredible rapidity: the "world before" is handing over to "the world afterwards". Nevertheless, there is a permanent risk of an explosion from the overheated financial planet driven by the incredible US imbalances… unresolved or little resolved. And the current transition period, certainly hopeful, is highly dangerous nevertheless. One danger is the statistical "smog" (2) which will probably characterise the year: first, the US economic and financial indices have lost any sense of direction by dint of being manipulated in order to hide the catastrophic reality; and second, the emerging world's tools of statistical transparency aren't sufficiently reliable to properly throw light on the reality. A collapse of visibility ongoing for several years on the one hand, the beginning of an organised transparency which the world economy needs to plan strategies on the other, in 2014 we are on statistical understanding's trough of the wave. And that won't be without its consequences. STATISTICAL « SMOG » The current period is particularly difficult to analyse. Central bank liquidity injections have hardly any historical equivalent and act insidiously like morphine; the stock exchanges move inversely proportional to countries health; finance and derivatives are completely out of control; the West and the US in particular are trying to hide their disastrous situation through benchmark signals which no longer say anything (like the unemployment numbers)… We have already analysed this "statistical fog" in the GEAB N° 73: the old world's compasses are broken. Markets bottle-fed by the Fed and not wanting to abandon the Dollar paradigm as long as there is any blood left to suck is largely responsible for this blindness. But just as the frog in boiling water doesn't feel the temperature rise until it's too late, having broken the thermometer is certainly convenient for maintaining the illusion but raises a suicidal trend: if the exit is already difficult to find in broad daylight, it will be impossible in the dark. As we have already said, the Eurozone has been fortunate to have been in full daylight for several years thanks to the "Euro crisis" and isn't hiding its difficulties with a lorry load of liquidity (3), luck which isn't benefiting the United States which is going blindfold to the precipice as we will see. At the moment, one eye is blind and, sadly, the other can't yet see. That part of the world which has emerged, the BRICS especially and China in particular, have only just started to build a statistical apparatus adapted to their international ambitions. Moreover, a number of Western addictions have been adopted by these countries, like the use of debt and deregulated finance, which pose new dangers. Thus China has begun to concern itself with its local government indebtedness, its "local government financing vehicles" (4) and its "shadow banking" of which no one has any idea of the size absent any reliable statistics (5). This shadow banking is both essential to finance small businesses and local communities and is uncontrollable at the moment… Hence Beijing's acceleration to clearly see and get to regulate this sector, evidenced by the recent statistical work carried out here by the National Audit Office, where greater transparency has been demanded from Chinese banks, or as another example, the five-year prohibition on local authorities to build new government buildings with "shadow" financing (6). But despite these efforts at transparency which will quickly bear fruit, because the international situation needs a clear view, a few more years are necessary to have a reliable statistical apparatus in this country. Without counting that the Chinese government still needs areas of shadow for some time yet: one can't switch on the lights without first having done the housework! So, it's with great caution that leaders must advance along a difficult path along which the absence of reliable indices prevents a proper understanding of the situation. Any anticipation/forecast/planning is, of course, much more difficult. However, if the emerging countries have extremely powerful dynamics that allow them some differences, mistakes can lead to dramatic consequences for the others. That's why the Fed is doing a remarkable balancing job and up until now this tightrope walker has been talented enough to keep the country on the wire… so long as there is still a wire. Notes: (1) Title of the GEAB n°70 (December 2012). (2) «Smog» describes the mixture of smoke and fog which regularly covered London during the Industrial Revolution. (3) This largely explains the lower growth. In the US, official growth in 2013 was only around $400 billion (around 2.5% of GDP) whilst the Fed injected more than $1 trillion into the economy… A "loss" of $600 billion. During the same period, the ECB withdrew around $1 trillion (€730 billion, source ECB) for almost no growth, a "gain" of $1 trillion. Who is in poor health? Look at the following chart as well. (4) Source : Ecns.ch, 08/01/2014 (5) On this subject and what follows read Les Échos (10/01/2014), Bloomberg (09/01/2014). (6) Source : La Croix, 30/07/2013.

Greenspan on the universality of gold Posted: 02 Oct 2014 11:22 AM PDT Alan Greenspan points out how gold is the ultimate form of money in the world and is "universally acceptable."

The Real Reason Canada Advised against Carrying Cash into the U.S. Posted: 02 Oct 2014 11:15 AM PDT When it comes to government, there are always two reasons for everything they do: the official reason, and the real reason. 2015 Silver Perth Kookaburras 25th Anniversary Limited Edition! Submitted by The Wealth Watchman:  Last week there was a disturbing headline that few seemed to take note of, but one which I believe should be given […] The post The Real Reason Canada Advised against Carrying Cash into the U.S. appeared first on Silver Doctors. Check out these similar articles: Asset Forfeiture – How Cops Continue to Steal Americans' Hard Earned Cash with Zero Repercussions Banker Clean-Up: We Are At the Precipice of Something So Big, It Will Shake the Financial World to its Core! Jim Willie: The Gold Climax Event

