Gold World News Flash |
- Gold Market Overview From An HFT Perspective
- This Volatile Market Behavior Will Continue – Dollar Cost Average Into the Precios Metals!
- When Central Banks Re-build Silver Reserves
- Gold Repatriation Movement Reaches Ecuador
- Gold Chart and Comments
- As society unravels in wake of Sandy, politicians endorse more power for FEMA
- Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 2% and 3% on the Week
- Silver Summit Panel with David Morgan
- Dollar stores in million dollar neighborhoods. 99 Cents Store looking at Beverly Hills location in rise of the low-wage and high-wage economy
- Time to Buy, Buy, Buy
- Who Are the Revolutionaries in a Free Market Revolution?
- The Gold Price Lost $35.70 this Week Closing at $1,675.20
- GOVERNMENT PREPARATION & RESPONSE HAS BEEN DREADFUL & DEADLY
- By the Numbers for the Week Ending November 2
- Bundesbank official assures NY Fed that gold issue will go away
- Chris Ecclestone Picks Latin American Gold Plays
- Agnico CEO - This Is What Is Happening In Gold Right Now
- Friday Humor: The ECB Explains What A Ponzi Scheme Is; Awkward Silence Follows
- Jeffrey Lewis: The great precious metals managed retreat
- Stocks Slammed As Apple Tumbles: Yesterday's Rally In Tatters
- Gold and Silver Disaggregated COT Report (DCOT) for November 2
- Are the Elections the Key to the Short-Term Stock and Gold Price Swings?
- Vote Obama to Help the Gold Price!
- COT Gold, Silver and US Dollar Index Report - November 2, 2012
- “Sandy will help lead to a new precious metals paradigm which will thrust the US forward into a new stage of dilapidation.”
- U.S. Presidential Elections and Stock and Gold Price Swings Analysis
- Cosmos Chiu Finds Mining Opportunities Around the World
- Gold's October Slump Is NO SURPRISE - Buy The Dip!
- Why and How to Buy Bullion... Plus Where to Store It
- Five Things Repatriating Gold Bullion Says About Germany
| Gold Market Overview From An HFT Perspective Posted: 03 Nov 2012 12:31 AM PDT Jim Sinclair's Mineset My Dear Extended Family, Jim, I'm sure your mailbox is inundated with letters, so I'd like to help. Feel free to post this if you think it will relieve some of the pressure. Thank you for all you have done for gold. Here is an overview of market action for gold longs from a HFT perspective. If you plan to trade on my information, then the trade is: Buy physical gold. Any HFT worth their salt (or silicon) already knows what I have written here. TAKE HEART GOLD LONGS, THE PAIN IS ALMOST OVER. The next leg of our journey takes us to $1800 and over, probably in time for Christmas. The best advice I ever received in gold is: "Your emotions are always wrong." This was from a highly skilled trader named Jim Sinclair. Thank you, Jim. Here is what is going on: Market releases are important, and NFP is the most important. NFP (non-farm payrolls) is the most volatile of all data releases. Every HFT (algo and human) trade it....
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| This Volatile Market Behavior Will Continue – Dollar Cost Average Into the Precios Metals! Posted: 03 Nov 2012 12:30 AM PDT from Gregory Mannarino:
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| When Central Banks Re-build Silver Reserves Posted: 03 Nov 2012 12:30 AM PDT Charleston Voice
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| Gold Repatriation Movement Reaches Ecuador Posted: 03 Nov 2012 12:00 AM PDT from Wealth Cycles:
In November 2011 Venezuelan President Hugo Chavez received the first shipment of gold from his request that 85% of the country's gold reserves be returned to Venezuela's central bank. As reported in a BBC story:
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| Posted: 02 Nov 2012 11:28 PM PDT [url]http://www.traderdannorcini.blogspot.com/[/url] [url]http://www.fortwealth.com/[/url] Gold was on the receiving end of a bloody bear mauling in today's session as the downside breach of what had been a rock-solid level of chart support (courtesy of Far-Eastern buying) gave way in a tremendous avalanche of sell stops. Apparently the physical market buyers decided to step back and pick up their gold cheaper as they have come full well to know what happens to hedge fund long positions whenever a large contingent of stale longs meet up with the usual monthly payrolls number. Suffice it to say, gold has now experienced a technical break to the downside and has some chart damage to repair. Just how far and how deep this correction will go depends on the willingness of those big physical market buyers to absorb the metal coming onto the market. The level of chart support that provided an initial downside target once $1700 gave way was the $1680 level. It failed to stem the selling ac...
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| As society unravels in wake of Sandy, politicians endorse more power for FEMA Posted: 02 Nov 2012 10:36 PM PDT by Aaron Dykes, Prison Planet:
That desperation is sure to further intensify in proportion with strained resources, as order has already started to dissolve under reported limits on cash and commerce as electronic payment is suspended and those on food stamps are unable to use EBT payments. Images of hungry people diving for food in dumpsters make clear that neither individuals nor governments were prepared to keep things running and meet basic needs despite the hype over the "superstorm" leading up to Sandy.
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| Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 2% and 3% on the Week Posted: 02 Nov 2012 10:00 PM PDT Gold fell to as low as $1674.36 by about 1:30PM EST before it bounced back higher in the last couple of hours of trade, but it still ended with a loss of 2.08%. Silver slipped to as low as $30.789 and ended with a loss of 4.01%.
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| Silver Summit Panel with David Morgan Posted: 02 Nov 2012 09:28 PM PDT | |
| Posted: 02 Nov 2012 09:00 PM PDT 1 out of 4 working Americans in low-wage work. from MyBudget360.com:
Whenever a jobs report comes out I always ask what kind of jobs are being added. There is a wide gap between skilled and unskilled labor building in this economy. Those without the skills for select fields are being left behind to pickup jobs in the growing low-wage service sector. It used to be the case that blue collar work with one paycheck was enough to pursue the American Dream. That is definitely no longer the case. We have 50 percent of college graduates under 25 working in jobs that do not require a college degree or are simply unemployed. What we are seeing is a persistent trend that is creating a low-wage economy. The system is learning how to work around this ongoing trend. We now have a solid expansion of dollar stores catering to low income Americans. Dollar stores are also popping up in unlikely locations. That business is booming with 1 out of 7 Americans now receiving food assistance. The US has a large portion of our population working in low-wage jobs.
