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- Silver, Rogers and cash - Mineweb's Top 10 for 2012
- Class action motion filed against SA gold companies
- Gold Cannot Seem To Make A Move Even With Fiscal Cliff
- Sell Citigroup Due To These Macro And Micro Risks
- Comment Number 1,000 gets a new, 1 Oz. Ethical Silver Keiser Sent To Them
- An Interesting Year
- 2013 - Year of the Spectacular Comets?
- Gold Coin Superstore, Gold Coin launches 2013 Gold investment guide
- Gerald Celente: America Heading Towards 2nd Revolution
- Deprogramming Progressives Indoctrinated into Supporting Austerity
- Will the fiscal cliff hammer Silver?
- Understanding Silver Juniors
- Rollover!
- Jim Willie: The Coming Isolation of the US Dollar
- JPMorgan Chase: Too Big To Fail May Be Just Big Enough To Succeed
- Doc's Small Stacker End of the Year Special!
- Rising Euro, Falling Dollar … Correlations Upside Down
- A Shining Opportunity With Vista Gold
- 10 Discounted Cash Flow Champions For December
- Why Gold rich Portugal remain in crisis?
- Silver's 2013 forecast
- Silver outshines Gold in 2012
- Gold platter worth 11 crore rupees donated to Somnath temple
- 'Fiscal Cliff' Distracts As 'Fiscal Abyss' Cometh
- Precious metals under pressure ahead of year end
- 'Gold Market Overhang' Risks Another Price Fall
- Harvey Organ: China is the Short Behind Gold & Silver Manipulation
- India to take more measures to curb Gold imports
- Commodities Trade Muted Awaiting Fiscal Cliff News
- ‘Fiscal Cliff’ Distracts As ‘Fiscal Abyss’ In Japan, UK and U.S. Cometh
- Gold & Silver Paper in Wake of EU Collapse
- Pakistan imports 1.393 tons of Gold in Apr Aug 2012
- Equities outshine Gold by 25% in India this year
- China to retain top spot in Gold output,remain 2nd in consumption
- Gold heads for first weekly gain in four weeks
- India’s Ultra Rich: Younger, Richer and Buying Gold
- A rare look inside a Swiss gold refinery
- A Guide for Investing in Gold in 2013
| Silver, Rogers and cash - Mineweb's Top 10 for 2012 Posted: 28 Dec 2012 05:48 PM PST A look at the list of the ten best read mining stories on Mineweb throughout 2012. |
| Class action motion filed against SA gold companies Posted: 28 Dec 2012 12:15 PM PST A South African lawyer has moved to file a Silicosis class action motion against over 30 gold firms on behalf of 17,000 former miners |
| Gold Cannot Seem To Make A Move Even With Fiscal Cliff Posted: 28 Dec 2012 11:15 AM PST By This is the way the world ends, Not with a bang but a whimper. Was T. S. Eliot talking about the multi-year gold rush? Gold just can't seem to get any traction any more. The Feds announce QEternity, and gold moves down. Fiscal cliff talks fall apart, and gold still stagnates. This is how the yellow metal and the miners have done in the past month. Both are down about 4%. In the meantime, the S&P is up about 1.4%. Why is this the case? I think weak Indian demand continues to be the culprit. Hope, however, springs eternal, and I keep seeing articles stating that 2013 will be the year for gold. Unfortunately, Indian gold merchants disagree. India, just for the record, is the world's largest consumer of gold. If the Indian gold merchants expect prices to be flat, then probably it is going to Complete Story » |
| Sell Citigroup Due To These Macro And Micro Risks Posted: 28 Dec 2012 11:12 AM PST By Sneha Shah: Citigroup (C) is one of the world's largest banks with a presence in over 160 countries and has over 200 million customers. The company has a presence in almost all financial segments such as consumer and institutional banking, investment banking, brokerage services, wealth management etc. It is a financial supermarket offering all kinds of financial services to its customers. Citigroup, like many of the other "too big to fail" banks, came close to failure during the Lehman crisis in 2008. Its stock price crashed along with the broader financial sector as the whole financial house of cards teetered on the verge of collapse. Only a $45 billion bailout by the US government saved the bank from certain failure at that time. Citigroup appointed Vikram Pandit as the CEO following its "near death" experience. The company has underperformed the market and the broader financial sector. What makes Citigroup a sell
Complete Story » |
| Comment Number 1,000 gets a new, 1 Oz. Ethical Silver Keiser Sent To Them Posted: 28 Dec 2012 10:26 AM PST Former broker Max Keiser leads the international movement called Global Insurrection Against Banker Occupation, or GIABO. |
| Posted: 28 Dec 2012 10:12 AM PST It's been a very interesting year at Miles Franklin. Our sales exceeded last year and we launched our very successful storage program with Brinks in Montreal. Oh yes, we hired Bill Holter and Bill is a diamond in the rough. Paired with Ranting Andy Hoffman, I have two of the best writers in the business and that allows me to take it easy, from time to time. Hey, I turned 70 this year and most people my age, if they have the means, have already retired. I figure I'm still good at least until gold hits its peak around 2016-2017. Before I get started, here is a recap of gold and silver for the past decade-long bull market by our Marketing Director, Andy Hoffman. Viewed with this perspective, the metals have done just fine, much better in fact than 2001 and 2008.