Extrait GEAB n°81 (janvier 2014) - Chaos politique mondial, « smog » statistique, risque d’explosion de la planète finance… mais les solutions d’avenir continuent à émerger Posted: 02 Oct 2014 11:00 AM PDT - Extrait GEAB N°81 (15 janvier 2014) - Les historiens, qui ont l'habitude de considérer que le XIXème siècle s'étend de 1815 (Waterloo) à 1914 (première guerre mondiale), définiront certainement le XXème siècle par la période 1914-2014, terminant par l'année où l'ancien système se meurt tandis que le nouveau émerge. En cette nouvelle année 2014, bienvenue donc dans le XXIème siècle ! Nous avions placé 2013 sous le signe des « premiers pas dans un monde d'après en plein chaos » (1). Une année qui fut en effet l'an zéro de ce nouveau siècle et au terme de laquelle les solutions émergent de toute part. En ce début 2014, tous les projecteurs sont désormais braqués sur la zone euro, la Chine, la Russie, les BRICS où des outils destinés à façonner le « monde-d'après » sont conçus à une rapidité incroyable : le « monde d'avant » passe la main au « monde d'après ». Néanmoins le risque permanent subsiste d'une explosion par surchauffe de la planète finance entrainée par les incroyables déséquilibres américains… non-résolus ou si peu. Et la période charnière actuelle, certes porteuse d'espoir, n'en reste pas moins éminemment dangereuse. L'un des dangers réside dans le « smog » (2) statistique qui caractérisera probablement l'année : d'une part, les indicateurs économiques et financiers américains ont perdu tout sens à force d'être manipulés afin de cacher la réalité catastrophique ; et de l'autre, les outils de transparence statistique du monde émergent ne sont pas encore suffisamment fiables pour éclairer correctement la réalité. Effondrement de visibilité en cours depuis plusieurs années d'un côté, début d'organisation de la transparence dont l'économie mondiale a besoin pour planifier ses stratégies de l'autre, en 2014, nous sommes au creux de la vague de compréhensibilité statistique. Et cela ne sera pas sans conséquences. « SMOG » STATISTIQUE La période actuelle est particulièrement difficile à analyser. Les expériences d'injection de liquidités des banques centrales n'ont guère d'équivalent historique et agissent insidieusement comme de la morphine ; les bourses évoluent inversement proportionnellement à la santé économique des pays ; la finance et les produits dérivés sont hors de tout contrôle ; l'Occident et particulièrement les États-Unis tentent de cacher leur situation catastrophique grâce à des indicateurs qui ne veulent plus rien dire à l'instar des chiffres du chômage… Nous avons déjà analysé en profondeur ce « brouillard statistique » au GEAB n°73 : les boussoles de l'ancien monde sont cassées. Les marchés nourris au biberon de la Fed et ne voulant pas abandonner le paradigme dollar tant qu'il existe le moindre sang à sucer, sont largement responsables de cet aveuglement. Or de même que la grenouille dans l'eau qui chauffe ne sent la température monter que lorsqu'il est trop tard, avoir cassé le thermomètre est certes pratique pour faire illusion mais relève d'une tendance suicidaire : si la sortie est déjà difficile à trouver en plein jour, dans le noir cela devient impossible. Nous l'avons déjà dit, la zone euro a eu la chance d'être en pleine lumière pendant plusieurs années grâce à la « crise de l'euro » et ne camoufle pas ses difficultés sous un tombereau de liquidités (3) , chance dont ne profitent pas les États-Unis qui se dirigent les yeux bandés vers le précipice comme nous le verrons. Dans la période actuelle, un œil est donc aveugle. L'autre n'est malheureusement pas encore voyant. La partie du monde qui a émergé, les BRICS notamment et la Chine en particulier, se mette seulement à construire un appareil statistique adapté à leurs ambitions internationales. Sans compter que certaines addictions occidentales ont été adoptées par ces pays, comme le recours à l'endettement et à une finance dérégulée, ce qui fait courir de nouveaux dangers. Ainsi la Chine commence-t-elle à se préoccuper de l'endettement de ses administrations locales, de ses « véhicules de financement des gouvernements locaux » (4) et de sa « finance de l'ombre » (« shadow banking ») dont tout le monde ignorait l'ampleur à défaut de statistiques fiables (5) . Ce shadow banking est à la fois indispensable pour financer l'activité des petites entreprises et collectivités locales, et pour l'instant incontrôlable… D'où les bouchées doubles mises par Pékin pour y voir clair et parvenir à réguler ce secteur, comme en témoignent le travail statistique récent mené à ce sujet par le Bureau national d'audit, ou la plus grande transparence demandée aux établissements bancaires chinois, ou encore par exemple l'interdiction pour cinq ans aux collectivités locales de construire de nouveaux bâtiments institutionnels sur des financements « de l'ombre » (6) . Mais malgré ces efforts de transparence qui porteront rapidement leurs fruits, car la situation internationale nécessite d'y voir clair, quelques années encore sont nécessaires pour avoir un appareil statistique fiable dans ces pays. Sans compter que le gouvernement chinois a encore besoin de zones d'ombres pendant quelques temps : on ne peut pas faire la lumière sans avoir fait le ménage au préalable ! C'est donc avec une grande prudence que les dirigeants doivent avancer sur un chemin semé d'embûches le long duquel l'absence d'indicateurs fiables empêche d'apprécier correctement la situation. Toute anticipation/prévision/planification est bien sûr d'autant plus difficile. Néanmoins, si les pays émergents sont sur des dynamiques extrêmement puissantes qui leur autorisent certains écarts, les faux-pas peuvent entraîner des conséquences dramatiques pour les autres. C'est pourquoi la Fed mène un travail d'équilibriste remarquable et ce funambule a été assez doué jusqu'à présent pour maintenir le pays sur le fil… tant qu'il existe encore un fil. Notes: (1) Titre du GEAB n°70 (décembre 2012). (2) Le « smog » désigne ce mélange de fumée (smoke) et de brouillard (fog) qui recouvrait périodiquement Londres à l'ère de la révolution industrielle. (3) Ce qui explique en grande partie sa croissance plus faible. Aux États-Unis, la croissance officielle en 2013 a été seulement de l'ordre de 400 milliards de dollars (environ 2,5% du PIB) alors que la Fed a injecté plus de 1000 milliards dans l'économie… soit un « manque » de 600 milliards. Pendant la même période, la BCE a retiré environ 1000 milliards de dollars (730 milliards d'euros, source BCE) pour une croissance à peu près nulle, soit un « gain » de 1000 milliards. Qui est en mauvaise santé ? Voir aussi le graphique suivant. (4) Source : Ecns.ch, 08/01/2014 (5) Lire à ce sujet et pour ce qui suit Les Échos (10/01/2014), Bloomberg (09/01/2014). (6) Source : La Croix, 30/07/2013.

Gold Holding Up at 1206…1240 Next? Posted: 02 Oct 2014 10:57 AM PDT

Endeavour Mining cranks up gold output forecast Posted: 02 Oct 2014 10:44 AM PDT Endeavour said its Agbaou gold mine would produce some 25% percent more gold than previously forecast.

Everything's coming up gold in Colorado Posted: 02 Oct 2014 10:15 AM PDT September's Precious Metals Summit at Beaver Creek, followed hard by the Denver Gold Forum, brought a huge chunk of the gold mining and investing community to Colorado.

If Anything Rattles This Ponzi Scheme, Life in America Will Radically Change Overnight! Posted: 02 Oct 2014 10:00 AM PDT The U.S. government is now borrowing an astonishing 8 trillion dollars a year, and you are about to see the hard numbers that prove this.  The only way that this game can continue is if the U.S. government can continue to borrow gigantic piles of money at ridiculously low interest rates. And our current standard of […] The post If Anything Rattles This Ponzi Scheme, Life in America Will Radically Change Overnight! appeared first on Silver Doctors. Check out these similar articles: 100 Reasons to Shut Down the Fed Forever! Rotting, Decaying And Bankrupt – If You Want To See The Future Of America Just Look At Detroit 83 Numbers From 2013 That Are Almost Too Crazy To Believe

Mr. Magoo (Greenspan) scrubbing his legacy on gold Posted: 02 Oct 2014 09:23 AM PDT Bill Holter of Miles Franklin criticizes Alan Greenspan's legacy on gold and his recent opinion piece in Foreign Affairs.

Gold ideas: From Beaver Creek to Denver Posted: 02 Oct 2014 09:11 AM PDT The Gold Report considers sentiment and ideas emanating from the Precious Metals Summit and the Denver Gold Forum.

This Has Got to be the Top… Posted: 02 Oct 2014 09:00 AM PDT A few days ago, Bill Gross, the world's most famous bond fund manager, sensationally resigned from PIMCO, the firm he co-founded in 1970. But even more wild than that is the rather significant move in the US Treasury market, worth nearly $17 trillion. This is a testament to how absurd the system has become– that […] The post This Has Got to be the Top… appeared first on Silver Doctors. Check out these similar articles: FOMC QE∞ Minutes Released, No QE4 Yet Fed Minutes: “BROAD SUPPORT FOR BERNANKE TAPERING” Banking Elite Continuing Policies Ensuring Devaluation of Fiat Currencies & Price Inflation in Commodities Such as Gold, Silver, Food, & Oil

Metals market update for October 2 Posted: 02 Oct 2014 08:49 AM PDT Gold climbed $5.60 or 0.46% to $1,214.60 per ounce and silver rose $0.13 or 0.76% to $17.18 per ounce yesterday.

