Sunday, February 26, 2017

Gold World News Flash

Gold World News Flash


Vehicle Plows Into New Orleans Mardi Gras Parade, Injuring 28; Driver In Custody

Posted: 25 Feb 2017 06:41 PM PST

At least 28 people were injured on Saturday evening after a pickup plowed into a crowd during a Mardi Gras parade in New Orleans, police said according to WDSU.  New Orleans Police Department spokeswoman Ambria Washington said that "initial reports show so far that about a dozen people are in critical condition." She added that the number could increase as the investigation continues.

New Orleans police said the crash happened around 7 p.m. at Orleans and Carrollton avenues, where the Krewe of Endymion parade rolled through. According to CNN the driver is in police custody.

Police Chief Michael Harrison said it appeared the suspect, who was driving a pickup truck that hit two cars before running into the crowd, was likely highly intoxicated. None of the injuries was life-threatening and there were no known fatalities, a source with direct knowledge of the incident told CNN.

The CNN source said, "It appears to be a drunk driver," and added there were no preliminary indications that it was a terrorism-related incident.

One woman at the scene told The New Orleans Advocate that a silver truck whisked by her just feet away as she was walking through the intersection. Carrie Kinsella said, "I felt a rush it was so fast."

Twenty-year-old Kourtney McKinnis told the Advocate that the driver of the truck seemed almost unaware of what he had just done. "He was just kind of out of it," she said.

The incident occurred near the intersection of Orleans and Carrollton Avenues where the Krewe of Endymion parade was underway.

Video from CNN affiliate WDSU showed a gray pickup truck that had run into a dump truck near the intersection.

Witnesses told the station that the pickup came down one of the streets and struck several cars before hitting people in the crowd watching the parade.

"I saw the gray truck flying down Carrollton Avenue," a female witness told WDSU. "He sped up and he lost control and you could see was getting ready to turn and I knew he was going to run into all those people."

Gold, 10-Year Bond, Dollar Into FOMC (Video)

Posted: 25 Feb 2017 06:17 PM PST

By EconMatters


We discuss the Gold Market, the 10-Year Bond Market, and the US Dollar Index in this market video going into the FOMC Meeting in three weeks. Is March a Live FOMC Meeting?

© EconMatters All Rights Reserved | Facebook | Twitter | YouTube | Email Digest | Kindle   

Royal Canadian Mint struggles to make money, documents show

Posted: 25 Feb 2017 05:23 PM PST

By Dean Beeby
Canadian Broadcasting Corp. News, Toronto
Saturday, February 25, 2017

The Royal Canadian Mint just isn't making the money it used to.

Revenue is down sharply, jobs have been chopped, morale is in the tank, and formerly successful lines of business are being shut down -- even as the mint spends millions of dollars on new executive offices.

Once a cash cow, the mint -- which actually lost money in 2015 -- is struggling financially.

Latest figures for the third-quarter of 2016 show that revenues were down by $208 million, or about 27 percent, and profits were down by $6.5 million, or 61 percent.

The weak financials mean the mint's 1,200 employees likely won't get their general annual bonus, which is based on meeting corporate profit targets. In April 2016 each worker took home an average of $8,204 in bonuses. ...

... For the remainder of the report:

http://www.cbc.ca/news/politics/royal-canadian-mint-coins-silver-bullion...



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K92 Mining Drills Multiple High-Grade Gold Intersections

Company Announcement
Friday, January 27, 2017

K92 Mining Inc. (TSXV–KNT) announces the latest results from the ongoing grade control drilling program at its high-grade Kainantu Gold Mine in Papua New Guinea. K92 is ramping up the Kainantu gold mine toward commercial production, with its longest continuous production run to date now commenced.

In September 2016 K92 began a campaign of close-spaced underground diamond drilling as part of a comprehensive grade-control strategy. The current grade-control drilling program is focused on the areas of Irumafimpa and is designed to bring a high degree of confidence to the production planning and scheduling. K92 plans to mine this area in the coming six months. The closed-space drilling pattern of approximately 15 metres by 15 meters has significantly increased the confidence in this sparsely drilled area, with most holes recording high-grade intersections. Approximately 80 percent of the holes completed to date have recorded multiple high-grade intersections indicating the presence of multiple parallel to sub parallel high-grade veins. ...

