Gold World News Flash |
- Chinese Banker: “The government must rescue the market, not with empty words, but with REAL silver and gold”
- Food collapse unfolding in Greece: Grocery store shelves to be stripped bare… supermarkets raided… home gardens now the new ‘secret weapon’ against starvation
- Zero Hedge: Citigroup just cornered the silver market
- This Is Why The Euro Is Finished
- "The US Needs War Every 4 Years To Maintain Economic Growth"
- Koos Jansen: Global financial turmoil, gold price doesn't move
- All major central banks strive to suppress gold, trends forecaster Celente tells KWN
- Greek Debt Crisis: Mass rival rallies over bailout vote
- Weekend Update July 3
- How Greeks Will Vote Sunday
- The Great Greek Economic Depression
- RON PAUL WARNING TO AMERICA - U.S. on the Brink of Collapse
- Peter Schiff: Greek Style Collapse Could Hit U.S. Next!
- Not Yours To Give
- URGENT: Radiation Leaking Czech Republic
- Petropavlovsk's Hambro just can't figure out gold's fall -- or so he says
- Central banks desperately capping monetary metals, Maguire tells KWN
- Peter Hambro's nightmare when his Russian Gold miner nearly went out of business
| Posted: 04 Jul 2015 09:30 PM PDT "It's a disaster. If it's not, what is it?" – Fu Xuejun, strategist at Huarong Securities Co. from Reuters, via Investment Watch Blog:
After a slump of nearly 30 percent in Chinese stocks since mid-June, the China Securities Regulatory Commission (CSRC) has set up a team to look at "clues of illegal manipulation across markets". After market close, a CSRC spokesman said China would cut initial public offerings and capital raisings and support long-term investors entering the market to help stabilize prices. Read More @ InvestmentWatchBlog.com image credit: seekingalpha.com |
| Posted: 04 Jul 2015 07:30 PM PDT by Mike Adams, Natural News:
That moment has now arrived for the citizens of Greece. With cash disappearing, grocery store shelves are on the verge of being stripped bare across the country, and some citizens are beginning to raid grocery stores in desperately thefts to acquire enough food to prevent their own starvation. “A halt to international payments from Greek bank accounts is …threatening supplies of vital goods like food and clothing into the debt-crippled country,” reports Reuters. [1] |
| Zero Hedge: Citigroup just cornered the silver market Posted: 04 Jul 2015 06:39 PM PDT 9:37p ET Saturday, July 4, 2015 Dear Friend of GATA and Gold: Zero Hedge reports tonight that further analysis of the latest quarterly report of the U.S. Office of the Comptroller of the Currency discloses that precious metals derivatives, excluding gold, held by Citigroup have exploded and that the investment bank likely has cornered the silver market, which likely explains the metal's failure to respond to the international financial turmoil, just as gold has failed to respond to it. The big question, Zero Hedge notes, is: Who is Citigroup's counterparty? Here's betting the U.S. Treasury Department and Federal Reserve know but won't be telling. Zero Hedge's report is headlined "Citigroup Just Cornered the 'Precious Metals' Derivatives Market" and it's posted here: http://www.zerohedge.com/news/2015-07-04/why-did-citigroups-precious-met... CHRIS POWELL, Secretary/Treasurer 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, 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: Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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: |
| This Is Why The Euro Is Finished Posted: 04 Jul 2015 06:34 PM PDT Submitted by Raúl Ilargi Meijer of The Automatic Earth This Is Why The Euro Is Finished The IMF Debt Sustainability Analysis report on Greece that came out this week has caused a big stir. We now know that the Fund's analysts confirm what Syriza has been saying ever since they came to power 5 months ago: Greece needs debt relief, lots of it, and fast. We also know that Europe tried to silence the report. But what's most interesting is that this has been going on for months, as per Reuters. Ergo, the IMF has known about the -preliminary- analysis for months, and kept silent, while at the same time 'negotiating' with Greece on austerity and bailouts. And if you dig a bit deeper still, there's no avoiding the fact that the IMF hasn't merely known this for months, it's known it for years. The Greek Parliamentary Debt Committee reported three weeks ago that it has in its possession an IMF document from 2010(!) that confirms the Fund knew even at that point in time. That is to say, it already knew back then that the bailout executed in 2010 would push Greece even further into debt. Which is the exact opposite of what the bailout was supposed to do. The 2010 bailout was the one that allowed private French, Dutch and German banks to transfer their liabilities to the Greek public sector, and indirectly to the entire eurozone's public sector. There was no debt restructuring in that deal. Reuters yesterday reported that "Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and [the IMF] that has been simmering behind closed doors for months. But that's not the whole story. Evidently, there was a major dispute inside the IMF as well. The decision to release the report was apparently taken without even a vote, because it was obvious the Fund's board members wanted the release. The US played a substantial role in that decision. Why the timing? Hard to tell. The big question that arises from this is: what has been Christine Lagarde's role in this charade? If she has been instrumental is keeping the analysis under wraps, she has done the IMF a lot of reputational damage, and it's getting hard to see how she could possibly stay on as IMF chief. She has seen to it that the Fund has lost an immense amount of trust in the world. And without trust, the IMF is useless. And while we're at it, ECB chief Mario Draghi, who is also a major Troika negotiator, made a huge mistake this week in -all but- shutting down the Greek banking system, a decision that