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| Posted: 02 Nov 2012 06:47 PM PDT If you aren't already in, Monday or Tuesday should represent an exceptional buying opportunity as gold moves into its final intermediate cycle bottom. Now that the 38% retracement has been breached I would look for a final exhaustion move to test ... Read More...
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| Who Are the Revolutionaries in a Free Market Revolution? Posted: 02 Nov 2012 06:42 PM PDT On the dedication page of Ron Paul's The Revolution: A Manifesto we find these words: To my supporters: But if he had written "selfish" quite intentionally, how many people would regard that as a moral tribute? What are the facts? Can we really say that people who fight for freedom are acting in self-denial? Wouldn't freedom be an infinitely better condition to live under than the controlled society we now have or the totalitarian slave state we're edging towards? And if this is true, wouldn't it be correct to say Paul's supporters act in their conscientious self-interest, and therefore their support should be considered selfish? So why didn't he use that word? As authors Yaron Brook and Don Watkins argue in their stimulating book, Free Market Revolution: How Ayn Rand's Ideas Can End Big Government, it is the widespread inability to affirm the self that accounts for the continuing decline of freedom. And since political freedom implies economic freedom, traditional selfless morality becomes capitalism's greatest enemy, as they discuss in detail. The Triumph of Greed? When the financial crisis arrived in 2007-2008, capitalism's enemies had no trouble spotting who they believed were the culprits: greedy businessmen and speculators. Once again, the government had trusted them with freedom, and once again their insatiable greed brought the economy to its knees. But Brook and Watkins point out what should be obvious, that freedom in economic affairs had been increasingly restricted for decades: [B]ecause the conventional view of selfishness remained entrenched, it was not the "public servants" in Washington who took the blame . . . .As they tell us later in discussing soaring health care costs, It's no accident that we don't have a computer crisis, or a hair salon crisis, or a veterinary crisis. Nor is it an accident that we did have a housing and financial crisis. Along with housing and finance, medicine is one of the most regulated industries in the United States . . . [p. 194; emphasis added]But wait - Bernie Madoff was selfish, was he not? He was trusted and left free to gain as much money as he could, which for him meant cheating his clients through a fantastic Ponzi scheme. Could it not be argued that the combination of freedom and selfishness cost his clients billions? One of his clients, a French aristocrat named Rene-Thierry Magon de la Villehuchet, was so heavily invested he was found dead of an apparent suicide after Madofff was arrested for fraud. Ask almost anyone to name an example of a selfish person and Madoff becomes a prime candidate. "To be selfish is to be like Madoff," the authors write, "to screw anyone, even family and friends, in order to get more, more, more for me, me, me. Madoff is just the latest poster boy for the evil of selfishness." [p. 63] But there's a problem with this portrayal of selfishness - it includes people who don't swindle others to get ahead. It includes people who make a lot of money by producing goods that others value. It includes people like Steve Jobs, "who was routinely derided as selfish" and was condemned for focusing on profit rather than philanthropy. A Wired magazine commentary in 2006 described him as "nothing more than a greedy capitalist who's amassed an obscene fortune. It's shameful," adding that "he skates away from the responsibilities that come with great wealth and power." Brook and Watkins reject this analysis: Does it really make sense to equate producers like Jobs with criminals like Madoff - to accuse them of the same dark motive and the same moral crime (in spirit, if not in scale)? One creates wealth; the other steals it. One thrives by trading with other people; the other destroys the lives of everyone he touches. One works incredibly hard to build a product or company he can be proud of; the other spends his time trying to cover up the fact that he has nothing to be proud of. [p. 65]Anyone who takes the time to look at how businesses actually succeed will find, in most cases, not ruthless exploitation but mutually beneficial production and trade; an Apple economy, not a Madoff economy. [p. 67]This runs counter to the conventional notion of trade as a zero-sum (win/lose) game. Yesterday I bought groceries at a local supermarket. If trade is a zero-sum game, then one of us lost. I came home with the groceries I wanted, and the supermarket had the money it wanted - a win/win exchange. What we each gave up in trade, we gave up voluntarily. I didn't have to settle on that supermarket; I could have gone elsewhere. No one forces the supermarket to stay in business; if it can't make a profit, it will close. Right now it's mutually beneficial for me to shop there and for the store to stay open. In this sense, each of us was pursuing his rational self-interest, what Ayn Rand defined as selfish. The store doesn't sell groceries under cost as a matter of charity, nor do I shop there to do it a favor. Should the supermarket do more than offer goods I want at prices I can afford? Should it be "skating" toward other goals that certain others regard as its "social responsibilities"? To get them to swallow the idea that it's their duty to serve and sacrifice, the altruistic push for corporate "social responsibility" has taught businessmen that their choice is either some monomaniacal focus on the "bottom line" - one that involves ignoring many of the factors that determine a company's bottom line - or a mawkish pursuit of a "service" agenda. . .As the authors conclude, "the path to profits is paved in principle," not chicanery or crime - something the skaters of this world will likely never understand. The morality of sacrifice vs. the morality of rights The authors note that the "dictatorial mentality that seeks power over others does not preach selfishness but self-sacrifice." As a character in The Fountainhead pointed out, sacrifice implies that someone will be collecting the sacrificial offerings. The morality of sacrifice, of exploiter and exploited, underlies Big Government. Free Market Revolution offers many refreshing insights on long-standing issues. Following Rand, for instance, it tells us that "a right is a moral principle defining and sanctioning a man's freedom of action in a social context," then by way of elaboration says, "A society of rights is one in which you are as free as you would be alone on an island." Think of Tom Hanks in Cast Away, the authors suggest - he had no "right" to a survival manual even though he needed one, no "right" to dental care, no "right" to matches for starting a fire. His only right was the freedom to figure out all those things for himself. The notion of "a hungry man is not free" didn't go over well on the uninhabited island. He either learned to catch crabs or starved. He even had to solve the problem of companionship on his own, by drawing a face on a volleyball and engaging in "conversation." Unfortunately for the purveyors of sacrifice, there was no one around that the Hanks character could serve, other than himself. If he wanted to live, he had to be selfish, he had to make a profit, in the best sense of those words. As the authors note, "a society of rights is one that removes coercion from human affairs." [p. 131] Modern "rights" are claims to certain outcomes, not freedom of action. What makes modern rights possible is the state, which forces some people to provide for others. "Rights" in the modern sense increase coercion rather than remove it. The result is bigger, more expensive, more intrusive government. What about the workers? It's frequently asserted that workers need protection from the ravenous clutches of big business and therefore beneficent coercion on government's part is required. Notwithstanding the moral implications of this claim, how does this square with the facts? Brook and Watkins tell us that real wages doubled between 1860 and 