Today, I want to finish the year off with a few "non-market" comments from my favorite writer, Richard Russell and then I'll add my own personal touch to his comments. It is my favorite piece of the year. I hope you enjoy it. On Wednesday, Russell wrote:
In the past I have written about my passion for WWII (I was a history major in college and specialized in 20th Century Europe and WWII) and my rather recent interest in aviation art. It was Robert Taylor's amazing oil paintings of WWII that eventually led me to Aventura, Florida. I purchased 22 paintings, mostly by Taylor with two Gil Cohens, four Nicholas Trudgeons and two John Shaws thrown in for good measure. All but one came from the world's foremost collector of aviation art, Gene Eisenberg, who lives in the penthouse of my building. A year and a half ago, Gene told me that there was a unit available, three floors below his unit, and Susan and I flew down from Minneapolis to check it out. I bought it on the spot. Moving on, here in Aventura I know a collector of WWII "stuff," – well, I call it stuff because he has over one million dollars worth of every possible thing a collector of WWII items could want – including two original Norden bombsights – like the one Russell operated over Italy and North Africa. He doesn't collect the oil paintings that I collect or the WWII firearms that I collect, but he has just about everything else imaginable. Why I collect original WWII aviation oil paintings – and WWII firearms and rare artifacts: Simply put, I want THINGS, not dollars. The paintings and firearms I collect are things that appreciate along with gold and silver – but I can look at them and enjoy them – and also sidestep the horrors of hyperinflation. They are wonderful things to pass on to my kids. If they don't want them, they can be easily sold and turned into cash. But the gold and silver came first. Only after first acquiring a strong portfolio in the metals, did I decide to add world-class collectibles – and ocean front real estate. Recently, I acquired a very interesting addition to go along with my aviation art collection. It is a presentation Luftwaffe sword awarded to Ernst-Wilhelm Reinert. Russell is fortunate he never encountered Reinert (and they did fly in the same arena at the same time), because Reinert was one of the most successful aces in the Luftwaffe. Here is the history on the Sword. I also found a signed color photo of Reinert, with his signature to go along with it.
I own several Robert Taylor original oil paintings with Reinert's signature on the back of the canvass, including Hunters in the Desert, (below) a painting that depicts Hans-Joachim Marseille's jubilant low pass as he returns to his desert airstrip in Libya, having just achieved his 100th victory. Reinert flew combat missions in a ME-109 with this group. Reinert also flew the amazing ME262 JET in 1945. His group, JG7 was comprised of the top surviving Luftwaffe aces and the ME262 had no peer at the end of the war. They were the first jets to hit the sky and the forerunner of today's aircraft. They could attain speeds of 150 miles per hour more than the best American fighters of the time, the P-51 Mustang and the P-47s. Below is another one of my Taylor oil paintings, Combat Over the Reich, featuring the very advanced ME-262 that Reinert flew. His signature is on the back of the canvass, along with four other ME262 aces. Ernst-Wilhelm Reinert first saw combat with 4./JG-77 on the Eastern Front, achieving his first victory on August 8, 1941. By the end of 1942 he had achieved over 100 air victories. He was posted to Tunisia in January 1943 where he became the most successful Luftwaffe Ace in North Africa during that period. After campaigning through Italy and a succession of commands, he was back flying Me109s. On January 2, 1945, he was given the leadership of IV./JG-27. In March he transferred to III./JG-7 flying the Me262. In his 715 missions Reinert scored 174 aerial victories. He was awarded the Knight's Cross with Oak Leaves. Whether German, British or American, these flyers were courageous warriors fighting for their country. Air battles were a very personal experience – no computers, no rockets, just conventional armament and in such close quarters they could often see the face of the opponent in the dogfight. I have read Gunther Rall's autobiography and it is quite a story. In fact, the cover of his autobiography is John Shaw's painting of Warrior and the Wolfpack, which I won, and is pictured below. Rall was the third leading ace of all-time, racking up 275 victories. Like most of the surviving Luftwaffe pilots, he was shot down many times. Rall suffered a broken back and many other assorted injuries but kept returning to combat. In the painting, Gunther Rall is being jumped by Hub Zempke's Wolfpack and Rall was shot down by Shorty Rankin who is on his tail. Rall lost his left thumb in the encounter. After the war, the two men became close friends. This was not uncommon. The German pilots flew until they were killed or could no longer fly. Many of their aces flew up to 1000 missions and most were shot down a dozen times or more. They were patched up and sent back to the front. Less than 10% of the Luftwaffe pilots survived. Of those that did, a couple became NATO generals (including Rall) and several befriended American airmen after the war. There was, believe it or not, camaraderie between the combatants, something that did not happen on the ground. The pilots had a high level of respect for their adversaries. They were focused on destroying the planes, not killing the opposing pilots. (See N.Y. Post article for a moving story on this topic) Another part of my Reinert "display" in my office is a very rare Luftwaffe