remains hard to believe to this day. The function of a central bank is to make sure banks are liquid, not to consciously and willingly strangle them. How Draghi, after this, could stay on as ECB head is as hard to see as it is to do that for Lagarde's position. And we should also question the actions and motives of people like Jean-Claude Juncker and Jeroen Dijsselbloem. They must also have known about the IMF's assessment, and still have insisted there be no debt relief on the negotiating table, although the analysis says there cannot be a viable deal without it. One can only imagine Varoufakis' frustration at finding the door shut in his face every single time he has brought up the subject. Because you don't really need an IMF analysis to see what's obvious. Which is exactly why there is a referendum tomorrow: Alexis Tsipras refused to sign a deal that did not include debt restructuring. It would be comedy if it weren't so tragic, most of all for the people of Greece. Here's from Reuters yesterday:
The reason why all Troika negotiators should face very serious scrutiny is that they have willingly kept information behind that should have been crucial in any negotiation with Greece. The reason is obvious: it would have cost Europe's taxpayers many billions of euros. But that should never be a reason to cheat and lie. Because once you do that, you're tarnished for life. So in an even slightly ideal world, they should all resign. Everybody who's been at that table for the Troika side. And I can't see how Angela Merkel would escape the hatchet either. She, too, must have known what the IMF analysts knew. And decided to waterboard the Greek population rather than be forced to explain at home that her earlier decisions (2010) failed so dramatically that her voters would now have to pay the price for them. No, Angela likes to be in power. More than she likes for the Greeks to have proper healthcare. Understandable, perhaps, but unforgivable as well. Someone should take this entire circus of liars and cheaters and schemers to court. They're very close to killing the entire EU with their machinations. Not that I mind, the sooner it dies the better, but the people involved should still be held accountable. It's not even the EU itself which is at fault, or which is a bad idea, it's these people. But fear not, there's no tragedy that doesn't also have a humorous side. And I don't mean that to take anything away from the Greek people's suffering. Brett Arends at MarketWatch wrote a great analysis of his own, and get this, also based on IMF numbers. Turns out, the biggest mistake for Greece and Syriza is to want to stay inside the eurozone. The euro has been such a financial and economic disaster, it's hard to fathom that nobody has pointed this out before. Stay inside, and there's no way you can win. I find this a hilarious read in face of what I see going on here in Greece. It makes everything even more tragic.
This currency that Greece is fighting so hard to be part of is in fact strangling it. The reason for this lies in the structure of the EMU. Which makes it impossible for individual countries to adapt to changing circumstances. And circumstances always change. As a country, you need flexibility, you need to be able to adapt to world events. You need to be able to devalue, you need a central bank to be your lender of last resort. Mario Draghi has refused to be Greece's lender of last resort. That can't be, that's impossible. there is no valid economic reason for such an action, it's criminal behavior. But the eurozone structure allows for such behavior. In 'real life', where a country has its own central bank, the only reason for it to refuse to be lender of last resort would be political. And it is the same thing here. It's about power. That's why Greece's grandmas can't get to their meagre pensions. There is no economic reason for that. In the eurozone, there's only one nation that counts in the end: Germany. The eurozone has effectively made it possible for Angela Merkel to save her domestic banks from losses by unloading them upon the Greeks. This would not have been possible had Greece not been a member of the eurozone. That this took, and still takes, scheming and cheating, is obvious. But that is at the same time the reason why either all Troika negotiators must be replaced, and by people who don't stoop to these levels, or, and I think that's the much wiser move, countries should leave the eurozone. Look, it's simple, the euro is finished. It won't survive the unmitigated scandal that Greece has become. Greece is not the victim of its own profligacy, it's the victim of a structure that makes it possible to unload the losses of the big countries' failing financial systems onto the shoulders of the smaller. There's no way Greece could win. The damned lies and liars and statistics that come with all this are merely the cherry on the euro cake. It's done. Stick a fork in it. The smaller, poorer, countries in the eurozone need to get out while they can, and as fast as they can, or they will find themselves saddled with ever more losses of the richer nations as the euro falls apart. The structure guarantees it. |
| "The US Needs War Every 4 Years To Maintain Economic Growth" Posted: 04 Jul 2015 06:20 PM PDT "This is not a secret," explains Kris Roman, director of geopolitical research center Euro-Rus, "The whole [US] economy is built on the military theme: to maintain its economic growth, the United States needs a war every 4 years, otherwise the economic growth slows down." The Belgian expert believes that with the collapse of the USSR, NATO should have stopped existing, but somehow the alliance "has grown to the size of the Universe because the motto 'The Russians are coming!' is relevant again." In the 25 years since the collapse of the Soviet Union, NATO has not forgotten even for a moment about the idea of an attack on Russia, Belgian political scientist and director of geopolitical research center Euro-Rus Kris Roman tells Sputnik News...