... For the remainder of the announcement:

http://www.k92mining.com/2017/01/k92-drills-multiple-high-grade-gold-int...



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How America was Destroyed by Greed / Banks (Full Documentary)

Posted: 25 Feb 2017 02:00 PM PST

America the greatest and richest country on earth; someone is manipulating and marginalize Americans into debt slavery and a private military to go to war when ever and where ever. The Financial Armageddon Economic Collapse Blog tracks trends and forecasts , futurists ,...

[[ This is a content summary only. Visit http://financearmageddon.blogspot.com http://www.figanews.com for full links, other content, and more! ]]

Ralph Benko: Trump should make a beachhead for gold at the Fed

Posted: 25 Feb 2017 11:08 AM PST

2:10p ET Saturday, February 25, 2017

Dear Friend of GATA and Gold:

Ralph Benko of the Committee to Unleash Prosperity today describes how President Trump should create a "beachhead" of gold standard advocates on the Federal Reserve Board in pursuit of making America great again. Benko's commentary is headlined "President Trump: Replace the Dollar with Gold as the Global Currency to Make America Great Again" and it's posted at Forbes.com here:

https://www.forbes.com/sites/ralphbenko/2017/02/25/president-trump-repla...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org



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Central banks may have been evil with gold but not stupid

Posted: 25 Feb 2017 07:12 AM PST

10:27a ET Saturday, February 25, 2017

Dear Friend of GATA and Gold:

In commentary yesterday headlined "Will the Fed Tell Every American to Buy Gold Before It Destroys the Dollar?," Swiss gold fund manager Egon von Greyerz mocked Western central banks for selling so much of their gold at market lows between 1999 and 2004:

https://goldswitzerland.com/will-the-fed-tell-every-american-to-buy-gold...

Von Greyerz suggests that this was errant stupidity by the central banks. But there is a more plausible scenario, a scenario in which the gold sales by Western central banks made perfect sense from their perspective.

... Dispatch continues below ...



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That is, at the turn of the century Western central banks long had been leasing their gold to financial houses that also operated as bullion banks, purportedly to earn a little interest on a supposedly dead asset. But as Federal Reserve Chairman Alan Greenspan disclosed, perhaps inadvertently, in testimony to Congress in July 1998, the purpose of gold leasing was actually to suppress the price of the monetary metal, which is a competitor to government currencies and a determinant of government bond prices:

https://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm

Greenspan meant his testimony to discourage Congress from trying to regulate derivatives in the commodity markets -- probably because central banks were already manipulating those markets surreptitiously using derivatives and intermediaries, as was indicated years later by reports filed by commodity-exchange operator CME Group with the U.S. Commodity Futures Trading Commission and Securities and Exchange Commission:

http://www.gata.org/node/14385

http://www.gata.org/node/14411

Any serious regulation of commodity derivatives as contemplated by Congress would have risked exposing this market intervention by central banks.

In regard to gold, Greenspan testified: "Nor can private counterparties restrict supplies of gold, another commodity whose derivatives are often traded over-the-counter, where central banks stand ready to lease gold in increasing quantities should the price rise."

That is, Greenspan was telling Congress not to worry about the market-manipulating potential of derivatives, and especially not to worry about manipulation of the gold market, because central banks themselves already were using derivatives to keep the commodity markets under control.

The British economist Peter Warburton picked up on this three years later in his essay "The Debasement of World Currency -- It Is Inflation, But Not as We Know It":

http://www.gata.org/node/8303

Warburton wrote that central banks easily could use big financial houses as intermediaries to control the commodity markets with derivatives and thereby prevent monetary inflation from showing up in consumer prices. For an effective hedge against inflation, Warburton wrote, investors would have to find commodities free of futures markets and thus free of the price-suppressive influence of the derivatives trading inspired and underwritten by central banks.