Issue M30 Survival Drilling, complete with case and accessories. These drillings had three barrels – two 12-gauge shotgun barrels on top and a large caliber 9.3 X 74R rifle barrel below. They were of the highest commercial quality, manufactured by the renowned German firm (still in business), J.P.Sauer. The M30 Drilling was standard issue to Luftwaffe bomber crews in North Africa and the Mediterranean Theater from 1941-43 that provided them with a high quality survival rifle in the event of a forced landing. Since nearly 100% of the planes were shot down, very few of these Survival Drillings survived the war. Over the years, I have owned three of them. I estimate that there are only a few dozen in existence, worldwide. Below is my current M30, complete with manual, sling, cleaning tools and two original boxes of ammunition. It is very rare to find one, let alone in mint condition and with all of the accessories. Sunday, December 9th, the New York Post featured an article that goes a long way toward explaining my fascination with WWII aviation art. My good friend, Jim Cook owns the John Shaw painting, featured in the article. I own its companion piece, Shaw's original pencil drawing, Return of the Pub, that went with the oil painting. This drawing depicts the final leg of the "Pub's" journey over the English Channel, after its encounter with Franz Stigler's ME-109.
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| 2013 - Year of the Spectacular Comets? Posted: 28 Dec 2012 10:09 AM PST According to NASA at least two comets could put on a spectacular show in the heavens in 2013. Below is a short notice about one of them, now called "ISON." The setup, from NASA, for the image below reads: "Explanation: Could this dim spot brighten into one of the brightest comets ever? More... It's possible. Alternatively, the comet could break up when it gets closer to the Sun, or brighten much more modestly. Sky enthusiasts the world over are all abuzz, though, from the more optimistic speculations -- that the newly discovered C/2012 S1 (ISON) could develop a spectacular tail or briefly approach the brightness of the full Moon toward the end of 2013. Comet ISON currently is very faint but is just visible at magnitude 18 in the above image. The comet, discovered just over a week ago from Russia by Vitali Nevski (Belarus) and Artyom Novichonok (Russia), is currently falling toward the Sun from between the orbits of Jupiter and Saturn. In early 2013 October it will pass very near Mars and possibly be visible to rovers and orbiting spacecraft. Comet ISON appears on course to achieve sungrazer status as it passes within a solar diameter of Sun's surface in late 2013 November. Whatever survives will then pass nearest the Earth in late 2013 December. Astronomers around the world will be tracking this large dirty snowball closely to better understand its nature and how it might evolve during the next 15 months. Source: NASA |
| Gold Coin Superstore, Gold Coin launches 2013 Gold investment guide Posted: 28 Dec 2012 10:03 AM PST America’s gold coin superstore, Gold Coin has launched the New Years 2013 Gold Investment Guide to help American investors protect wealth and profit amidst the unstable global economy and imminent fiscal cliff. |
| Gerald Celente: America Heading Towards 2nd Revolution Posted: 28 Dec 2012 09:47 AM PST With the Obama administration blatantly attacking the 2nd amendment and going after Americans' Constitutional right to protect themselves from a tyrannical government, Max Keiser talks to trends forecaster, Gerald Celente of TrendsResearch.com in the latest Keiser Report about the next American Revolution. 2013 Silver Eagles As Low as $2.59 Over Spot at SDBullion! |
| Deprogramming Progressives Indoctrinated into Supporting Austerity Posted: 28 Dec 2012 09:43 AM PST By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Jointly posted with New Economic Perspectives A little bit of economics can be a truly terrible thing, for the introductory classes in micro and macro-economics are the most dogmatic and myth-filled part of the neo-liberal curriculum. Dogmas that have been falsified for 75 years (such as austerity) are taught as revealed truth. The poor indoctrinated student is then launched into the world "knowing" that austerity is the answer and that mass unemployment and prolonged recessions are small prices to be paid (by others) to achieve the holy grail of a balanced budget. Students are taught that national budgets are really just like household budgets. These dogmas are not simply false, they are self-destructive and cruel. Neo-liberal economics is so bad and has gone downhill at such a rapid rate that it now worships the economic analog to bleeding patients – austerity – as a response to a Great Recession. Millions of people are indoctrinated annually into believing this long-falsified nonsense, and that includes people who consider themselves progressives. The remarkable aspect of neo-liberal economics is that the power of its myth has survived for many progressives even after its failed dogmas caused massive economic destruction, massive elite fraud with impunity, and crony capitalism so corrupt that it cripples democracy. Indeed, the brainwashing they received is so effective that even after the eurozone ran a massive experiment with austerity that proved (again) to be a catastrophic failure they remain neo-liberal acolytes. This column discusses three examples that exemplify the problem. The Guardian (U.K.) The Guardian is the U.K.'s most famous paper of the left, but its finance editor's embrace of the neo-liberal austerity myth is passionate and inane. Consider this remarkably incoherent discussion of the "fiscal cliff" by the paper's finance editor.