The United States has repeatedly criticized Europe for small contributions to the NATO budget, saying that the EU tries to save money at the expense of its military budget.
Russophobia Reminds a Disease
* * * |
| Koos Jansen: Global financial turmoil, gold price doesn't move Posted: 04 Jul 2015 05:43 PM PDT 8:45p ET Saturday, July 4, 2015 Dear Friend of GATA and Gold: Gold researcher and GATA consultant Koos Jansen marvels tonight at the failure of gold to respond to financial turmoil around the world. "This smells like market rigging," Jansen writes. "Surely the last thing the authorities need at this moment is gold on the move. Various media and bullion dealers report demand for physical gold in Europe is strong. Walter Hell-Hoflinger, owner of a gold shop in Austria, stated: 'The critical thinkers have lost faith in politicians, their currencies, and the media. The price of gold is actually artificial.'" Jansen's commentary is headlined "Global Financial Turmoil, Gold Price Doesn't Move" and it's posted at Bullion Star here: https://www.bullionstar.com/blogs/koos-jansen/global-financial-turmoil-g... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT USAGold: Coins and bullion since 1973 USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business. Please call 1-800-869-5115x100 and ask for the trading desk, or visit: USAGold: Great prices, quick delivery -- all the time. Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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: |
| All major central banks strive to suppress gold, trends forecaster Celente tells KWN Posted: 04 Jul 2015 05:33 PM PDT 8:32p ET Saturday, July 4, 2015 Dear Friend of GATA and Gold: Government currencies are always battling against gold and all major central banks are desperate to keep the monetary metal's price down as their Ponzi-type management of the world financial system collapses, trends forecaster Gerald Celente tells King World News today. Celente's interview is excerpted at the KWN blog here: http://kingworldnews.com/gerald-celente-the-great-panic-is-now-on-throug... 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: To invest or learn more, please visit: Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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: |
| Greek Debt Crisis: Mass rival rallies over bailout vote Posted: 04 Jul 2015 05:30 PM PDT Tens of thousands of Greeks have attended rival rallies in Athens ahead of a crucial referendum on Sunday. CCTV correspondent Kate Parkinson brings the latest in Athens. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Posted: 04 Jul 2015 03:44 PM PDT By Everett Millman, head content writer at Gainesville Coins, a leading gold and silver distributor. ABSTRACT: Given Greece's debt quagmire and China's equity bubble seemingly popping, the global... {This is a content summary only. Click on the blog title to continue reading this post, share your comments, browse the website, and more!} |
| Posted: 04 Jul 2015 03:30 PM PDT Tear Gas, Long ATM Lines and How Greeks Will Vote Sunday In this video Luke Rudkowski takes you around Greece, to show you the long ATM lines, the two opposing voting camps, how to deal with tear gas and the utter chaos. The Financial Armageddon Economic Collapse Blog tracks trends and... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| The Great Greek Economic Depression Posted: 04 Jul 2015 12:04 PM PDT Sean Brodrick writes: Did you know there’s a Great Depression taking place? Not here in the United States, but in Greece. The cradle of Western democracy has tumbled hard in the past six years, and it looks like it has a lot more pain to bear. Why is Greece in a Great Depression? Take a look at this chart comparing gross domestic product in Greece now with the “gold standard” of Great Depressions, the U.S. back in the 1930s. |
| RON PAUL WARNING TO AMERICA - U.S. on the Brink of Collapse Posted: 04 Jul 2015 10:37 AM PDT The controlled media tells us that it is a symptom of corporate greed and an accidental occurrence. The truth is that recently released central bank cartel documents show that the entire global financial melt-down in a purposefully engineered consolidation. The following is a transcript of an... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Peter Schiff: Greek Style Collapse Could Hit U.S. Next! Posted: 04 Jul 2015 10:02 AM PDT On today's show, financial analyst and author Peter Schiff discusses the Greek collapse, Puerto Rico's faltering economy and how America's monetary policies may one day put us on the same path. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists ,... [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Posted: 04 Jul 2015 09:15 AM PDT This post Not Yours To Give appeared first on Daily Reckoning. One day in the House of Representatives a bill was taken up appropriating money for the benefit of a widow of a distinguished naval officer. Several beautiful speeches had been made in its support. The speaker was just about to put the question when Crockett arose: "Mr. Speaker — I have as much respect for the memory of the deceased, and as much sympathy for the suffering of the living, if there be, as any man in this House, but we must not permit our respect for the dead or our sympathy for part of the living to lead us into an act of injustice to the balance of the living. I will not go into an argument to prove that Congress has not the power to appropriate this money