1890, a period in which the population was exploding. Not only were workers making more, they were working less, with the average annual hours worked dropping from 3,069 in 1870 to 2,632 by 1913. Because we didn't have a central bank inflating the money supply and thereby imposing an unseen tax on dollar holders, the cost of living was going down. Gently falling prices were the norm. In this century, by contrast, real median household income has been stagnant since 1968, due to policy-induced inflation (cheaper dollars) and the cost of government (taxes). And it takes twice as many people (husband and wife both working) to maintain that stagnation today. The Invisible Austrians My one serious complaint with Free Market Revolution is the authors' claim that Perhaps the most notable defense of capitalism in recent years is Arthur Brooks's The Battle, a book that has received endorsements and accolades from political heavyweights, from Paul Ryan to Newt Gingrich to Karl Rove. . . .First, the political heavyweights the authors name are neoconservatives, who are as far-removed from free markets as the political left. It's hardly surprising they would endorse a book that speaks in "vague generalities" about liberty and limited government, and that "never explains what capitalism is." [p. 212] No politician today became a heavyweight by supporting limited government, free markets, and sound money, though of course neocons are obliged to pay lip service to the foregoing to keep their conservative credentials. More important than this, however, is the absence of any mention of the rise of the Austrian school of economics in recent years, especially since 2007. What about Tom Woods' books - Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse, The Politically Incorrect Guide to American History, Rollback: Repealing Big Government Before the Coming Fiscal Collapse, Nullification: How to Resist Federal Tyranny in the 21st Century - not to mention his Liberty Classroom, which purports to teach "real history and economics" while you're driving your car? We could add books by Thomas DiLorenzo (How Capitalism Saved America, Hamilton's Curse), Robert Higgs (Delusions of Power, Against Leviathan: Government Power and a Free Society), Robert P. Murphy (Lessons for the Young Economist, The Politically Incorrect Guide to the Great Depression and the New Deal, The Politically Incorrect Guide to Capitalism), Peter Schiff (The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country, How an Economy Grows and Why It Crashes) and yours truly (The Flight of the Barbarous Relic, The Jolly Roger Dollar: An Introduction to Monetary Piracy) to the mix as well. Why is there no mention of the proliferation of free market analysis at Mises.org or of the Mises Academy that offers on-line studies in economics, political economy, history, and even a course on Atlas Shrugged? And of course Ron Paul, about whom the writers are silent, has become capitalism's champion in recent years, especially among young people and political activists. Could it be that mentioning the Austrians - especially Ron Paul - is forbidden because of their foreign policy of peace? If so, perhaps the authors can explain in a revised edition how maintaining a military empire worldwide and invading countries without provocation are compatible with free markets and the nonaggression axiom. George Ford Smith is the author of three books, available on Amazon. Visit his website. 
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| The Gold Price Lost $35.70 this Week Closing at $1,675.20 Posted: 02 Nov 2012 06:40 PM PDT Gold Price Close Today : 1,675.20 Gold Price Close 26-Oct : 1,710.90 Change : -35.70 or -2.087% Silver Price Close Today : 30.86 Silver Price Close 26-Oct : 32.01 Change : -1.15 or -3.59% Gold Silver Ratio Today : 54.29 Gold Silver Ratio 26-Oct : 53.447 Change : 1.32 or 1.577% I'm sorry but I will not be sending a commentary Thursday or Friday, because I will be in Colorado attending my daughter-in-law's funeral. God willing I'll return on Monday, 5 November. Argentum et aurum comparenda sunt -- -- Gold and silver must be bought. - Franklin Sanders, The Moneychanger The-MoneyChanger.com 1-888-218-9226 10:00am-5:00pm CST, Monday-Friday © 2012, The Moneychanger. May not be republished in any form, including electronically, without our express permission. To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down. WARNING AND DISCLAIMER. Be advised and warned: Do NOT use these commentaries to trade futures contracts. I don't intend them for that or write them with that short term trading outlook. I write them for long-term investors in physical metals. Take them as entertainment, but not as a timing service for futures. NOR do I recommend investing in gold or silver Exchange Trade Funds (ETFs). Those are NOT physical metal and I fear one day one or another may go up in smoke. Unless you can breathe smoke, stay away. Call me paranoid, but the surviving rabbit is wary of traps. NOR do I recommend trading futures options or other leveraged paper gold and silver products. These are not for the inexperienced. NOR do I recommend buying gold and silver on margin or with debt. What DO I recommend? Physical gold and silver coins and bars in your own hands. One final warning: NEVER insert a 747 Jumbo Jet up your nose. No, I don't.  
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| GOVERNMENT PREPARATION & RESPONSE HAS BEEN DREADFUL & DEADLY Posted: 02 Nov 2012 06:01 PM PDT I've been in contact with Mac over the last few days. He is going to be posting TBP articles on The Daily Sheeple and SHTFplan. Here is a great update on the spiraling crisis in NYC and NJ. SHOCK: 72 Hours After Grid-Down: Starvation, Supply Shortages, Food Lines, No Clean Water, No Gas, Transportation Standstill *Independent Reports, Pics, Video*
A recent study noted that the majority of people have enough food in their pantries to feed their household for about three days and that seemingly stable societies are really just nine meals from anarchy. With most of us dependent on just-in-time transportation systems to always be available, few ever consider the worst case scenario. For tens of thousands of east coast residents that worst case scenario is now playing out in real-time. No longer are images of starving people waiting for government handouts restricted to just the third-world. In the midst of crisis, once civilized societies will very rapidly descend into chaos when essential infrastructure systems collapse. Though the National Guard was deployed before the storm even hit, there is simply no way for the government to coordinate a response requiring millions of servings of food, water and medical supplies Many east coast residents who failed to evacuate or prepare reserve supplies ahead of the storm are being forced to fend for themselves. Frustration and anger have taken hold, as residents have no means of acquiring food or gas and thousands of trucks across the region remain stuck in limbo. Limited electricity has made it possible for some to share their experiences:
Things are starting to become horrific for the unprepared, as food lines stretch for miles and Meals-Ready-To-Eat are in short supply:
With mass transit out of service and no gas, residents have no choice but to commute by foot. Survival Blog founder James Rawles has referred to the masses of starving people who will roam the streets in a post-collapse world as the Golden Horde – here's a small taste of what that will look like: The situation has become so desperate that some have been forced to resort to rummaging through the garbage for food: Video:
A simple 72 hour survival kit and some basic hurricane preparedness would have prevented days of heartache for residents of stricken areas. The vast majority of those waiting in mile-long long food lines, rummaging through the trash, and criticizing their government officials for a slow and insufficient response have no one to blame but themselves. This may be harsh – but it's true. We wish all those having a difficult time dealing with the aftermath of Hurricane Sandy the best going forward. Perhaps it will be a wake-up call for the rest of the nation. Hurricane Sandy, while disastrous, is not nearly as bad as it could have been. It has happened before. It will happen again. Prepare or suffer the consequences.