As it turned out, by the year 2000 gold leasing by central banks and the gold carry trade it supported had gone a little too far.

Financial houses had borrowed central bank gold at negligible interest rates, sold it for cash, and invested the cash in government bonds, collecting a handsome spread while helping Western governments support their currencies and bonds. This trade was risk-free trade as long as the financial houses had assurance that central banks would always inject more gold into the market as necessary. But the dishoarding of gold by central banks through the gold carry trade eventually drove the monetary metal's price so far below the cost of production that production declined, shortages developed, and the market started to reverse upward.

At that point central banks could not recover their leased gold from the financial houses without worsening the shortage, exploding the gold price, and ruining the financial houses. So the central banks began selling gold -- or, rather, every few weeks they announced that they were selling gold.

But actually the central banks were only arranging cash settlement of their gold leases and not requiring the gold's return. This rescued the financial houses the central banks had used as cover for their interventions in the gold market.

Why is this a better explanation of the central bank gold sales that von Greyerz mocks as simple stupidity?

Because during the years in question, even as every few weeks brought another announcement of a central bank gold sale, the gold price nevertheless rose steadily by 60 percent, from roughly $250 to $400:

http://www.infomine.com/investment/metal-prices/gold/all/

The price would not have risen steadily if the gold whose sales were being announced was actually hitting the market.

But the price would have risen steadily if the gold in the purported sales had been leased and sold into the market long before and if the sales being announced were actually just the cancellation of leases on terms favorable to the financial houses.

Yes, Western central banks must have lost a lot of gold in this operation. But they bought themselves and their allied financial houses a couple of decades of supreme power over international politics and markets. And since the central banks retain the power to create infinite money, if they ever run out of the real metal necessary for market rigging, they can create as much money as necessary to repurchase it, run its price up, devalue their currencies to erase the immense and unpayable public debts that have been created by Western governments, and thereby avert a catastrophic debt deflation, as the Scottish economist Peter Millar noted a decade ago they have to do periodically:

http://www.gata.org/node/4843

Then they can renew their gold price suppression scheme for another half century at a more sustainable level and maintain their control over markets.

Western central banks may be the corrupt and even evil instruments of the financial class, and to preserve their power they may be prepared to do any amount of damage to the world, particularly by destroying markets, the engines of humanity's economic progress.

But stupid? Not when central banks have gained and kept control of the world's money and thus control of the valuation of all capital, labor, goods, and services in the world. What's stupid is any society that doesn't rise up against them or at least demand disclosure of their surreptitious operations.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Join GATA here:

Mining Investment Asia
Tuesday-Friday, March 28-31, 2017
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Hong Kong Convention and Exhibition Centre
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Help keep GATA going:

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POWERFUL GOLD & SILVER COILED SPRINGS: Important Charts You Have To See

Posted: 25 Feb 2017 05:04 AM PST

According to the fundamentals, gold and silver are severely compressed coiled springs looking for an opportunity to release their tremendous power.  Yes, it is true, the precious metals still hold a great deal of power.  Which is why their prices are constantly controlled by market intervention. Of course, the market intervention of gold and silver didn’t start recently.  Oh no, this has been going on for quite some time.  Even though the Central Banks and Gadflies on the financial networks have been able to BAMBOOZLE the public into believing gold is a “Barbarous relic”, fundamentals and the laws of nature can’t be broken forever… as serious consequences normally follow.

Gold and Monetary Freedom - Rory Hall

Posted: 25 Feb 2017 01:56 AM PST

Sprott Money

Breaking News And Best Of The Web

Posted: 25 Feb 2017 01:37 AM PST

US stocks finish at record high. Gold and silver at multi-week highs. Bitcoin near all-time high. Trump national security adviser scandal evolving, EPA chief controversy ramping up after email release. Debate over Putin and fake news intensifies.   Best Of The Web It's bubble time! – Peak Prosperity Dazed & confused… Treasury buying vs. asset […]

The post Breaking News And Best Of The Web appeared first on DollarCollapse.com.

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