Indian Customs Air Intelligence Unit reports record gold seizure in 2014 Posted: 02 Oct 2014 08:30 AM PDT The Air Intelligence Unit under Indian Customs Department is reported to have captured record quantity of gold and other contraband items during the initial nine-month period in 2014.

Marshall Swing: $16 Handle Silver- BUY Like There is No Tomorrow! Posted: 02 Oct 2014 08:11 AM PDT Silver traded as low as $16.85 Tuesday morning at a silver to gold ratio of about 71 to 1.  We have to trace back to 3/22/2010 to find a time for silver at that price! BUY Physical silver like there is no tomorrow at these prices while it is available, as we are setting up for an […] The post Marshall Swing: $16 Handle Silver- BUY Like There is No Tomorrow! appeared first on Silver Doctors. Check out these similar articles: Zeal: Specs Gold Shorts Most Extreme in Gold’s Entire Secular Bull! Massive Silver Short Squeeze Looms! Big Gold-Futures Buying A Major Bullish Harbinger!

Yet Another Reason Why FATCA is FUBAR Posted: 02 Oct 2014 08:00 AM PDT FACTA requires EVERY single bank on the planet to enter into an information-sharing agreement with the IRS. So even some bank in rural Bangladesh that's never seen a foreigner before has to jump into bed with the IRS and agree to share information. What's more, banks which don't sign up effectively get blackballed from the US […] The post Yet Another Reason Why FATCA is FUBAR appeared first on Silver Doctors. Check out these similar articles: Ron Paul: The IRS's Job Is To Violate Our Liberties A List Of 97 Taxes Americans Pay Every Year Bo Polny: Gold Has Bottomed at $1321, to Rise into June 5th Turn Date

Festive demand ramps up Indian gold imports Posted: 02 Oct 2014 07:51 AM PDT The gold bullion imports by India's northern state of Gujarat touched highest levels in sixteen months during September 2014, primarily on account of increased intake to meet festive demand.

Top trader Clark: The U.S. dollar is going to plunge Posted: 02 Oct 2014 07:44 AM PDT From Jeff Clark, editor, S&A Short Report: Parabolic moves are fun while they last. But the problem is… they don’t last. A parabolic move is a nearly straight-up move in an asset. The move often starts slowly. Then it gains momentum as investors get excited and rush in to buy. This results in large-percentage gains in just a short period of time. That generates even more excitement and an even greater urgency for investors to buy… and prices increase even more. Then, just as it looks like the asset is going to rally straight to the moon, the parabolic move ends. The market runs out of buyers, the price peaks, and everyone rushes for the exits at the same time. In most cases, the resulting decline takes back all the gains of the previous rally. We saw it with gold and silver in 2011. And we’re about to see it with the U.S. dollar. Let me explain… Take a look at what happened to silver back in 2011… After a rally in February and a good pullback in early March, silver started to rally again – slowly at first. The rally gained momentum in April. Investor sentiment turned wildly bullish for the metal. Silver rallied from $34 an ounce to just above $49. Analysts talked about the possibility of silver taking out its $50 all-time high set in 1980. That was a six-week, nearly vertical rally. And everybody was in love with the move while it lasted. But parabolic moves never last. They almost always blow up in spectacular fashion. And that’s what happened with silver. It took just two weeks for silver to give back 100% of the gains from its parabolic rally. Look at what happened to gold just a few months later… After a rally and a small correction in July 2011, gold kicked off a parabolic move from $1,600 an ounce. It gathered momentum in August. Investor sentiment hit extreme bullish levels. And analysts talked about how the metal could break the $2,000-an-ounce mark. Gold gained $300 an ounce in just about one month. It was a wonderful move while it lasted. Then it blew up. It took just over one month for gold to give back all of the gains of its parabolic rally. Now, let’s take a look at the recent action in the U.S. Dollar Index… The dollar enjoyed a rally in July. Then it consolidated for a couple weeks in August. Starting in about mid-August, though, the dollar kicked off a parabolic rally. It went slowly at first, then gained momentum. Traders are now wildly bullish on the dollar. They’re bidding the buck higher in anticipation of the Federal Reserve raising interest rates soon – while other central banks keep their interest rates low. Rising rates are generally bullish for a currency. So everyone seems to be piling into the dollar. And the buck has gone parabolic. There’s no way of knowing for sure when this move will end. But IT WILL END – just as it ended with silver, gold, and nearly every other parabolic move in the history of the financial markets. And when this move ends, the dollar will likely blow up in spectacular fashion. I expect the buck to give back all of its gains since mid-August.

New futures contract to help gold delivery Posted: 02 Oct 2014 05:12 AM PDT Traders said the commodity bourse could see a sizeable quantity of gold delivery early this month, our correspondent in India reports.

Hong Kong Congeniality or Hefty Hefty Cinch Sack of Sovereignty? Posted: 02 Oct 2014 05:03 AM PDT There’s a fine line between cleanliness and GOLDliness.  Will the Occidental/Oriental see-saw of One Country ~ Two Systems reach its obvious conclusion?  Is a commercial democracy re-built on a cornerstone of duplicity being carried out like yesterday’s trash?  No matter how clean the streets and civil the protests, in the end will it be gold that refuses to cooperate with the authorities? http://tradewithdave.com/?p=22084

Mecca gold sales down Posted: 02 Oct 2014 04:28 AM PDT Lingering economic hardships since the Arab Spring have left Saudi Arabian shops eerily empty this year.