I chose the Guardian's coverage as the first example because it begins with the most basic and common neo-liberal myth supporting austerity – a nation with a sovereign currency is really just like a household.
The U.K. did not adopt the euro, so it retains a sovereign currency. The U.K. allows the value of the Pound to float freely and it borrows overwhelmingly in its own currency. The Guardian, therefore, has no excuse for failing to understand a national economy like the U.S. that also has a sovereign currency. A nation that borrows in its own freely-floating sovereign currency is not a target for bond vigilantes. It can and should spend considerably more than it brings in through tax revenues in response to a recession. That is what "automatic stabilizers" do. Automatic stabilizers greatly reduce the severity and length of recessions. Austerity does the opposite. Nations with sovereign currencies can create money directly through key strokes on the central bank's computer or by borrowing at exceptionally low interest rates during a recession. The U.S., the U.K., and Japan all borrow long-term (10 years) at interest rates below two percent because they have sovereign currencies. Nations with sovereign currencies typically run budget deficits in most years. The U.S. has run a budget deficit over the great bulk of its history. If a household reduces its spending because its income falls during a recession there is a negligible effect on the Nation's economy. If a national government cuts spending because a recession reduces its income it directly reduces public sector demand and indirectly reduces private sector demand. A recession occurs when demand is seriously inadequate. Governmental austerity inflicts a far more severe recession on the nation by further reducing demand. A household and a Nation should follow the opposite strategy when their incomes fall sharply. The Guardian's claim that they should follow the same strategy shows their indoctrination into one of neo-liberalism's most destructive myths. The fact that the Guardian is making this claim in December 2012, after seeing the recession that austerity inflicted on the eurozone, proves that the problem is dogma, for only dogma is impervious to facts that repeatedly falsify its predictions. The Guardian, of course, knows that the eurozone has been forced back into recession by the "troika's" policies, but it reverses the causality. Here is a related piece by the same finance editor about the world's reaction to the failure to reach a deal on the "fiscal cliff."
The Guardian's remarkable explanation of why the Eurozone has been forced back into recession is: insufficient and delayed austerity! If only the Eurozone had made promptly made deeper "spending cuts" things would have been much better. That "logic" comes from assuming that nations are just like households. The Guardian's answer to the fact that bleeding the patient makes the patient weaker is to bleed them more, and faster. Note that the Guardian's finance editor also seems to believe that sovereign monetary systems like the U.S. and the U.K. suffer the same risk of "meltdown" that nations that abandoned their sovereign currencies because they adopted the euro experienced "many times." The "meltdowns" that the eurozone nations have suffered "many times" because of the deadly vulnerability of nations that lack a sovereign currency to the toxic mix of recession, austerity, and the debt vigilantes. The Guardian's finance expert's failure to understand such fundamental and critically important features of the financial system is a testament to the danger of dogma. The U.S. has "avoid[ed] the same troubles" as the eurozone following the Great Recession. It has not suffered financial "meltdowns" "many times." It has not been thrown back into recession and it does not suffer Great Depression levels of unemployment. The U.S. budgetary deficit has been reduced at a record rate over the last three years. The U.S. has been able to "avoid the same troubles" as the eurozone because it has not embraced the austerity dogma and it has not given up its sovereign currency. The U.S. did not provide remotely adequate stimulus of the kind recommended by competent economists, but the modest stimulus has been sufficient to produce a modest, sustained recovery. The Guardian, however, implies that we have failed to avoid the eurozone's troubles after the onset of the Great Recession. Governor Howard Dean Governor Dean served as Chairman of the Democratic National Committee from 2005-2009. He was an early opponent of the invasion of Iraq. His self-description is "progressive Democrat." He is a physician. Dean is a frequent guest on MSNBC's evening programs. Dean takes the position that the U.S. should go off the "fiscal cliff" because austerity is desirable. He claims that a "balanced budget" is essential and that "everybody" should pay higher taxes to balance the budget. He thinks, contrary to the history of the U.S., that no nation can continue to run deficits. On CNBC, Dean cheered for the austerity that the "fiscal cliff" would inflict on the nation. He did so even though he believed it would cause a recession for at least six months. He predicted that the recession would be short and mild and a small cost to reduce the deficit. He assumed that austerity would reduce the deficit even though he conceded it would cause a recession.