as an act of charity. Every member on this floor knows it. "We have the right as individuals, to give away as much of our own money as we please in charity; but as members of Congress we have no right to appropriate a dollar of the public money. Some eloquent appeals have been made to us upon the ground that it is a debt due the deceased. Mr. Speaker, the deceased lived long after the close of the war; he was in office to the day of his death, and I ever heard that the government was in arrears to him. "Every man in this House knows it is not a debt. We cannot without the grossest corruption, appropriate this money as the payment of a debt. We have not the semblance of authority to appropriate it as charity. Mr. Speaker, I have said we have the right to give as much money of our own as we please. I am the poorest man on this floor. I cannot vote for this bill, but I will give one week's pay to the object, and if every member of Congress will do the same, it will amount to more than the bill asks." He took his seat. Nobody replied. The bill was put upon its passage, and, instead of passing unanimously, as was generally supposed, and as, no doubt, it would, but for that speech, it received but few votes, and, of course, was lost. Later, when asked by a friend why he had opposed the appropriation, Crockett gave this explanation: "Several years ago I was one evening standing on the steps of the Capitol with some members of Congress, when our attention was attracted by a great light over in Georgetown. It was evidently a large fire. We jumped into a hack and drove over as fast as we could. In spite of all that could be done, many houses were burned and many families made houseless, and besides, some of them had lost all but the clothes they had on. The weather was very cold, and when I saw so many children suffering, I felt that something ought to be done for them. The next morning a bill was introduced appropriating $20,000 for their relief. We put aside all other business and rushed it through as soon as it could be done. "The next summer, when it began to be time to think about election, I concluded I would take a scout around among the boys of my district. I had no opposition there but, as the election was some time off, I did not know what might turn up. When riding one day in a part of my district in which I was more of a stranger than any other, I saw a man in a field plowing and coming toward the road. I gauged my gait so that we should meet as he came up, I spoke to the man. He replied politely, but as I thought, rather coldly. "I began: 'Well friend, I am one of those unfortunate beings called candidates and –' "'Yes I know you; you are Colonel Crockett. I have seen you once before, and voted for you the last time you were elected. I suppose you are out electioneering now, but you had better not waste your time or mine, I shall not vote for you again.' "This was a sockdologer… I begged him tell me what was the matter. "'Well Colonel, it is hardly worthwhile to waste time or words upon it. I do not see how it can be mended, but you gave a vote last winter which shows that either you have not capacity to understand the Constitution, or that you are wanting in the honesty and firmness to be guided by it. In either case you are not the man to represent me. But I beg your pardon for expressing it that way. I did not intend to avail myself of the privilege of the constituent to speak plainly to a candidate for the purpose of insulting you or wounding you. "'I intend by it only to say that your understanding of the constitution is very different from mine; and I will say to you what but for my rudeness, I should not have said, that I believe you to be honest.' "'But an understanding of the constitution different from mine I cannot overlook, because the Constitution, to be worth anything, must be held sacred, and rigidly observed in all its provisions. The man who wields power and misinterprets it is the more dangerous the honest he is.' "'I admit the truth of all you say, but there must be some mistake. Though I live in the backwoods and seldom go from home, I take the papers from Washington and read very carefully all the proceedings of Congress. My papers say you voted for a bill to appropriate $20,000 to some sufferers by fire in Georgetown. Is that true?' "'Well my friend; I may as well own up. You have got me there. But certainly nobody will complain that a great and rich country like ours should give the insignificant sum of $20,000 to relieve its suffering women and children, particularly with a full and overflowing treasury, and I am sure, if you had been there, you would have done just the same as I did.' "'It is not the amount, Colonel, that I complain of; it is the principle. In the first place, the government ought to have in the Treasury no more than enough for its legitimate purposes. But that has nothing with the question. The power of collecting and disbursing money at pleasure is the most dangerous power that can be entrusted to man, particularly under our system of collecting revenue by a tariff, which reaches every man in the country, no matter how poor he may be, and the poorer he is the more he pays in proportion to his means. "'What is worse, it presses upon him without his knowledge where the weight centers, for there is not a man in the United States who can ever guess how much he pays to the government. So you see, that while you are contributing to relieve