Perth Mint’s Gold Coins and Bars Sales Highest In Year On Safe Haven Demand Posted: 02 Oct 2014 04:06 AM PDT Also underpinning bullion was a weaker U.S. dollar and sharp falls in global stocks on concerns of a new global financial crisis. Sharply lower airlines and transport-related shares after the first diagnosis of Ebola in the United States also helped send the S&P 500 index down more than 1%.  Nouriel Roubini warned that the world is vulnerable to a new global financial crisis and markets are very complacent again.  The Perth Mint’s sales of gold coins and bars hit their highest in nearly a year in September as a fall in U.S. dollar denominated gold led to some buyers to accumulate bullion on the dip and the risks of terrorism and war led to safe haven demand. The Perth Mint’s sales of gold coins and bars hit their highest in nearly a year in September as a fall in U.S. dollar denominated gold led to some buyers to accumulate bullion on the dip and the risks of terrorism and war led to safe haven demand. Perth Mint Gold Bar (1 Kilo) Concerns about the global financial system and economy are also leading to safe haven demand. The Perth Mint runs the only gold refinery in Australia, the world’s second-biggest gold producer after China. Sales of gold coins and minted bars rose to 68,781 ounces in September, their highest since October 2013, data available on the mint’s website showed. Gold prices fell 6% in September, despite strong seasonality and increasing financial risks and concerns that geopolitical tensions may impact the global economy. Silver coin sales totalled 756,839 ounces last month,compared with 961,977.07 ounces in the same period last year.  Yet silver had a far greater price fall than gold. This shows that the gold bullion buying was not solely people bargain hunting. Rather, gold demand was due to safe haven demand due to the increasing risk of terrorism and war in the Middle East and between the West and EU and Russia. This risk remains and therefore the increased demand is not likely to be a mere blip on price weakness. We strongly advise owning allocated and segregated individual bullion coins and bars stored in the safest vaults in the safest jurisdictions in the world. See 7 Key Storage Must Haves Receive Breaking News and Updates Here MARKET UPDATE Today's AM fix was USD 1,214.50, EUR 960.99 and GBP 750.94 per ounce. Yesterday's AM fix was USD 1,208.50, EUR 958.75 and GBP 746.17 per ounce. Gold in Euros – 2 Years (Thomson Reuters) Gold in Singapore crept higher from  $1,215 per ounce to over $1,220 per ounce prior to weakness in early morning trade in London. Gold climbed $5.60 or 0.46% to $1,214.60 per ounce and silver rose $0.13 or 0.76% to $17.18 per ounce yesterday. It is important to note that gold's falls continue to be primarily in dollar terms and that gold in euros and pounds has seen only minor falls. Indeed, gold in euros remains nearly 10% higher for the year and has risen from €876 per ounce to over €960 per ounce today. Gold rose on Wednesday, rebounding from the end of quarter nine-month low near $1,200 an ounce, as concerns about the emergence of Ebola in the U.S. and disappointing U.S. factory data sparked a selloff on Wall Street which led investors to move funds into safe haven gold. Gold in US Dollars – 2 Years (Thomson Reuters) Also underpinning bullion was a weaker U.S. dollar and sharp falls in global stocks on concerns of a new global financial crisis. Sharply lower airlines and transport-related shares after the first diagnosis of Ebola in the United States also helped send the S&P 500 index down more than 1%. Nouriel Roubini warned that the world is vulnerable to a new global financial crisis and markets are very complacent again. While geopolitical risks have multiplied, global markets have "remained buoyant, if not downright bubbly," said economist Nouriel Roubini in a column published Tuesday.

Perth Mints Gold Coins and Bars Sales Highest In Year On Safe Haven Demand Posted: 02 Oct 2014 04:01 AM PDT gold.ie

Emaar Malls IPO wipes $1 billion off value of Emaar Properties on Day One of trading Posted: 02 Oct 2014 03:17 AM PDT The first day of trading for the newly listed Emaar Malls Group saw a comfortable 11 per cent pop in its stock price but shares in parent group Emaar Properties fell by 4.3 per cent wiping $1 billion off its market capitalization, though not quite cancelling out the $1.6 billion raised by the IPO. Clearly the market is working this arbitrage correctly. Emaar Properties is now worth less than it was before the sale of 15 per cent of EMG in the IPO. Special dividend However, the leading Dubai property developer does have now have $1.6 billion in cash from the IPO though it has promised to return this to shareholders, including the Dubai Government with almost a third of its stock. In terms of extracting money for payment to shareholders the IPO is a success. We will have to wait until after the four-day long weekend of Eid Al Adha to find out what happens next for the Dubai Financial Market and EMG shares post-IPO. Thursday was not a good day for the market which fell 1.7 per cent to close below 5,000 points. The global backdrop for the DFM was poor with big falls on Wall Street the day before. Traders hope that some of the $80 billion pledged in the EMG IPO and now due to be refunded to would-be investors will come back into the DFM. Uncertain outlook That’s by no means guaranteed. The IPO could mark a double-top for Dubai stocks as this website has previously suggested (click here), especially if global markets provide some nasty tailwinds during the often volatile month of October. Many analysts are turning bearish. There is now quite a widespread questioning of the reality of the presumed global economic recovery led by the United States. As strong dollar hails tightening of global liquidity and this is not usually a good thing for equity markets. The DFM looks particularly overbought as one of the best performing stock markets in the world, up 50 per cent year-to-date, and could well be heading for a fall.

Perth Mint gold sales reach 11-month high Posted: 02 Oct 2014 01:58 AM PDT Gold sales climbed 89% in September to the highest level in almost a year as prices declined.

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Depressions Are Depressing Posted: 01 Oct 2014 11:47 PM PDT This chapter of Understanding money remains unfinished.  Still, I believe it is an important chapter because it shows how the good intentions of the Federal Reserve and the U.S. government were the sole cause of the global Great Depression.  I had covered 1930, 31, and the beginning of 1932 when I turned my attention to writing Guide to Investing in Gold and Silver.  These 177 paragraphs then became the basis for just 12 paragraphs in Guide to Investing in Gold and Silver.  I still have 108 pages of notes and quotes as a framework for 1932-1941, so this chapter probably would have been around 150-200 pages long… a book within a book.  Maybe I'll find the time to finish it one day. I've summed up the point of the chapter in an update at the end of the page, and I show how it applies to today's economic situation. I hope you like it, Mike     Depressions Are Depressing read more