Visit NBCNews.com for breaking news, world news, and news about the economy http://www.msnbc.msn.com/id/21134540/vp/#50299569 Dean, a self-described progressive, and one of the nation's most prominent Democrats, is more dogmatic than Speaker Boehner on austerity. Andrew Stern (former head of SEIU) Andrew Stern headed one of the largest unions in America. He made it a growing union and a political force devoted to progressive causes. He was a member of the Bowles-Simpson (BS) deficit reduction commission appointed by President Obama. Obama appointed co-chairs he knew were zealous supporters of austerity and unraveling and privatizing the safety net. Erskine Bowles is a leader of the Wall Street wing of the Democratic Party and Alan Simpson is a very conservative Republican. Stern declined to vote in favor of the BS austerity recommendations, but his vote was not based on any rejection of austerity.
Stern now says that he regrets voting against the BS recommendations. He pushed for the "Super Committee" to "go big" and adopt massive austerity before it statutory deadline in November 2011. Stern's co-panelists at the conference, organized by one of Pete Peterson's groups, whose participants unanimously urged the "go big" super-austerity plan included the former CEO of the AARP, Bill Novelli. Novelli's support for austerity is particularly noteworthy given the BS plan's proposals to cut and begin to privatize Social Security – Wall Street's unholy Grail. Conclusion Neo-liberal economics has devastated the global economy and produced all of the predictive failures and evil consequences that progressives have long attributed to its micro-economic myths. Far too many progressives, however, continue to believe the similarly mythical and self-destructive macro-economic myths about deficits, debt, and austerity. It is hard enough countering Pete Peterson's billion dollar campaign to inflict austerity and unravel and privatize the safety net. Peterson funds myriad front groups. We also have to counter the Wall Street wing of the Democratic Party, which dominates Treasury, OMB, the Justice Department, and the office of the Chief of Staff and favors austerity and unraveling the safety net. We should not have to deprogram progressives indoctrinated into repeating neo-liberal economic dogmas.         |
| Will the fiscal cliff hammer Silver? Posted: 28 Dec 2012 09:38 AM PST Silver tends to be particularly appealing because it has both intrinsic and industrial value, as is coveted for both purposes. |
| Posted: 28 Dec 2012 09:20 AM PST While juniors don't directly contribute to mine supply, their role in the greater supply chain is invaluable. The successful ones are making discoveries and proving up deposits that will eventually feed the supply chain.  |
| Posted: 28 Dec 2012 09:13 AM PST 1981 Movie Rollover Predicts Today's News Do you remember the movie titled "Rollover" which came out way back in 1981? How fantastic and "scary" it was to see such a calamity portrayed? At the time it was focused on the Arabs pulling Dollar deposits which could (would have) crashed the banking system. It portrayed (and is still true to this day) that the Arabs figured out that they were pumping and delivering oil and in return receiving pieces of paper. These pieces of paper (Dollars) had no real value on their own and were not in reality true payment. But as long as they were passed around like a hot potato, they would "spend." It dawned on the Arabs that once their oil ran out, they would be sitting with a bunch of paper that may or may not have value or even spend. Fast forward to today and we now see the Chinese faced with the same dilemma which is why they have been scouring the globe for the last several years buying up resources while contracting payment in Dollars. China has run a current account surplus for years and they did recycle much of this back through our Treasury markets. This was fine as far as the U.S. was concerned, it provided an easy source of capital to fund our deficit and took pressure off of the Fed to monetize. This worked until the game got too big. Not too big in our eyes mind you, too big from China's perspective. China did the math several years ago and figured out that they were not going to be paid. They figured out that if they were paid it was going to be in newly printed and worthless chits that at some point would no longer "spend." The result is that they have basically stopped buying Treasuries and thus no longer lending to us. The Fed as a result has been placed in the position of the buyer of last resort and outright monetization has become our monetary policy. The situation back in 1981 was VERY different to what it is today. We still had a manufacturing base and there was collateral galore. Today, our manufacturing base has been shipped overseas and anything not nailed down has been borrowed against over and over. This in essences is why the banking system is already dead, the collateral is bad. Many assets have been re hypothecated so many times that true ownership is impossible to decipher and it