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| By the Numbers for the Week Ending November 2 Posted: 02 Nov 2012 06:00 PM PDT | |
| Bundesbank official assures NY Fed that gold issue will go away Posted: 02 Nov 2012 03:31 PM PDT ... Just like the gold itself? * * * 5:42p ET Friday, November 2, 2012 Dear Friend of GATA and Gold: Our friend the German financial journalist Lars Schall calls attention to remarks delivered Thursday by a member of the executive board of the German Bundesbank, Andreas Dombret, at a reception held at the Bundesbank's office in New York in the presence of the president of the Federal Reserve Bank of New York, William Dudley. Dombret's remarks, appended here, confirm that, as GATA often has reported, Germany's gold reserves are held in large part at the New York Fed to facilitate their presumably secret trading, since, as Dombret notes, "Frankfurt is not a gold-trading center." Dombret's remarks seem meant to pretend that the clamor and controversy over the foreign vaulting and secrecy around the German gold reserves will end quickly, preserving the trust between the Bundesbank and the Federal Reserve. ... Dispatch continues below ... ADVERTISEMENT Opinion Around the World Is Changing When Deutschebank calls gold "good money" and paper "bad money". ... http://www.gata.org/node/11765 When the president of the German central bank, the Bundesbank, pays tribute to gold as "a timeless classic". ... http://www.forbes.com/sites/ralphbenko/2012/09/24/signs-of-the-gold-stan... When a leading member of the policy committee of the People's Bank of China calls the gold standard "an excellent monetary system". ... http://www.forbes.com/sites/ralphbenko/2012/10/01/signs-of-the-gold-stan... When a CNN reporter writes in The China Post that the "gold commission" plank in the 2012 Republican platform will "reverberate around the world". ... http://www.thegoldstandardnow.org/key-blogs/1563-china-post-the-gop-gold... When the Subcommittee on Domestic Monetary Policy of the U.S. House of Representatives twice called on economist, historian, and gold standard advocate Lewis E. Lehrman to testify. ... World opinion is changing in favor of gold. How can you learn why and what it will mean to you? Read the newly updated and expanded edition of Lehrman's book, "The True Gold Standard." Financial journalist James Grant says of "The True Gold Standard": "If you have ever wondered how the world can get from here to there -- from the chaos of depreciating paper to a convertible currency worthy of our children and our grandchildren -- wonder no more. The answer, brilliantly expounded, is between these covers. America has long needed a modern Alexander Hamilton. In Lewis E. Lehrman she has finally found him." To buy a copy of "The True Gold Standard," please visit: http://www.thegoldstandardnow.com/publications/the-true-gold-standard And yet the Bundesbank continues to refuse to answer whether it has any gold swap arrangements with the Fed or any other agency of the U.S. government: http://www.gata.org/node/11880 If the Bundesbank won't answer about that to the Germany people, why should they have any trust in their own central bank or any central bank? The clamor and controversy probably won't be going away before the Bundesbank and Fed answer that question truthfully. And of course if that ever happens, the clamor and controversy will have only just begun. The section of Dombret's remarks about the gold issue, copied from the Bundesbank's Internet site, is appended. CHRIS POWELL, Secretary/Treasurer * * * Excerpts from Remarks by Andreas Dombret http://www.bundesbank.de/Redaktion/EN/Reden/2012/2012_11_01_dombret_rema... ... Please let me also comment on the bizarre public discussion we are currently facing in Germany on the safety of our gold deposits outside Germany -- a discussion which is driven by irrational fears. In this context, I wish to warn against voluntarily adding fuel to the general sense of uncertainty among the German public in times like these by conducting a "phantom debate" on the safety of our gold reserves. The arguments raised are not really convincing. And I am glad that this is common sense for most Germans. Following the statement by the president of the Federal Court of Auditors in Germany, the discussion is now likely to come to an end -- and it should do so before it causes harm to the excellent relationship between the Bundesbank and the U.S. Fed. Let's get back to facts and figures: I would like to remind you that our gold reserves are part of the German currency reserves. These were accumulated over time thanks, in part, to Germany's economic boom in the 1950s and 1960s. Germany's growing economic strength, especially its strong external position, resulted in rather large trade account surpluses, most of them acquired in U.S. dollars. At that time, the International Monetary System, known as the Bretton Woods system, was dominated by the U.S. currency. As long as this system was in force, which was up until 1971, the U.S. Fed was obliged to exchange its currency for gold. Any current account surplus thus resulted in an increase in Germany's gold reserves. This gold was stored in U.S. vaults for obvious reasons. This was not only the case for the gold held by the Bundesbank -- it was, in fact, common practice. By the way: It was the only practical thing to do, since running a trade account deficit meant a decrease in gold stocks. Thus, we are now looking back at 60 years not only of fruitful cooperation in many fields and international fora, but also of storing gold and trading via the New York Fed. As a matter of fact, it is sensible for us to do so in New York, as Frankfurt is not a gold-trading venue. Throughout these 60 years we have never encountered the slightest problem, let alone had any doubts concerning the credibility of the Fed. And for this, Bill [Dudley, president of the Federal Reserve Bank of New York], I would like to thank you personally. I am also grateful for your uncomplicated cooperation in so many matters. The Bundesbank will remain the Fed's trusted partner in future, and we will continue to take advantage of the Fed's services by storing some of our currency reserves as gold in New York. At the same time, you can be assured that we are confident that our gold is in safe hands with you. The days in which Hollywood Germans such as Gerd Frobe, better known as Goldfinger, and East German terrorist Simon Gruber masterminded gold heists in U.S. vaults are long gone. Nobody can seriously imagine scenarios like these, which are reminiscent of a James Bond movie with Goldfinger playing the role of a U.S. Fed accounting clerk. While gold is important, we have to combat a crisis of confidence in the euro area. This is the task we need to concentrate on. And we will do so. Join GATA here: Vancouver Resource Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT Fred Goldstein and Tim Murphy open All Pro Gold Longtime GATA supporters Fred Goldstein and Tim Murphy have brought their many years of experience in the precious metals and numismatic coins to All Pro Gold as metals brokers who specialize in the delivery of gold and silver bullion bars and coins as well as numismatic gold and silver coins. Fred and Tim follow these markets closely and are assisted by a team of consultants in monitoring market trends. All Pro Gold offers GATA supporters competitive pricing on all bullion products and welcomes inquiries. Tim can be reached at 602-299-2585 and Tim@allprogold.com, Fred at 602-799-8378 and Fred@allprogold.com. Ask about their ratio strategy and the relationship of generic $20 dollar gold pieces to 1-ounce gold bullion coins. Visit their Internet site at http://www.allprogold.com/.