U.S. Mint Bullion Coin Sales Double in September Posted: 01 Oct 2014 11:14 PM PDT "Platinum, palladium---along with copper---all had their prices engineered to new lows" ¤ Yesterday In Gold & Silver The gold price sold off a few dollars in early Far East trading on their Wednesday---and then proceeded to bounce off the $1,205 spot price market until the London a.m. gold fix was in around 10:20 a.m. BST.  At that point the gold price popped back to around unchanged.  It rallied anew at the Comex open---and obviously got capped at the London p.m. gold fix at 3 p.m BST---10 a.m. EDT.  Although gold hit its high tick about 11:40 a.m. in New York, the price basically did nothing from the London afternoon gold fix, until the 5:15 p.m. close of electronic trading.  Gold was closed well of its high of the day. The low and high ticks were reported by the CME Group as $1,205.00 and $1,220.00 in the December contract. Silver finished the Wednesday trading session at $1,213.00 spot, up only $4.30 on the day.  Net volume was decent at around 141,000 contracts. Silver also headed lower in early Far East trading---and a new low for this move down was printed shortly after 9 a.m. Hong Kong time.  After that it rallied quietly back to unchanged---and it stayed at that price until the noon London silver fix was in.  The subsequent rally lasted until 11:50 a.m. EDT, the exact point at which gold got capped---and the not-for-profit sellers capped silver at that point as well, closing it well off its high tick. The low and high in silver were recorded as $16.865 and $17.44 in the December contract. Silver finished the Wednesday trading session at $17.175 spot, up 20.5 cents from Tuesday.  Net volume was pretty decent at 47,500 contracts. Although platinum tried to rally short after trading began in New York on Tuesday evening, the HFT boyz and their algorithms made short work of that, before engineering a new low price, which also appeared to occur at, or just before, the London morning gold fix.  That shiny new low tick didn't last long, as platinum rallied about 30 bucks by shortly before the 1:30 p.m. Comex close---then it, too, got sold down into the close of electronic trading in New York.  Platinum finished the Wednesday session down 18 bucks, but as I mentioned in The Wrap section of yesterday's column, it was down, almost 40 dollars on the day at its low tick. Palladium's fate was the same as platinum's---except it was the Reader's Digest version of it, as the chart patterns look the same.  Not only was a new low tick engineered at the same time as platinum's, but palladium actually finished up 6 bucks on the day. The dollar index closed at 85.926 late on Tuesday afternoon in New York---and from there chopped unsteadily higher, to its 86.15 high tick.  That was printed shortly after 12 o'clock noon in London---and less than twenty minutes before the Comex open in New York.  From there it chopped unsteadily lower, closing the Wednesday trading session at 851.91, which was basically unchanged. The gold stocks gapped up about a percent at the open---and then traded sideways until 11:30 a.m.  From they rallied to their high of the day just under the 200 mark on the HUI---and that came shortly after 1 p.m. in New York.  From there they got sold down---and the HUI only closed up 0.37% and very close to its low tick of the day. It was a very similar chart pattern for the silver equities as well, but once they broke from their 1:15 p.m. high ticks, they gave up 2 percentage points of gains within a two hour period---as Nick Laird's Intraday Silver Sentiment Index close up only 0.63%. The CME Daily Delivery Report for Day 3 of the October delivery month showed that no gold or silver contracts were posted for delivery within the Comex-approved depositories on Friday. The Preliminary Report for the Wednesday trading session showed that there are 2,310 gold and 213 silver contracts still open in the October contract.  Of course with no changes reported in the previous paragraph, these numbers accurately reflect the open Comex contracts as of the close of trading yesterday. There was another withdrawal from GLD yesterday.  This time an authorized participant took out 38,461 troy ounces---and as of 9:57 p.m. EDT yesterday evening, there were no reported changes in SLV. The good folks over at Switzerland's Zürcher Kantonalbank updated their gold and silver ETFs for the period ending September 29---and this is what they had to report.  Their gold ETF registered another decline.  This time it was 35,349 troy ounces.  But their silver ETF went in the other direction, as it actually increased by 31,990 troy ounces. The U.S. Mint started the new month off with a big sales report, as they sold 3,000 troy ounces of gold eagles---2,500 one-ounce 24K gold buffaloes---a very chunky 1,150,000 silver eagles---and 400 platinum eagles. In the last two business days, Tuesday and Wednesday, the mint has sold 1,915,000 silver eagles, which was obviously sold from stock, as the mint's run rate in eagles is only about 110,000 a day.  It very much appears that Ted Butler 'mystery buyer' is back in town.  Ted has more to say about the return of JPMorgan to the buy side in silver eagles in today's quote, which is definitely worth reading. There was a decent amount of gold shipped into the Comex-approved depositories on Tuesday, as there was 20,254 troy ounces received by Canada's Scotiabank---and only 160 troy ounces were shipped out.  The link to that activity is here. It was another monster day in silver, as 719,478 troy ounces were reported received---and a chunky 1,362,714 troy ounces were shipped out the door.  The lion's share of the activity was at the CNT Depository and Brink's, Inc.  The link to that action is here. Here's a chart that Nick Laird sent our way yesterday.  It shows the dollar amounts of gold eagles and buffaloes vs. the dollar amount of silver eagles sold during the previous month---and it goes all the way back to the beginning of 2009.  Once again the dollar value of silver sales came close to the dollar value of gold sales.  This has become the new norm, especially when you look at the earlier years on this chart---and I hope you're getting your share, dear reader. Here's another chart that Nick slid into my in-box very late yesterday evening.  It's the "Global Indices" index---and you can tell from the sawtooth rallies, that these market want to roll over and die---and this is what da boyz are desperate to prevent.  Any time that they break below the key moving average, there's always a buyer of last resort in place to catch the proverbial falling knife.  But they can't keep it up forever. I don't have all that many stories today---and I hope there are a few in here that catch your attention. ¤ Critical Reads The Russell 2000 Has Deteriorated From 'Death Cross' to Full-Blown Correction It was ugly out there on Wednesday, as the Dow fell more than 230 points, the S&P 500 lost 26 and the NASDAQ fell 1.6%.  But there is another index, the Russell 2000, that has had an even rougher go of it. Last month, the 50-day moving average price crossed below the 200-day moving average in a technical phenomenon known as the "death cross." On Wednesday, the Russell 2000, which houses small- and mid-cap stocks, was down 1.2%. From its most recent highs it's down 10%, meaning the index is in a correction.  The S&P 500, meanwhile, is still more than 6% away from a correction and has gone more than twice its historical average number of days since its previous 10% slide, which came all the way back in spring 2012. Today's first story was posted on the businessinsider.com Internet site at 1:59 p.m. EDT on Wednesday afternoon---and I thank Roy Stephens for his first offering in today's column. U.S. dollar rally 'has years to go' The U.S. dollar continued its rally on Wednesday, hovering near a four-year high against major currencies. In early trading, it rose over 110 yen for the first time in six years and was close to a two-year high against the euro at $1.25. "We think the dollar rally has another two years to go at least," said Chris Turner, global head of strategy at ING. "It's come a long way, pretty quickly. I think a 5% advance over the next six months is very achievable," Mr Turner added, referring to the US dollar index, which measures the dollar against a basket of major currencies. I, for one, certainly wouldn't bet the ranch on this outcome---because if I had to bet ten bucks on that, I'd be shorting the dollar index at this juncture.  This news item put in an appearance on the bbc.com Internet site at 10:29 a.m. EDT yesterday---and it's courtesy of South African reader B.V. 5 reasons bonds may be less safe than you think Burned by the stock-market crash during the financial crisis, investors have poured a trillion dollars into bond funds in the past six years. They like the interest payments that bonds throw off, and that their prices barely move day to day. But some experts say danger signs are flashing, and prices could fall fast. Here are five reasons bonds may be less safe than you think. This brief article was posted on the AP website at 12:06 p.m. EDT yesterday---and I thank West Virginia reader Elliot Simon for sharing it with us. Fannie And Freddie Shares Are Collapsing---and That's Bad News For Some Big Hedge Funds Shares of Fannie Mae and Freddie Mac opened down about 40% respectively after investors lost a suit to change who collected the profits from the two mortgage insurers' dividends. Since the financial crisis, the U.S. Treasury has been collecting almost all of Fannie's and Freddie's profits as part of the government's bailout deal with the companies.  A bunch of top investors — like Pershing Square's Bill Ackman, Fairholme's Bruce Berkowitz, and Perry Capital's Richard Perry — then sued the government for breach of contract and illegally taking profits that they argued should have been theirs. About 20 related cases are still making their way around the courts, with $33 billion worth of Fannie and Freddie profits at stake This article showed up on the businessinsider.com website at 10:15 a.m. EDT yesterday---and it's the second contribution of the day from Roy Stephens. U.S. Consumer Debt Hits an All-Time High For many American households, the recession was a time to pay off debt and get their finances in order—whether they wanted to or not. But according to the latest data from the Federal Reserve’s Flow of Funds, Americans are taking on debt once again. The difference is that this time we’re borrowing to finance new cars, college tuition, and other consumer goods. As the figures show, American household debt peaked in 2007 and has since fallen 15 percent. Home mortgage debt accounted for much of the decline—it’s dropped 22 percent since 2007. Consumer debt, on the other hand, has continued to increase and just reached an all-time high of $3.2 trillion. This is another article from the businessweek.com Internet site.  This one was posted there on Tuesday sometime---and I thank Ken Hurt for sharing it with us.  It's worth skimming. U.S. consumer confidence, home prices show weakness U.S. consumer confidence fell in September for the first time in five months and home prices in July rose less than expected from a year earlier, underscoring the unsteady nature of U.S. growth. Another report on Tuesday showed business activity growth in the U.S. Midwest decelerated slightly in September. "We're continuing to effectively struggle," said Mike Englund, chief economist at Action Economics in Boulder, Colorado. "Some of the optimism that we got in the updraft in consumer confidence in the third quarter was probably a bit overstated." A bit overstated? No!  Really?  This Reuters piece, filed from New York, appeared on their Internet site at 11:28 a.m. EDT on Tuesday---and it's the second offering in a row from reader Ken Hurt. Faber Says U.S. Stocks `Pricey,' Favors Emerging Markets Marc Faber, publisher of The Gloom, Boom & Doom Report, talks about the outlook for global stocks and investment strategy. Faber speaks with Betty Liu on Bloomberg Television's "In the Loop." This 7:43 minute video clip showed up on the businessweek.com Internet site yesterday---and this makes it three in a row from Ken Hurt. Tory donor defects to UKIP, handing Farage £1million Prime Minister David Cameron suffered yet another embarrassing defection on Wednesday, as former Tory donor and millionaire Arron Banks vowed to donate £1million to UKIP. The news follows a spate of Tory defections. Banks, a U.K. insurance mogul who has channeled hundreds of thousands of pounds into Conservative Party coffers since 2005, has announced he will present UKIP leader, Nigel Farage, with a £1million donation. He previously stated on Wednesday morning he would donate £100,000, but later upped is pledge. Speaking to Sky News that morning, the former Tory donor acknowledged he was a long-time supporter of the Conservatives, but emphasized that Farage’s euroskeptic party was more attuned to his political views. This story appeared on the Russia Today Internet site at 11:47 a.m. Moscow time on their Wednesday morning, which was 3:47 a.m. in New York. Strikers threaten to blow up French factory, stalling Hollande's bid for economic reforms Striking factory workers in France have threatened to blow up their place of employment in the latest round of hostile industrial action stalling President Francois Hollande's economic reforms. Employees at the Electrolux vacuum cleaner factory near the Belgian border in Revin lit a trail of wooden pallets on Tuesday that was intended to act as a fuse leading to a propane gas tank near the main building of the factory. The stunt, which drew French police and fire crews to the scene, was the latest in a wave of strike action that has threatened to derail President Hollande's government. It came just days before Manuel Valls, France's prime minister, was to travel to London in an attempt to convince British business that the country's economy is on the road to recovery. He is due to arrive in the City next week. This story from The Telegraph yesterday showed up as a re-print over at Canada's nationalpost.com Internet site---and it's worth reading.  I thank 'Roger in La La Land' for sliding it into my in-box just as I was about to hit the send button this morning. Banks pull out of dozens of benchmarks after rate-rigging scandals Some of the world's largest banks have stopped contributing to dozens of financial benchmarks to avoid further litigation risk in the wake of the Libor and foreign exchange rate rigging scandals. Deutsche Bank, Citigroup, JPMorgan, and UBS, among others, have set up task forces to scrutinise submission processes for hundreds of benchmarks in everything from commodities to interbank lending as they seek to cut their litigation and regulatory risk, several people close to the situation said. The withdrawals have already helped speed up revamps of the silver and gold fixes and reforms to some interbank lending benchmarks so that they are based on actual transactions rather than bank submissions. But investors warned the crackdown could leave less liquid markets without any benchmark at all and make it impossible to determine whether they are getting fair prices on their derivatives and good returns on their investments. These four paragraphs from a Financial Times story is all that's posted in the clear in this GATA release from yesterday---and you need a subscription to read the rest. 'Frozen conflict' looming in east Ukraine, E.U. diplomats say E.U. countries have decided to uphold Russia sanctions for now, despite a “weakening appetite” for the measures. The E.U. foreign service on Tuesday (30 September) said that “while encouraging developments have been registered in