one, you are drawing it from thousands who are even worse off than he. "'If you had the right to give anything, the amount was simply a matter of discretion with you, and you had as much right to give $20,000,000 as $20,000. If you have the right to give at all; and as the Constitution neither defines charity nor stipulates the amount, you are at liberty to give to any and everything which you may believe, or profess to believe, is a charity and to any amount you may think proper. You will very easily perceive what a wide door this would open for fraud and corruption and favoritism, on the one hand, and for robbing the people on the other. No, Colonel, Congress has no right to give charity. "'Individual members may give as much of their own money as they please, but they have no right to touch a dollar of the public money for that purpose. If twice as many houses had been burned in this country as in Georgetown, neither you nor any other member of Congress would have thought of appropriating a dollar for our relief. There are about two hundred and forty members of Congress. If they had shown their sympathy for the sufferers by contributing each one week's pay, it would have made over $13,000. There are plenty of wealthy men around Washington who could have given $20,000 without depriving themselves of even a luxury of life. "'The congressmen chose to keep their own money, which, if reports be true, some of them spend not very creditably; and the people about Washington, no doubt, applauded you for relieving them from necessity of giving what was not yours to give. The people have delegated to Congress, by the Constitution, the power to do certain things. To do these, it is authorized to collect and pay moneys, and for nothing else. Everything beyond this is usurpation, and a violation of the Constitution. "'So you see, Colonel, you have violated the Constitution in what I consider a vital point. It is a precedent fraught with danger to the country, for when Congress once begins to stretch its power beyond the limits of the Constitution, there is no limit to it, and no security for the people. I have no doubt you acted honestly, but that does not make it any better, except as far as you are personally concerned, and you see that I cannot vote for you.' "I tell you I felt streaked. I saw if I should have opposition, and this man should go to talking and in that district I was a gone fawn-skin. I could not answer him, and the fact is, I was so fully convinced that he was right, I did not want to. But I must satisfy him, and I said to him: "'Well, my friend, you hit the nail upon the head when you said I had not sense enough to understand the Constitution. I intended to be guided by it, and thought I had studied it fully. I have heard many speeches in Congress about the powers of Congress, but what you have said here at your plow has got more hard, sound sense in it than all the fine speeches I ever heard. If I had ever taken the view of it that you have, I would have put my head into the fire before I would have given that vote; and if you will forgive me and vote for me again, if I ever vote for another unconstitutional law I wish I may be shot.' "He laughingly replied; 'Yes, Colonel, you have sworn to that once before, but I will trust you again upon one condition. You are convinced that your vote was wrong. Your acknowledgment of it will do more good than beating you for it. If, as you go around the district, you will tell people about this vote, and that you are satisfied it was wrong, I will not only vote for you, but will do what I can to keep down opposition, and perhaps, I may exert some little influence in that way.' "If I don't, said I, 'I wish I may be shot; and to convince you that I am in earnest in what I say I will come back this way in a week or ten days, and if you will get up a gathering of people, I will make a speech to them. Get up a barbecue, and I will pay for it.' "'No, Colonel, we are not rich people in this section but we have plenty of provisions to contribute for a barbecue, and some to spare for those who have none. The push of crops will be over in a few days, and we can then afford a day for a barbecue. This Thursday; I will see to getting it up on Saturday week. Come to my house on Friday, and we will go together, and I promise you a very respectable crowd to see and hear you.' "'Well I will be here. But one thing more before I say good-bye. I must know your name.' "'My name is Bunce.' "'Not Horatio Bunce?' "'Yes.' "'Well, Mr. Bunce, I never saw you before, though you say you have seen me, but I know you very well. I am glad I have met you, and very proud that I may hope to have you for my friend.' "It was one of the luckiest hits of my life that I met him. He mingled but little with the public, but was widely known for his remarkable intelligence, and for a heart brim-full and running over with kindness and benevolence, which showed themselves not only in words but in acts. He was the oracle of the whole country around him, and his fame had extended far beyond the circle of his immediate acquaintance. Though I had never met him, before, I had heard much of him, and but for this meeting it is very likely I should have had opposition, and had been beaten. One thing is very certain, no man could now stand up in that district under such a vote. "At the appointed time I was at his house, having told our conversation to every crowd I had met, and to every