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| Chris Ecclestone Picks Latin American Gold Plays Posted: 02 Nov 2012 03:23 PM PDT The Gold Report: The Hallgarten website says, "Over the years, the team has successfully picked trends using our macroeconomic underpinnings to guide investors through the treacherous waters of the markets." Could you give us a couple of trends that retail investors could take advantage of? Chris Ecclestone: The chief trend I see is a change in the nature of this gold market recovery. Production is going to be king. In 2009, cash was king after the economic crash. Now it's production. If a company doesn't have a preliminary economic assessment (PEA), it is going to wallow for a fair while. The main focus is going to be if these companies can become real miners or if they are just going to be forever out there with their project generator models. [INDENT]"Production is going to be king." [/INDENT] There are a lot more companies on the "For Sale" side then there are companies out there to buy them. A lot of them are going to be left standing alone at the wall. The only companies th...
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| Agnico CEO - This Is What Is Happening In Gold Right Now Posted: 02 Nov 2012 03:20 PM PDT  Today one of the top CEO's in the world spoke with King World News about exactly what is taking place in the gold market right now. Sean Boyd is CEO of $9.7 billion Agnico Eagle, and here is what Boyd had to say: "Gold had gotten a bit ahead of itself, and we've seen some recent strength in the US dollar. So we are seeing some of the fast money in gold pulling out here. But the big picture has not changed. The big picture is still a total lack of growth in the world, with continued financial uncertainty surrounding the high levels of debt."
This posting includes an audio/video/photo media file: Download Now | |
| Friday Humor: The ECB Explains What A Ponzi Scheme Is; Awkward Silence Follows Posted: 02 Nov 2012 03:05 PM PDT From the ECB's Virtual Currency Schemes, aka the "Bash Bitcoin Boondoggle" (p. 27):
Considering that this elucidation comes from the very same entity that launched the SMP, LTRO, OMT, EFSF, ESM, oh, and of course, TARGET2, and whose head said to not short the EUR as there is "no risk" whatsoever in holding said currency, one would expect that this definition is absolutely spot on... * * * And as an added bonus, here is the part in which the ECB appears to be so worried about BitCoin taking over as legitimate "legal tender" from the EUR (which the ECB's Coeure said two days ago is as "solid and longlasting as a diamond") it dedicated an entire report to bash the recently conceived electronic currency:
And while it is one thing for the Chairsatan to say gold is not money but is merely "tradition", it is a whole new level of panic when a major central bank is forced to defend itself against an electronic currency. h/t woerner
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| Jeffrey Lewis: The great precious metals managed retreat Posted: 02 Nov 2012 02:42 PM PDT 4:57p ET Friday, November 2, 2012 Dear Friend of GATA and Gold: Writing today for Resource Investor, Jeffrey Lewis of Silver-Coin-Investor.com notes the irony that even though we're "in the age of the LIBOR scandal, Financial Accounting Standards Board mark-to-market rule changes, high-frequency trading programs front-running retail investors, MF Global's dramatic demise, and Bernie Madoff's outrageous Ponzi scheme ... it continues to be taboo to even entertain the idea that the precious metals markets could actually be managed." But Lewis more than entertains the idea. A central bank that arranges or backstops price suppression in the monetary metals "can print effectively unlimited amounts of dollars to pay for its losses, and it would never be forced to deliver physical metal it did not have because it would generally be trading futures on the short side," Lewis writes. "Since the seller of a futures contract controls physical delivery, it can simply opt not to deliver and cash-settle instead." ... Dispatch continues below ... ADVERTISEMENT Prophecy Platinum Intercepts Best Pt+Pd+Au Grades Yet Company Press Release VANCOUVER, British Columbia -- Prophecy Platinum Corp. (TSX-V: NKL, OTC-QX: PNIKF, Frankfurt: P94P) announces more results of its 2012 drill program on the company's fully-owned Wellgreen platinum group metals, nickel, and copper project in southwestern Yukon Territory, Canada. Four surface holes and four underground holes all intercepted significant mineralized widths, ranging from 28.5 meters (WS12-201) and up to 459.5 metres (WS12-193). Highlights include WU12-540, which returned 8.9 metres of 5.36 grams per tonne platinum, palladium, and gold; 1.73 percent copper; and 1.01 percent nickel within 304.5 meters of 0.66 g/t platinum-palladium-gold, 0.20 percent copper, and 0.27 percent nickel. The surface drill program started in June and has completed 16 holes (assays pending for 12 holes) with two rigs now on site. The surface program continues to progress at a steady pace. Prophecy Chairman John Lee commented: "Wellgreen is a very large nickel, copper, and platinum group metals project with near-surface high-grade zones. High-grade intercepts will be incorporated into resource modeling and mine planning in the pre-feasibility study. We expect further positive drill results from Wellgreen shortly." Wellgreen features a low 2.59-to-1 strip ratio, is situated at an altitude of 1,300 meters, and is only 15 kilometers from the two-lane paved Alaska Highway. Those factors significantly minimize the project's indirect costs. For the complete company statement with full tabulation of the drilling results, please visit: http://prophecyplat.com/news_2012_sep11_prophecy_platinum_drill_results.... A central bank trading secretly in gold and silver? While it may sound fantastic, in the United States it is actually the law, and has been for a long time, the Treasury Department's Exchange Stablization Fund having been established in 1934 specifically for that purpose, and the ESF's mandate having been expanded since then to authorize secret trading in any market: http://www.treasury.gov/resource-center/international/ESF/Pages/esf-inde... All anyone has to do to expose the scheme is to ask central banks about it. Their refusal to answer some simple questions is telling: http://www.gata.org/node/11862 Fortunately for central banks, the prerequisite for mainstream and respectable financial journalism is never to put a specific question to a central bank and complain publicly about its refusal to answer. There couldn't possibly be any news in central banking's control of the value of all capital, labor, goods, and services in the world. This is pretty much what the British economist Peter Warburton figured out about central banks, their investment bank allies, and commodity markets 11 years ago in his groundbreaking essay, "The Debasement of World Currency: It Is Inflation, but Not as We Know It": "What we see at present," Warburton wrote in 2001, "is a battle between the central banks and the collapse of the financial system fought on two fronts. On one front the central banks preside over the creation of additional liquidity for the financial system to hold back the tide of debt defaults that would otherwise occur. On the other they incite investment banks and other willing parties to bet against a rise in the prices of gold, oil, base metals, soft commodities, or anything else that might be deemed an indicator of inherent value. Their objective is to deprive the independent observer of any reliable benchmark against which to measure the eroding value, not only of the U.S. dollar but of all fiat currencies. Equally, they seek to deny the