U.S. dollar rally 'has years to go' Posted: 01 Oct 2014 11:14 PM PDT U.S. dollar rally 'has years to go' The U.S. dollar continued its rally on Wednesday, hovering near a four-year high against major currencies. In early trading, it rose over 110 yen for the first time in six years and was close to a two-year high against the euro at $1.25. "We think the dollar rally has another two years to go at least," said Chris Turner, global head of strategy at ING. "It's come a long way, pretty quickly. I think a 5% advance over the next six months is very achievable," Mr Turner added, referring to the US dollar index, which measures the dollar against a basket of major currencies. I, for one, certainly wouldn't bet the ranch on this outcome---because if I had to bet ten bucks on that, I'd be shorting the dollar index at this juncture.  This news item put in an appearance on the bbc.com Internet site at 10:29 a.m. EDT yesterday---and it's courtesy of South African reader B.V.

Banks pull out of dozens of benchmarks after rate-rigging scandals Posted: 01 Oct 2014 11:14 PM PDT Banks pull out of dozens of benchmarks after rate-rigging scandals Some of the world's largest banks have stopped contributing to dozens of financial benchmarks to avoid further litigation risk in the wake of the Libor and foreign exchange rate rigging scandals. Deutsche Bank, Citigroup, JPMorgan, and UBS, among others, have set up task forces to scrutinise submission processes for hundreds of benchmarks in everything from commodities to interbank lending as they seek to cut their litigation and regulatory risk, several people close to the situation said. The withdrawals have already helped speed up revamps of the silver and gold fixes and reforms to some interbank lending benchmarks so that they are based on actual transactions rather than bank submissions. But investors warned the crackdown could leave less liquid markets without any benchmark at all and make it impossible to determine whether they are getting fair prices on their derivatives and good returns on their investments. These four paragraphs from a Financial Times story is all that's posted in the clear in this GATA release from yesterday---and you need a subscription to read the rest.

Russia’s second biggest lender reduces dollar loans Posted: 01 Oct 2014 11:14 PM PDT Russia's second biggest lender reduces dollar loans Russia’s second biggest bank VTB has reduced its U.S. dollar lending, Andrey Kostin the bank’s head said on the sidelines of the Russia Calling! forum on Wednesday. “In general, we are trying to avoid extending dollar loans in order to de-dollarize the economy. This is right. Many businesses prefer to borrow dollars not because they need them, but because the currency looks less expensive. But in doing so, they assume currency risks without having dollar incomes. And this is wrong,” TASS quotes Kostin as saying. According to the VTB head, currency loans should be limited to importers or those who really need them. Kostin has been advocating moving away from the dollar for a long time. In an interview published Tuesday in Russia’s Izvestia newspaper he envisioned the country being able to completely switch to the ruble in international settlements with two to three years. It's obvious that Roy didn't bother leaving the Russia Today website for long after he got on it yesterday.  Here's another article from there---and it was posted at 2:06 p.m. yesterday afternoon Moscow time.