doesn't matter anyway because true value is only a small fraction of "carried" value on the books. But why has it gone on as long as it has before coming to a head? Why haven't the Chinese (Russians) already pulled the plug? In my opinion it is because we are still delivering metal versus purchases. The East has been "carrying" us like a prize fighter just toying with his opponent. They could have already "knocked us out" several years ago. But why do that when we still had "money" to sell them? It only makes sense to bleed as much metal (real money) as you can before the "knockout". In this manner you get to accumulate more and you leave your opponent with NONE! If you get a chance to watch the full movie, please keep in mind that EVERYTHING is more severe, more acute and especially "faster" today than it was back then. The financial position of the U.S. (western world), corporations and individuals is far more levered today than at any point in history. Another way of saying this is that the "financial position" of the western world has never been weaker than it is today. The portrayal of a financial system that is here today and virtually gone in a week's time is very correct in my opinion. As is the quote that "$2,000 Gold will be cheap by tonight." (This by the way was released when Gold was around $500). Once there is a default (non-delivery of metal), the movie "Rollover" will come to real and very full life. Dollar deposits everywhere will be wiped clean and any remaining will be devalued severely. Your ability to purchase actual metal will completely dry up as metal will be withdrawn for sale by its owners. You could have called this "opinion" or speculation on my part 5 years or more ago. This is no longer opinion and has become mathematical fact. The only variable left is that of timing, yet once this panic begins you can bet that it will be over very VERY quickly! Forget listening to the boneheads in Washington or on CNBC, think for yourself, protect yourself, protect your family… because no one else is going to do it for you! Similar Posts:
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| Jim Willie: The Coming Isolation of the US Dollar Posted: 28 Dec 2012 08:45 AM PST By Jim Willie The typical human reaction to any infection, vermin, danger, or toxicity is to stand back, to isolate the agent, to trap it, to prevent its further spread or release, then to remove it in a safe secure … Continue reading |
| JPMorgan Chase: Too Big To Fail May Be Just Big Enough To Succeed Posted: 28 Dec 2012 08:34 AM PST By David White: JPMorgan Chase (JPM) has been arguably the most stable major U.S. bank throughout the credit crisis. It suffered along with other banks when the real estate market crashed. As of Q3 2012, it was the #2 mortgage originator in the U.S. and the #3 mortgage servicer. Like its compatriots JPM is still trying to dig itself out of the quagmire of the real estate market crash and the ensuing legal difficulties associated with it. However, it has been doing its usual good job of this. The U.S. Federal Reserve's QE programs, etc. have been a huge help. The Fed has clearly been trying to buoy the real estate market, and it has been succeeding. The Fed just as clearly intends to continue to do this. For Christmas, the real estate market provided JPM with several presents. The November Existing Home Sales were 5.04 million. This was a Complete Story » |
| Doc's Small Stacker End of the Year Special! Posted: 28 Dec 2012 08:32 AM PST Two Products with One Low Price Over Spot For Any Quantity. Don't miss out on Doc's 2012 End of the Year Special! 1 oz Silver Buffaloes- 99 Cents Over FOR ANY QUANTITY 2013 Canadian Antelopes- $3.19 Over FOR ANY QUANTITY Prices valid on SDBullion.com until 5:30 p.m. e.s.t. on December 31st or while [...] |
| Rising Euro, Falling Dollar … Correlations Upside Down Posted: 28 Dec 2012 08:04 AM PST This week has brought in some calm after recent declines in the precious metals sector. Everybody seems to be waiting for some more decisive moves, but these are not very likely before the beginning of the New Year.  |
| A Shining Opportunity With Vista Gold Posted: 28 Dec 2012 08:01 AM PST By Background As many of my readers know, gold and silver have pulled back significantly from their recent highs hit on October 4th this year. Gold and silver rose significantly following global central bank actions in August and September. Traders in the precious metals have taken a lot of profits in the metals in the last 10 weeks in part due to the fear of a capital gains tax hike from the stalled fiscal cliff negotiations in Washington. Today Senate majority leader Harry Reid has affirmed the we are likely going over the cliff. Gold and silver spiked about 1.5% on the news, but the most popular gold and silver ETFs, the SPDR Gold Trust (GLD) and the iShares Silver Trust (SLV), are still down 6.6% and 12.5% in the last three months, respectively. The ETFs that track the miners of these metals such as the Complete Story » |