man I stayed all night with, and I found that it gave the people an interest and confidence in me stronger than I had ever seen manifested before. "Though I was considerably fatigued when I reached his house, and, under ordinary circumstances, should have gone early to bed, I kept him up until midnight talking about the principles and affairs of government, and got more real, true knowledge of them than I had got all my life before. "I have known and seen much of him since, for I respect him — no, that is not the word — I reverence and love him more than any living man, and I go to see him two or three times every year; and I will tell you, sir, if every one who professes to be a Christian lived and acted and enjoyed it as he does, the religion of Christ would take the world by storm. "But to return to my story. The next morning we went to the barbecue and, to my surprise, found about a thousand men there. I met a good many whom I had not known before, and they and my friend introduced me around until I had got pretty well acquainted — at least, they all knew me. "In due time notice was given that I would speak to them. They gathered up around a stand that had been erected. I opened my speech by saying: "'Fellow-citizens — I present myself before you today feeling like a new man. My eyes have lately been opened to truths which ignorance or prejudice or both, had heretofore hidden from my view. I feel that I can today offer you the ability to render you more valuable service than I have ever been able to render before. I am here today more for the purpose of acknowledging my error than to seek your votes. That I should make this acknowledgment is due to myself as well as to you. Whether you will vote for me is a matter for your consideration only.' "I went on to tell them about the fire and my vote for the appropriation and then told them why I was satisfied it was wrong. I closed by saying: "'And now, fellow-citizens, it remains only for me to tell you that the most of the speech you have listened to with so much interest was simply a repetition of the arguments by which your neighbor, Mr. Bunce, convinced me of my error. "'It is the best speech I ever made in my life, but he is entitled to the credit for it. And now I hope he is satisfied with his convert and that he will get up here and tell you so.' "He came up to the stand and said: "'Fellow-citizens — it affords me great pleasure to comply with the request of Colonel Crockett. I have always considered him a thoroughly honest man, and I am satisfied that he will faithfully perform all that he has promised you today.' "He went down, and there went up from that crowd such a shout for Davy Crockett as his name never called forth before. "I am not much given to tears, but I was taken with a choking then and felt some big drops rolling down my cheeks. And I tell you now that the remembrance of those few words spoken by such a man, and the honest, hearty shout they produced, is worth more to me than all the honors I have received and all the reputation I have ever made, or ever shall make, as a member of Congress. "Now, sir," concluded Crockett, "you know why I made that speech yesterday. There is one thing which I will call your attention, you remember that I proposed to give a week's pay. There are in that House many very wealthy men — men who think nothing of spending a week's pay, or a dozen of them, for a dinner or a wine party when they have something to accomplish by it. Some of those same men made beautiful speeches upon the great debt of gratitude which the country owed the deceased — a debt which could not be paid by money — and the insignificance and worthlessness of money, particularly so insignificant a sum as $20,000 when weighed against the honor of the nation. Yet not one of them responded to my proposition. Money with them is nothing but trash when it is to come out of the people. But it is the one great thing for which most of them are striving, and many of them sacrifice honor, integrity, and justice to obtain it." Regards, Col. David Crockett Originally published in "The Life of Colonel David Crockett," by Edward Sylvester Ellis Ed. Note: Whether this essay is completely factual, a complete fabrication or somewhere in between is not important. The lessons on government spending it espouses are invaluable. Discover even more of these lessons (and ways to protect and grow your own personal wealth) by signing up for the FREE Daily Reckoning email edition, right here. The post Not Yours To Give appeared first on Daily Reckoning. |
| URGENT: Radiation Leaking Czech Republic Posted: 04 Jul 2015 09:12 AM PDT Urgent reports coming out of the Czech Republic show that 2 Nuclear Leaks have taken place The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists , visionaries , free investigative journalists , researchers , Whistelblowers , truthers and many more [[ This is a content summary only. Visit http://www.newsbooze.com or http://www.figanews.com for full links, other content, and more! ]]  |