Jim Rickards: Wealthy Elites Want Their Money Out of China Posted: 01 Oct 2014 11:14 PM PDT Jim Rickards: Wealthy Elites Want Their Money Out of China The nearly $10 billion in fake business deals Chinese regulators Thursday announced they have discovered is just the “tip of the iceberg” of the money flowing out of China, says one leading U.S. financial expert. Jim Rickards, author of the book Currency Wars: The Making of the Next Global Crisis, says: “Wealthy elites are getting their money out of China before the [financial] collapse comes.” Rickards said it's been happening for a long time, but Chinese authorities seem less willing to look the other way. Some people in China have managed to circumvented currency controls by disguising their personal financial transactions with the ordinary course of international business, which appears to be what the Chinese were talking about in their announcement this week. This short article put in an appearance on the Voice of American website back on September 25---and I thank reader Harold Jacobsen for digging it up for us.  It's worth reading.

U.S. Mint bullion coin sales double in September Posted: 01 Oct 2014 11:14 PM PDT U.S. Mint bullion coin sales double in September Sales of gold coins more than doubled in September as futures fell the most since June 2013. Last month, sales rose to 58,000 ounces, the highest since January, data from the mint’s website showed yesterday. That compared with 25,000 ounces in August and 13,000 ounces a year earlier. In September, gold on the Comex in New York lost 5.9 percent. Prices extended losses today, falling 0.5 percent to $1,205.90 an ounce, trimming this year’s advance to 0.3 percent. “Due to the price drop, it’s a great opportunity for the individual investor to jump into the gold market,” Scott Carter, the chief executive officer of Los Angeles-based Lear Capital, said in a telephone interview. “There’s a strong argument for having physical assets” as a haven, partly because of Europe’s struggling economy, he said. Sales of silver coins in September doubled to 4.14 million ounces from August, mint data showed. The gain was the biggest since January and the amount was the highest since March. The rest of this Bloomberg article is the usual main stream bulls hit about the precious metals, so unless you have some sadomasochistic streak that has to be satisfied, I suggest you give the rest of this article a miss.  It was posted on the mineweb.com Internet site yesterday---and is the only precious metal story that I could find worth posting.

Look again at record margin debt on Wall Street and how it preceeds a crash Posted: 01 Oct 2014 10:32 PM PDT Have a look at the chart below showing the record levels of margin debt in the New York Stock Exchange. That’s the money stock investors have borrowed against their stock holdings to buy more stocks. It’s a classic investment pyramid that exaggerates the uptrend and smashes it to bits on the way down. The trouble is that this supply of cheap money from the Fed ends this month. The investment banks will have nothing more to hand out… Borrowing dollars a low interest rates has also driven share buybacks to astonishing levels. Major US companies have almost all been borrowing heavily to buy back their own shares, taking those share prices higher and higher despite the lacklustre performance of the underlying economy. This is a massive debt-fueled bubble. US stocks are far and away the most overvalued in the world. It’s down to continuously expanding debt, not the superiority of the US dollar as a reserve currency. What is it going to look like when QE3 is taken away this month? Have a look at the next graph. Note the 30 per cent collapse of the Russell 2000 when QE2 ended in 2011. The debt bubble has only gotten bigger since then: Finally, a word and chart from market maven Dennis Slothgower: ‘I also want you to keep a close eye on high-yield bond funds as they are highly correlated to the Russell 2000 small cap index. When investors grow concerned about serious risk approaching they usually reallocate out of risk and towards safer havens…Notice, what is happening to high yield bonds the last few months as the end of QE approaches in October…’ Feeling queasy as an investor? Perhaps you ought to see what we are telling our paying subscribers only in the latest issue of the ArabianMoney investment newsletter out yesterday (click here). Subscribe and we will email it to you immediately.

Ilargi: Europe Is Crumbling Into Collapse Posted: 01 Oct 2014 10:27 PM PDT Yves here. The word "collapse" may seem overwrought when applied to Europe, but cold-blooded, clear eyed colleagues who have good connections and have spent a bit of time there recently say things that are broadly similar to Ilargi's take. Despite the conventional wisdom that the cost of a Eurozone breakup is catastrophically and thus will never take place, that confidence may prove to be the currency union's undoing. Ideological rigidity about austerity is leading to policies that are crushing large swathes of the population. And Europe, unlike the US, had enough of a tradition of popular revolt that that uprisings, either on the street or in the ballot box, are real possibilities, as the sudden rise of the anti-EU right shows. My sources, who also read the foreign language press, say that political fracture is underway and the Eurozone leadership is not taking anything remotely resembling adequate measures to halt its progress. That does not mean upheaval is imminent. But the flip side is this sort of unraveling tends to progress not via an clearly discernible decay path, but through sudden state changes.

William Cohan vs. Andrew Maguire - Some Thoughts Posted: 01 Oct 2014 09:37 PM PDT The best way to start this is to reference a post on tfmr from longtime contributor, Murphy, who posted this question from an article by JS Kim http://archive.aweber.com/sku_newsletter/P8OoD/h/The_Silver_Manipulation.htm: "What do you think is going on in this dispute between Naylor-Leland/Maguire/Schnell and Cohan in which each party is accusing the other of killing the silver manipulation story?" So, let us dig in a bit and hone our analysis, and try to reason to some sort of conclusion. read more

US Dollar Long Term Chart Posted: 01 Oct 2014 09:31 PM PDT Le Cafe Américain

Gold and silver bounce off the bottom as stocks enter correction mode Posted: 01 Oct 2014 08:22 PM PDT Followers of the gold and silver charts will note the rise of these precious metals against the vicious sell-off in stocks on October 1st and what looks to be an end to a downtrend that briefly brought out the most negative of commentators. It is the US stock market and global stocks in general that are in trouble now. The flight to safe havens like treasuries and precious metals will gain strength from here. If you are feeling brave this is the last great buying opportunity for gold and silver. October action That’s one conclusion we reach in the monthly investment newsletter published by the owners of this website (subscribe here). The latest issue also has a special investment tip for gold bugs from Chris Mayer, the editor of the best-selling Capital & Crisis newsletter. For the technical analysis of gold and silver we can direct you to Clive Maund’s latest work (click here). This shows a remarkable line-up of charts pointing to gold now being at the bottom of its trading range and set for blast off. Mr. Maund is no gold bug, just a fine chartist. Of course when you are at a market bottom almost nobody takes any notice of what you are saying. That is the problem with human beings. They like to act in herds like animals and feel safer all going over the edge of the cliff together than going it alone. Readers of the ArabianMoney investment newsletter have our views on how best to survive the October market mayhem. Selling stocks is naturally the first thing you should do…

Ebola is a new factor driving global stocks down warns market veteran Art Cashin Posted: 01 Oct 2014 07:48 PM PDT Art Cashin, UBS director of floor operations at the NYSE, said the Ebola virus is the new scare in US financial markets this month adding to geopolitical tensions, deflation and growth concerns. Economic data this week has been disappointing in the US and across the pond. Europe finished lower after a report showed manufacturing slowed further in September as new orders decreased amid falling demand at home and abroad. The US reported its first case of Ebola in Texas. Bad US data In the US, there was also a triple whammy of poor data: a manufacturing gauge, construction spending and auto sales all came in lighter-than-anticipated. That’s on top of worse-than-expected pending home sales, S&P/Case-Shiller data, Chicago PMI and consumer confidence reports. Traders took a flight-to-safety approach with bonds, gold, silver, oil and the US dollar all rising. The 10-year Treasury yield fell to a one-month low and the dollar continued its climb, reaching another four-year high. Air carriers, like Delta Air Lines and Southwest Airlines, are tumbling as there is speculation people may restrict flying and travel in general due to the Ebola virus scare. That’s dragging down Royal Caribbean Cruises and Starwood Hotels too… Video link click here!