| 10 Discounted Cash Flow Champions For December Posted: 28 Dec 2012 07:48 AM PST By The valuations and rankings of all companies analyzed in this article are available here. Introduction The discounted cash flow (DCF) analysis is the gold standard of value investing. This simple formula theoretically tells you exactly how much a company should be worth. Unfortunately, in practice DCF analyses can be abused to justify absurd investments. By changing assumptions about future cash flows and the discount rate, a DCF analysis can be created to justify the assertion that almost any stock is overvalued or undervalued. But what if it were standardized? What if the same methodology were applied to as many stocks as possible, and the resulting valuations were ranked? By making the same assumptions for every stock, then you can create a level playing field and have at least some degree of confidence that those elite stocks that appear MOST undervalued are actually a pretty good value. In Complete Story » |
| Why Gold rich Portugal remain in crisis? Posted: 28 Dec 2012 07:35 AM PST Portugal,which has been experiencing an extended downturn is one of the world's wealthiest when comparing gold reserves. |
| Posted: 28 Dec 2012 07:00 AM PST From the April 2011 all the way to December 2012 price of silver was dropping, and we now need to see will price go UP or DOWN in the 2013. |
| Posted: 28 Dec 2012 06:33 AM PST Jha Silver outperformed gold in 2012 in the domestic as well as international markets on resumed stockists' demand amid expectations of a revival in global industrial activity. The trend is likely to continue in 2013. |
| Gold platter worth 11 crore rupees donated to Somnath temple Posted: 28 Dec 2012 06:16 AM PST The heavy platter was crafted by artisans in Delhi and brought to Somnath town by a train, under tight security. |
| 'Fiscal Cliff' Distracts As 'Fiscal Abyss' Cometh Posted: 28 Dec 2012 06:02 AM PST Gold pared back early gains and edged down on Friday and tick tock goes the US "fiscal cliff" clock as time is running out for the somewhat irrelevant New Year's deadline.  |
| Precious metals under pressure ahead of year end Posted: 28 Dec 2012 06:01 AM PST US dollar gold prices traded above $1650 an ounce Thursday morning, in line with where they started the week, as the London market reopened following Christmas. |
| 'Gold Market Overhang' Risks Another Price Fall Posted: 28 Dec 2012 05:18 AM PST The spot market gold price fell back to $1,660 an ounce Friday morning, close to where it started the week, as stock markets also edged lower, ahead of talks in Washington aimed at avoiding the $600 billion "fiscal cliff" of spending cuts and tax rises due within days.  |
| Harvey Organ: China is the Short Behind Gold & Silver Manipulation Posted: 28 Dec 2012 05:00 AM PST The Doc sat down with Harvey Organ again for the 2nd of several interviews regarding the recent massive cartel intervention in the gold and silver markets post the QE4 announcement, the fiscal cliff, the CFTC's silver probe, and the unprecedented 20 million oz of silver still standing for December delivery. Harvey stated that recent evidence [...] |
| India to take more measures to curb Gold imports Posted: 28 Dec 2012 04:48 AM PST Earlier, a leading Indian trade body said country's gold imports may fall to 550 tonnes next year from a peak of 967 tonnes in 2011. |
| Commodities Trade Muted Awaiting Fiscal Cliff News Posted: 28 Dec 2012 04:48 AM PST For commodity markets, a fiscal cliff deal portends an uptick in cycle-sensitive crude oil and copper prices. Gold and silver may likewise find near-term support amid ebbing haven demand for the US dollar.  |
| ‘Fiscal Cliff’ Distracts As ‘Fiscal Abyss’ In Japan, UK and U.S. Cometh Posted: 28 Dec 2012 04:46 AM PST Gold has lately been behaving like any risk asset. However, buyers should continues to focus on the long term as gold ownership. Today's AM fix was USD 1,658.75, EUR 1,259.68 and GBP 1,031.37 per ounce. Yesterday's AM fix was USD … Continue reading |
| Gold & Silver Paper in Wake of EU Collapse Posted: 28 Dec 2012 04:13 AM PST Any short term price decline in the precious metals seen during a time of massive economic uncertainty would likely result in physical metal simply disappearing from the market. This would blow up physical premiums.  |
| Pakistan imports 1.393 tons of Gold in Apr Aug 2012 Posted: 28 Dec 2012 03:49 AM PST The gold imports during the period under review cost $74.812 million against $66.49 million during the same period of previous year. |
| Equities outshine Gold by 25% in India this year Posted: 28 Dec 2012 03:28 AM PST The appreciation in another precious metal, silver has also been almost similar at about 12.84 per in 2012. |
| China to retain top spot in Gold output,remain 2nd in consumption Posted: 28 Dec 2012 02:44 AM PST According to latest data by the CGA, China's gold production hit 323 tonnes from January to October, up 11 percent from the same period last year. |
| Gold heads for first weekly gain in four weeks Posted: 28 Dec 2012 02:29 AM PST Gold for immediate delivery was seen trading at $1663.61 an ounce at 12.00 noon Singapore time while US gold was seen at $1664.47 an ounce on the comex division of nymex. |