investor the opportunity to hedge against the fragility of the financial system by switching into a freely traded market for non-financial assets. ... "How much capital would it take to control the combined gold, oil, and commodity markets? Probably no more than $200 billion, using derivatives. Moreover, it is not necessary for the central banks to fight the battle themselves, although central bank gold sales and gold leasing have certainly contributed to the cause. Most of the world's large investment banks have overtraded their capital so flagrantly that if the central banks were to lose the fight on the first front, then their stock would be worthless. Because their fate is intertwined with that of the central banks, investment banks are willing participants in the battle against rising gold, oil, and commodity prices." Despite the abdication of mainstream financial journalism, Lewis writes today, the scheme is being found out. "The market seems to be progressively reaching the point where 'everyone knows' that the price of silver, gold, and just about every other commodity is being politically managed to the point where underlying fair value across the board has become remarkably distorted." Now we just need to reach the point where everyone does something about it. In recent months GATA has solicited several leading and immensely prosperous and powerful figures in the monetary metals world, people whose names you would instantly recognize and who almost singlehandedly, on their own or by helping GATA, could pull the plug on the gold and silver price suppression schemes. But even with introductions from mutual friends, those figures don't want the slightest trace of association with GATA. To some extent this is understandable. Those people are as respectable as mainstream financial journalists and have a lot to lose at the hands of government, and they have already made their fortunes and achieved their privileged positions and think that they can leave the world to fend for itself. But if you ever run into any of them at conferences or shareholder meetings, you might ask them why, with so much wealth, they won't help GATA, won't send even a contribution like the $20 sent the other day by credit card over the Internet by a guy in California, who thereby donated to GATA $20 more than, for example, Newmont Mining has donated since GATA was founded in January 1999. If you challenge their indifference, one or two or the rich and powerful guys may at least feel a little guilty about it. If you're inclined to help GATA, you can donate even $1 via our credit card mechanism on the Internet here -- -- and thereby become more relevant to the struggle for free markets in the monetary metals than the world's biggest gold and silver mining companies. With sufficient support, we'll undertake new freedom-of-information litigation against the U.S. Federal Reserve, Treasury Department, and State Department: http://www.gata.org/node/11606 We have beaten the Fed once already -- -- and what we've learned will help us beat the Fed again along with the other secret market riggers in government here and around the world. Lewis' commentary is headlined "The Great Precious Metals Managed Retreat" and it's posted at Resource Investor here: http://www.resourceinvestor.com/2012/11/02/the-great-precious-metals-man... CHRIS POWELL, Secretary/Treasurer Join GATA here: Vancouver Resource Investment Conference * * * Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006: http://www.goldrush21.com/order.html Or by purchasing a colorful GATA T-shirt: Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009: http://gata.org/node/wallstreetjournal Help keep GATA going GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at: To contribute to GATA, please visit: ADVERTISEMENT GoldMoney adds Toronto vaulting option In addition to its precious metals storage facilities in Hong Kong, Switzerland, and the United Kingdom, GoldMoney customers now can store their gold and silver in a high-security vault operated by Brink's in Toronto, Ontario, Canada. GoldMoney also has recently partnered with Rhenus Freight Logistics to offer another gold storage option in Switzerland. The Rhenus vault is in the secured zone of Zurich Airport and offers customers superb security as well as the ability to inspect their gold. Storage at the new vaults in Canada and Switzerland is available at GoldMoney's lowest fees. Customers can select their storage location when placing their buy order. GoldMoney customers can take delivery of any number of gold, silver, platinum, and palladium bars from any GoldMoney vault, as well as personally collect their bars stored in the Hong Kong, Switzerland, and U.K. vaults. It's easy to open an account, add funds, and liquidate your investment. For more information, visit: http://www.goldmoney.com/?gmrefcode=gata
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| Stocks Slammed As Apple Tumbles: Yesterday's Rally In Tatters Posted: 02 Nov 2012 02:16 PM PDT What a roundtrip! After starting off November with a bang, and after nearly retracing all October losses in the aftermath of the NFP headfake in less than 2 trading sessions, the S&P futures literally imploded, and dropped 23 points from the intraday high, the same distance traveled as, only to the downside and on very strong volume for the second day in a row. While the 1400 support in ES is once again in play (ES closed literally on the lows of the session at 1405.5), as we suggested earlier, the far more ominous news is that the AAPL bubble appears to have popped (but, but, it is so cheap on forward multiple basis: guess what - forward multiples are based on forward earnings, which may very well never materialize! and thanks to the dividend, not even AAPL's cash hoard is the bastion it one was) and is now close to entering bear market territory, down just shy of 20% from its all time highs of $705.07 hit on September 12. Now with the 200 DMA taken out, the next support is the 20% retracement from the high which is at $564. After that it is freefall for a long time as a very deep gap needs filling. It is unclear just how much of the selling was there to cause max pain for Dick Bove and Rochdale, for whom every tick lower in the stock means a bigger margin call.Finally, news hitting literally seconds ago that MSFT may be launching its own phone if its partner strategy falters, means there go even more margins. ES And multi-asset: But it was not only AAPL: nothing was spared as gold, the EUR, Crude, and virtually every other asset class collapsed as a result of what started as a broad-based selloff, reinforced by dollar strength, and them accelerated as various hedge funds were hit by margin calls. And what is likely worst for risk is that various Fed presidents spoke and promised more, more, more QE and.... nothing. The market no longer cares about promises of future QE, which is exactly as we said would happen: the Fed has now shot itself in the foot, or more accurately, priced itself out of the market as there is no further element of surprise left! When it was in its promises phases, it was easy. Now that it has shifted to real action, it has little actual market driving capacity. As for the final leg of the central bank stool to be kicked out, will be when Spain finally throws in the towel and forces the ECB to also shift from talk to action on endless monetization. At that point it will be time to get out of all paper assets as the exponential monetization phase will be unleashed. So enjoy the weekend: all the pre-election good news has now come and gone. Monday and Tuesday are limbo days, and then on Wednesday we all wake up to the reality of America's busted political system, and a broken and insolvent Europe. Then things really get fun.