| Petropavlovsk's Hambro just can't figure out gold's fall -- or so he says Posted: 04 Jul 2015 07:55 AM PDT Peter Hambro's Nightmare When His Russian Gold Miner Nearly Went Out of Business By Andrew Critchlow http://www.telegraph.co.uk/finance/newsbysector/industry/mining/11718061... From his Mayfair office overlooking the gardens of Buckingham Palace, Peter Hambro, the scion of the storied City banking dynasty, is in reminiscent mood. Earlier this year he nearly lost control of Petropavlovsk -- the Russian gold mining company he helped to create over 20 years ago with his friend Pavel Maslovskiy. A collapse in the prices of precious metals nearly forced it out of business but the company was saved at the eleventh hour when shareholders approved a rights issue. ... Dispatch continues below ... ADVERTISEMENT Silver Coins and Rounds with Employee Pricing and Free Shipping Grab your Silver Starter Kit at cost from Money Metals Exchange, the company named "Precious Metals Dealer of the Year" by industry ratings group Bullion Directory. Simply go to MoneyMetals.com and type "GATA" in the radio box at the top of the page. This special silver offer contains 4 ounces of silver coins and rounds in the most popular 1-ounce, half-ounce, and 10th-ounce forms. Claim yours now, because GATA readers get employee pricing and free shipping. So go to -- -- and type "GATA" in the radio box at the top of the page. Gold is in Mr Hambro's blood and, to illustrate his belief in its enduring value despite its fluctuating price, he pulls out of his pocket a money clip. Fashioned from two American gold coins, the clip once belonged to his late father who had established the family name in merchant banking circles following the Second World War. According to Mr Hambro, his father who had once banked Sheikh Shakbut bin Sultan al-Nahyan,the ruler of oil-rich Abu Dhabi in the 1960s, carried the precious clip everywhere he travelled following the war. His reasoning was that, no matter what the circumstances, the value of the gold in the clip would always outweigh the currency it held and, therefore, be enough to buy him safe passage back to Britain from anywhere in the world. "If I was in Athens now and I had a few gold sovereigns I would be feeling a hell of a lot happier than if I was relying on my euros in a bank, or my ability to get it out of a cash machine," said Mr Hambro. However, his deep-rooted belief in gold was also the reason for his near undoing. Petropavlovsk -- which up until 2009 was known as Peter Hambro Mining -- has been one of the biggest victims of the collapse in the price of gold from a peak above $1,900 per ounce to its current levels around $1,200 per ounce. The company, which is listed on the London market, had borrowed hundreds of millions of pounds and invested heavily in the development of a Malomir deposit in Siberia. The mine has an abundance of refractory ore, which is relatively cheap to extract but expensive to process, requiring the use of pressure oxidation plants to transform it into gold. "We were certain that the gold price was going up, which it did. We wanted to increase our production. We spent a lot of money increasing capacity. One of the things we saw was that the world was running out of easy-to-process ore," he said. Mr Hambro sold the idea to investors on the basis of the gold price continuing its upward trajectory, and when it went into reverse the company had to perform an about-turn on its plans. "Nothing that we did was illogical," he said. "We thought it through, but we got it wrong. The gold price just crashed. I had told the world that gold was going to $2,000 per ounce and I wasn't far wrong, but when it came down it went thumping down. The momentum of it got away from us. We didn't pack up, we carried on and turned things around from refractory to non-refractory and basically did our best to make it work and eventually we had to put our own money in to do that." The financial costs of the mistake have been crippling for both the company and Mr Hambro, who puts his own losses from the debacle in the region of "hundreds of millions." Shareholders have also suffered. Petropavlovsk's shares are down almost 50 percent so far this year at around 7 1/2 pence. At its 2010 height, the miner's share price nudged L13.50. "What I have said to equity holders is that this has been effectively 21 years of my life. For the first eight years I worked for free and I put my own money into it with Pavel [Maslovskiy]. I was 50 when I started this and I'm now 70. What I built got destroyed," he said. According to Mr Hambro -- who originally ventured beyond the Iron Curtain in the Cold War era to broker gold deals with the former Soviet Union -- at its peak Petropavlovsk had an enterprise value of around $4 billion (L2.5 billion) and net debt of around $500 million. Now the company's enterprise value stands at around $1 billion and debts of $700 million, a far more worrying ratio for investors to absorb, especially when gold prices show little sign of returning to their previous highs. "It was just a black hole. Everything was disappearing and there was nothing we could do to stop it until the very last minute when we said, 'OK, we will do a debt-for-equity swap with the bondholders,' and Pavel, myself, and our other partner put our hands in our pockets and after that we were safe again," said Mr Hambro. Adding to his problems caused by the plummeting gold price, economic sanctions imposed on Russia by the West have complicated the company's dealing with its bankers. "They have had collateral effects rather than a direct impact. It's very difficult to get an American investor or a Canadian investor interested. Not that bad for equity but very bad for debt. In terms of our relationship with the banks, they have problems with interbank lending, which makes things difficult," said Mr Hambro. Despite