The Curious Item the Chinese Can’t Get Enough Of (It’s Not What You Think) Posted: 01 Oct 2014 07:00 PM PDT China has quickly become the 15,000 ton dragon in the room. The truth is, the greatest culprit in sky-rocketing prices of this American commodity, has been China (and no, it’s not what you think)!  In fact, the dragon has been gobbling them up like mad, and they show no signs of slowing down, either… Submitted by […] The post The Curious Item the Chinese Can't Get Enough Of (It's Not What You Think) appeared first on Silver Doctors. Check out these similar articles: ChiGold – Just How Much Non-China-Based Gold Reserves/Deposits Does China Control? Koos Jansen’s Exhaustive Summary of the Chinese Gold Market China Is On A Debt Binge And A Buying Spree Unlike Anything The World Has Ever Seen Before

The Economic Implications Of A Potential Ebola Pandemic In The United States Posted: 01 Oct 2014 06:56 PM PDT For the moment, our top public health officials are quite adamant that there absolutely will not be a major Ebola outbreak in the United States.  But what if they are wrong?  Or what would happen if terrorists released a form of weaponized Ebola or weaponized smallpox in one of our major cities?  What would such an event do to our economy?  I think that we can get some clues by looking at the economic collapses that are taking place in Liberia, Guinea and Sierra Leone right now.  When an extremely deadly virus like Ebola starts spreading like wildfire, the fear that it creates can be even worse for a society than the disease.  All of a sudden people don't want to go to work, people don't want to go to school and people definitely don't want to go shopping.  There are very few things that can shut down the economy of a nation faster.  Considering the fact that our big banks are being more reckless than ever, we better hope that we don't see a "black swan event" such as a major Ebola outbreak come along and upset the apple cart.  Because if that does happen, our Ponzi scheme of an economy could implode really quick. Right now there is just one confirmed case of Ebola in Texas.  If they isolated him before he infected anyone else, we might be okay for the moment.  But already we are being told that there may be "a possible second Ebola patient" in Dallas... Health officials are closely monitoring a possible second Ebola patient who had close contact with the first person to be diagnosed in the U.S., the director of Dallas County's health department said Wednesday. All who have been in close contact with the man officially diagnosed are being monitored as a precaution, Zachary Thompson, director of Dallas County Health and Human Services, said in a morning interview with WFAA-TV, Dallas-Fort Worth. "Let me be real frank to the Dallas County residents: The fact that we have one confirmed case, there may be another case that is a close associate with this particular patient," he said. "So this is real. There should be a concern, but it's contained to the specific family members and close friends at this moment." We have learned the name of the man that is confirmed to have Ebola.  His name is Thomas Eric Duncan and when he went to Texas Health Presbyterian Hospital last Friday, he told them that he was feeling quite ill and that he was from Liberia.  You would have thought that should have set off major alarm bells.  But instead, he got sent back home... The first Ebola patient diagnosed in the U.S. initially went to a Dallas emergency room last week but was sent home, despite telling a nurse that he had been in disease-ravaged West Africa, the hospital acknowledged Wednesday. The decision by Texas Health Presbyterian Hospital to release him could have put many others at risk of exposure to the disease before he went back to the ER two days later, after his condition worsened. Thomas Eric Duncan explained to a nurse Friday that he was visiting the U.S. from Liberia, but that information was not widely shared, said Dr. Mark Lester, who works for the hospital's parent company. So a fully contagious Duncan had the opportunity to spread the virus around for another 48 hours before he was finally admitted to the hospital for treatment. And it wasn't just adults that he potentially exposed to the disease.  It is being reported that he had "close contact" with five students that attend four different Dallas schools.  Local media is reporting that the names of those schools are Tasby Middle School, Hotchkiss Elementary School, Dan D. Rogers Elementary and Conrad High School. Predictably, many parents are already pulling their kids out of school in the Dallas area. It shall be very interesting to see how many kids actually show up for school tomorrow morning. But this is what happens to a society when the fear of Ebola takes hold.  People almost immediately start shutting down their activities and staying home. Over in West Africa, months of Ebola fear is starting to take a major toll on the economy.  For example, the president of Guinea says that his economy is on the verge of complete collapse... Guinea has been more successful in containing the Ebola epidemic than its immediate neighbors in West Africa, but the loss of revenue caused by the crisis has left the country in dire financial straits, President Alpha Condé said after concluding a round of meetings at the United Nations General Assembly. Mr. Condé said Guinea would need about $100 million until December to cover its budget gap, which will grow if Ebola is not tackled by the end of the year. "The slowing down of our economies due to Ebola requires that most of our countries get some budgetary support … it's going to be crucial that we get that support so our economies don't completely collapse," he said. And things are even worse in Liberia.  The Washington Post says that Liberia is descending "into economic hell"... Liberia, the West African nation hardest it by Ebola, has begun a frightening descent into economic hell. That's the import of three recent reports from international organizations that seem to bear out the worst-case scenarios of months ago: that people would abandon the fields and factories, that food and fuel would become scarce and unaffordable, and that the government's already meager capacity to help, along with the nation's prospects for a better future, would be severely compromised. If thousands of people start getting Ebola in major cities all over America, the same thing will happen here too. A major Ebola pandemic in America would mean an almost total economic shutdown and basic essentials would start disappearing from the marketplace almost immediately.  Just check out what is happening in Liberia even as you read this... The basic necessities of survival in Liberia — food, transportation, work, money, help from the government — are rapidly being depleted, according to recent reports by the United Nations Food and Agricultural Organization, the International Monetary Fund and the World Bank. Even though economic demand would drop through the floor for most things, prices for food and other essential supplies tend to skyrocket during a major emergency.  The IMF says that the inflation rate will hit approximately 13 percent in Liberia by the end of the year even though economic activity has declined dramatically.  It is going to become extremely challenging for most families over there to feed themselves. And as economic activity withers, tax revenues also dry up.  Liberia, Guinea and Sierra Leone are all facing massive revenue shortfalls, and they are asking for international assistance. But if the same thing happened in the United States, do you think the rest of the world would send us lots of money to help us pay our bills? I don't think so. Needless to say, an Ebola outbreak is not good for financial markets either.  News of the confirmed case of Ebola in Texas helped push down the Dow more than 238 points on Wednesday, and airline stocks in particular declined sharply. If there are no more confirmed cases of Ebola in Texas, things will probably get back to normal for U.S. markets. But if Ebola does start spreading and cases start popping up all over the country, that could be just the thing to burst our massive stock market bubble. Let us hope that this is just a false alarm. Let us hope that our public health authorities have everything under control. Nobody should want to see thousands (or potentially millions) of fellow Americans get sick and die. Unfortunately, scientists tell us that it is only a matter of time before another major pandemic of some sort ravages this nation. When that happens, will our fragile economy be able to handle the shock?

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