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| Gold and Silver Disaggregated COT Report (DCOT) for November 2 Posted: 02 Nov 2012 01:53 PM PDT HOUSTON -- This week's Commodity Futures Trading Commission (CFTC) disaggregated commitments of traders (DCOT) report was released at 15:30 ET Friday. Our recap of the changes in weekly positioning by the disaggregated trader classes, as compiled by the CFTC, is just below. In the DCOT table above a net short position shows as a negative figure in red. A net long position shows in black. In the Change column, a negative number indicates either an increase to an existing net short position or a reduction of a net long position. A black figure in the Change column indicates an increase to an existing long position or a reduction of an existing net short position. The way to think of it is that black figures in the Change column are traders getting "longer" and red figures are traders getting less long or shorter. All of the trader's positions are calculated net of spreading contracts as of the Tuesday disaggregated COT report. Vultures, (Got Gold Report Subscribers) please note that updates to our linked technical charts, including our comments about the COT reports and the week's technical changes, should be completed by the usual time on Sunday (by 18:00 ET).
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| Are the Elections the Key to the Short-Term Stock and Gold Price Swings? Posted: 02 Nov 2012 01:47 PM PDT We summarized our previous essay (Oct 31, 2012) by stating that the correction in metals may not be over yet. It looked like it's over in case of the mining stocks, at least in terms of price. Read More...
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| Vote Obama to Help the Gold Price! Posted: 02 Nov 2012 01:34 PM PDT Who will you vote for next week? Romney or Obama? Democrat or Republican? It’s not a great choice, we admit, but someone will have to win and one sure thing is it will either be Romney or Obama, Republican or Democrat. Luckily, most of us here at The Real Asset Company don’t have to vote next Tuesday but we have been thinking about who we would prefer. We could have thought about foreign relations, national security or even which had the nicest smile, but considering we’re in the business of gold investment we’ve been making our judgements based on the gold price and how the next US Presidency will affect it.
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| COT Gold, Silver and US Dollar Index Report - November 2, 2012 Posted: 02 Nov 2012 01:32 PM PDT COT Gold, Silver and US Dollar Index Report - November 2, 2012
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| Posted: 02 Nov 2012 01:30 PM PDT Sandy & The New Precious Metals Paradigm So, we have our alien invasion in the form of other-earthly winds and rains crushing into the eastern seaboard and New York. But, I think what we will learn is that, although additional … Continue reading
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| U.S. Presidential Elections and Stock and Gold Price Swings Analysis Posted: 02 Nov 2012 01:27 PM PDT We summarized our previous essay (Oct 31, 2012) by stating that the correction in metals may not be over yet. It looked like it’s over in case of the mining stocks, at least in terms of price. This has been quite a week. Not only has the hurricane Sandy showed us how vulnerable we are to the large and indifferent forces of nature, but we also saw how markets can plunge even though the fundamental situation did not deteriorate. In the short run markets don’t act on fundamentals – they move based on investors’ emotions and short-term price swings will always be present. Just as we can’t eliminate weather’s unpredictability, we can’t control what will happen on the market in the short run, even though we are convinced about the existence of the gold bull market. There are some things that we can do about it though – in both cases we can prepare to some extent. In case of the stock market and the precious metals market we can use charts and technical analysis to estimate what may be waiting just around the corner. In the following part of the essay we will do just that and we will focus on stocks, crude oil and gold markets.
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| Cosmos Chiu Finds Mining Opportunities Around the World Posted: 02 Nov 2012 01:20 PM PDT The Gold Report: Gold spiked to about $1,800/ounce (oz) after the latest round of quantitative easing was announced. It was at about $1,700/oz recently. What's responsible for gold's recent price weakness? Cosmos Chiu: If you look back, the month of October is usually the weakest month of the year. Because investors look at it as a seasonably weaker month, there's less demand. That has held true this year as well. TGR: Could gold finish the year higher than where it is now? CC: Different factors that could drive bullion higher in November and December, including the restocking of jewelry for the winter holidays in the West and in India, the rethinking of the role for gold following traditionally weaker markets in October, and continued bailout concerns for Spain and Greece. It has also been a favorable monsoon season in India as well. That should also help increase demand coming from the Indian population. TGR: Do you forecast strengthening investment demand, too? CC: Investment ...