nearly losing control of the company in an episode, which Mr Hambro admits left him genuinely "scared," he has lost none of his enthusiasm for Petropavlovsk and turning the company around. The company is producing around 680,000 ounces of gold per year and its guidance for the next five years is for output to remain at around 600,000 ounces, which will generate significant cash flow. "I couldn't walk away. I'm captain of the ship and I would have to go down with it. I'm just that kind of guy. I come from a long line of people who have behaved well. My father, mother, grandparents, great grandparents would not have been happy if I had done anything else," said Mr Hambro. Based on gold remaining within its current range, Mr Hambro is confident of maintaining a margin of $500 on every ounce that the company can produce, which is equivalent to around $300m of cash flow. "Our inherent strength is that we are in an area with a fantastic amount of gold," he said. Provided that there isn't another major dip in gold prices, this should mean that Petropavlovsk could be debt free by 2019. Restoring the enterprise value of the business, he says, is his "number one" priority. "It's equity shareholders who have taken the beating. What we have got to do now is pay off that debt because we have spent all the money on new plant and equipment and our capital costs going forward are very low," he said. Given the growing economic uncertainty in Europe and the recent crash of the Chinese stock markets, the likelihood is growing of gold prices rising again as investors search for safe-haven assets. However, Mr Hambro questions just how much gold is actually in circulation, making it hard to predict prices of the precious metal. "For some reason I don't understand why gold has reacted the way you would think it would react. Gold has gone back into the hands of governments, particularly in China and Russia. China has encouraged people to go out and buy gold. "The Shanghai exchange has shipped an incredible amount of gold to the Chinese people but where that has come from I don't know. The fact it takes five years for the German central bank to get its gold back from the Federal Reserve is very strange. If it's really there, it should be possible to deliver much more quickly than that," he said. Immaculately dressed as he sits in his oak-panelled office with walls adorned by his own watercolour paintings of the English coastline, Mr Hambro, who has spent a lifetime working in and around the City, shakes his head at some of the financial scandals that have rocked the public's confidence in business. He is also aghast at the bonus culture, which continues to dominate how business is done in the Square Mile. "I grew up in a City family. The City was a small village when I started where everyone knew everyone and in my view it was very well regulated. There were no rules, but people understood that they had to behave properly and they did. I didn't get a bonus for most of my City career. It wasn't something you relied on. "You lived on your salary and people lived really, really well," he said. Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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: |
| Central banks desperately capping monetary metals, Maguire tells KWN Posted: 04 Jul 2015 07:40 AM PDT 10:40a ET Saturday, July 4, 2015 Dear Friend of GATA and Gold: In his new interview with King World News, London metals trader Andrew Maguire says central banks have been short-selling the monetary metals in recent days in a desperate attempt to avoid another "Lehman moment" in the world financial system and the collapse of gold, silver, and currency derivatives and the banks holding them, causing the counterintuitive action in gold and silver prices. The interview can be heard at the KWN Internet site here: http://kingworldnews.com/andrew-maguire-says-short-selling-of-gold-and-s... CHRIS POWELL, Secretary/Treasurer ADVERTISEMENT Free Storage with BullionStar in Singapore Until 2016 Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore. Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop-shop for precious metals in Singapore. Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage is FREE until 2016 and will have the most competitive rates in the industry thereafter. For more information, please visit Bullion Star here: Join GATA here: New Orleans Investment Conference http://noic2015.eventbrite.com/?aff=gata Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference: https://jeffersoncompanies.com/landing/2014-av-powell Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's 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: |
| Peter Hambro's nightmare when his Russian Gold miner nearly went out of business Posted: 04 Jul 2015 04:56 AM PDT A tumbling gold price nearly wrecked plans for the Russian gold mining company Petropavlovsk  This posting includes an audio/video/photo media file: Download Now |
Chinese stocks tumbled again on Friday, taking the week's losses to more than 10 percent, as the securities regulator said it was investigating suspected market manipulation and announced a slew of measures aimed at heading off a full-blown crash.
Over the years, I’ve consistently and repeatedly urged people to grow their own food, and I’ve explained over and over again why you need a home-grown self-reliant food supply when the food collapse arrives.
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