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| Gold's October Slump Is NO SURPRISE - Buy The Dip! Posted: 02 Nov 2012 01:08 PM PDT A number of "things" have kept me away from my blog posts. Not the least of which were fears that I would turn this site into a biased political rant during the height of this election cycle. For what it is worth, I would like to go on the record here and predict the outcome of next week's Presidential election...Despite what our clueless mainstream media would like you to believe...the outcome will not even be close. I promise that more than once you will here references to the 1980 Reagan vs Carter throw down as the election results come in next Tuesday evening. The White House will get cleaned out soon... But I'm here to talk about Gold! This headline today caught my attention and drew me back to my beloved blog. Gold Falls 2% After Strong U.S. Nonfarm Payrolls Reuters Gold slid 2% in heavy trade on Friday, breaking below $1,690 an ounce for the first time in about two months on lowered expectations for economic stimulus provided by global central banks. This is absolute BULLSHIT!!! Lowered expectations for economic stimulus provided by global central banks? Yeah right...if central banks lowered their present "economic stimulus expectations" the global economy would implode immediately! Who writes this garbage? Gold is down today for ONE SIMPLE REASON...the US Dollar was up strongly today as the US Equity markets collapsed on the back of what was genuinely a VERY POOR jobs report...despite what the mainstream liberal loving media would have you believe. [I'm sorry. See what I mean about politicizing my blog.] In fact, much of Gold's "recent" weakness could be directly related to the "strong dollar" we have seen since October 16, 2012. Observe the chart below. The price of the US Dollar is overlayed on the price of Gold. It's pretty clear from this snapshot of Gold that the value of the US Dollar is a major factor in the "ups and downs" of the Gold price. [click to enlarge]  Much of Gold's recent weakness has been attributed to "manipulation" in the futures markets. And though I will ALWAYS believe that Gold, and Silver, are not allowed to trade freely...I can not lay a lot of blame on this "excuse" here and now. There are many legitimate "technical" reasons for Gold's recent fall from $1725 to today's lows. As well as Gold's failure at $1800 in early October. Do you know that "seasonally" October is one of the weakest months of the entire year for the price of Gold? [click to enlarge]  The fall in today's price of Gold therefore has NOTHING to do with today's jobs report signalling ANY lowered expectations for economic stimulus provided by global central banks. The notion that the central banks are going to stop printing money is LUDICROUS! No matter the outcome of any election anywhere, the banks will continue to print money. And because ALL MONEY IS DEBT, the only way to pay for today's debt is to print more money...It's called a circle jerk people! I'd be buying Gold and Silver here with every extra filthy US Dollar I had in my possession. As soon as this election is over, and the looming US Debt limit returns to the headlines, Gold and Silver are going to lift-off all over again. I hope to return to regular blog posts soon. Thanks! -greg 
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| Why and How to Buy Bullion... Plus Where to Store It Posted: 02 Nov 2012 12:51 PM PDT
In terms of storing your wealth or preparing for what’s to come, I think everyone should have SOME gold and silver bullion on hand.
How much you purchase is up to you. But you should have several months’ worth of expenses in gold and silver bullion. Why Gold and Silver? Because if the banks are closed or if paper money is worthless, you don’t want to be walking around with an ounce of gold (worth $1k+) to buy groceries. Instead, you will want some precious metals of smaller denomination to purchase/ barter with, hence the need for some silver.
Buy some of both now. I cannot tell you which broker to use, but whoever you work with, make sure that YOU store the gold/silver yourself (more on this in a moment) and that you buy bullion that is liquid enough that you can buy or sell it quickly.
In terms of actual gold coins, there are three coins that comprise the bulk of the bullion market. They are Kruggerands, Canadian Maple Leafs, and American Gold Eagles. I’ve been told to avoid Maple Leafs by both a trader and a bullion dealer as they can easily be scratched which damages the gold and reduces the coin’s value.
In terms of silver, the easiest way to get it is via pre-1965 coins (often termed “junk” silver). The bullion dealer I spoke to prices them at 50 cents over spot. However, you can also get silver one-ounce rounds (coin-like medallions) and 10-ounce bars, both of which can be bought at 95 cents over spot. You can buy Silver Eagles coins at $2.50 over spot, though the premium higher.
Again, I cannot tell you which dealer to go with, but look for someone who’s been dealing for years (not a newbie). You should ALWAYS ask for references from the dealer (former clients you can talk to about their purchases/ experiences).
Some warning signs to avoid are dealers who try to store your bullion. NEVER, I repeat, NEVER store your bullion with someone else. ALWAYS store it yourself. Also, be sure to talk to the dealer for some time and ask him or her numerous questions about the industry, the coins, etc (feel free to test him or her on the information I’ve provided you with eg the three most liquid Gold coins, etc). If they can answer everything you ask in a knowledgeable fashion, their references check out, and you verify everything they say with a 3rd party, you should be OK.
In terms of storing your bullion, you can store it in a safe deposit box or buy a decent home safe from Target or Wal-Mart (or a specific safe store). If you go the safe deposit box route, make sure it’s with a bank that has as little exposure to derivatives as possible.
Personally, I distrust safe deposit boxes because part of the reason for having gold or silver on hand is in case there’s a run on the banks or a bank holiday is declared. So I like the idea of having at least some bullion in a personal safe somewhere. You can get a decent safe for anywhere between $100 and $1,000. Both Target and Wal-Mart sell decent models for $50-$300.
On a side note DO NOT tell people about your bullion stash OR your safe. Trust virtually NO ONE with this information except your closest loved ones (and I mean CLOSEST).
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| Five Things Repatriating Gold Bullion Says About Germany Posted: 02 Nov 2012 12:41 PM PDT "It was another Groundhog Day performance in all four precious metals again yesterday...and nothing has been resolved." ...
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For years gold was belittled by government leaders, mainstream economists and traditional media as a derelict relic, of no real value and a risky investment prospect. But something funny happened a few years ago. Central banks worldwide, after decades of selling off their gold reserves, began buying it back. And for many months, even as far back as 2011, countries have quietly and not so quietly been working to repatriate their gold reserves. There is only one reason governments would ramp up efforts to accumulate gold: because those in power know the global fiat currency system is on its last legs. Ecuador's recent move to bring its gold home is just one more nail in the coffin of the world's reserve currency, the Federal Reserve's dollar.
News wires across the spectrum are filled with harrowing signs of unfolding social collapse in the wake of Sandy that could exacerbate in the days to come as power outages are expected to last a week, pitting residents against each other over access to gasoline, food and other necessary supplies in large pockets of the most densely populated area of the nation.
(above images via 
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