| India’s Ultra Rich: Younger, Richer and Buying Gold Posted: 28 Dec 2012 02:28 AM PST Yesterday in Gold and SilverNot surprisingly, there was little price activity in gold on Thursday during the Far East trading day, or in the London market that followed. This sideways price action continued well into the New York session, but once the London p.m. gold fix was in at 10:00 a.m. Eastern time, the gold price tacked on a bit more than ten bucks right up until London closed for the day, which was 4:00 p.m. local time in London...11:00 a.m. in New York. Then it got sold off a hair before trading sideways for the rest of the day. Gold's high tick of the day was $1,666.40 spot...and it's low tick was somewhere around the $1,653 price mark. Gold closed the Thursday session at $1,662.90 spot...up $3.50 from Wednesday. Volume was light...around 111,000 contracts...with the lion's share of that occurring during the Comex trading session around the big price jump. It would be my bet that the "usual suspects" were going short on that rally, as it didn't look like a short covering rally to me. Here's the New York Spot Gold [Bid] chart on its own, so you can see the Comex trading action in more detail. The silver price chopped sideways within a dime of the $30.00 price level before developing a negative bias going into the noon London silver fix...7:00 a.m. in New York...where there was a sharp spike down to its low of the day. From there it rallied higher before taking off [along with gold] at around 10:25 a.m. This rally also ended in flames at the London close...11:00 a.m. in New York...before getting sold off further going into the 1:30 p.m. Comex close. From there it traded more or less sideways during the electronic market. Silver's high tick of the day was recorded by Kitco as $30.59 spot. Silver closed at $30.14 spot...up a dime on the day...but like just about every other day this week, would have closed a lot higher if it hadn't run into not-for-profit sellers once again. Volume was decent at 37,000 contracts, as the big rally that began at the London silver fix did not go unopposed. I'm sure that JPMorgan et al were buying the short side of that rally right up until the London close. The New York Spot Silver [Bid] chart is shown below. Platinum and palladium had even more interesting price paths yesterday. Not only completely different than gold or silver, but completely different from each other...and here are the 3-day Kitco charts for each. The dollar index opened around the 79.60 mark...and then spiked up a hair at 1:00 p.m. Hong Kong time...and then slid about 30 basis points down to 79.40 a few minutes after the 8:00 a.m. GMT London open. It then traded more or less sideways until precisely 10:00 a.m. in New York...the London p.m. gold fix...and from there it took off to the upside...topping out around 79.78 at 12:30 p.m. Eastern time. Then it slid a little into the close...finishing the Thursday session around 79.66...up a whole 6 basis points. The rally in gold and silver in New York yesterday mostly coincided with the rally in the dollar index as well...and I'll let you read into that whatever you wish. The gold stocks started in the red at the 9:30 a.m. Eastern time open, but followed the gold price higher. The stocks peaked out at precisely 11:00 a.m...and then sold off a bit going into the New York lunch hour. But from there they worked their way slowly higher once again...and hit a new high for the day around 3:30 p.m. But then a thoughtful seller appeared and sold the stocks down over a percent in less than fifteen minutes. As a result, the HUI only finished up 0.58%. Pardon me for thinking so, but it sure looked like someone was painting the tape going into the close. But maybe it's just me looking for black bears in dark rooms that aren't there. The silver stocks finished mixed on the day as well, but most of the seven stocks that make up Nick Laird's intraday Silver Sentiment Index closed in the green...finishing up 0.40% on the day. Note the sell-off in the silver stocks as well. Maybe there is a black bear, and I just haven't found it yet. (Click on image to enlarge) The CME's Daily Delivery Report showed that 43 gold and 57 silver contracts were posted for delivery on Monday...the last day of 2012. The link to yesterday's Issuers and Stoppers Report is here. With only one more delivery day left in the December contract, there are still a fair number of gold and silver contracts still left open. Silver's December open interest dropped a huge 412 contracts yesterday...and another 100 contracts the day before...leaving the above mentioned 57 contracts left...and I sure would like to know why someone backed out of deliveries these sizes at such a late date. Then checking the CME's preliminary volume and open interest report from yesterday's trading day in the wee hours of this morning, I note that another 175 gold, along with 49 silver contracts were added at the very last moment to the December delivery month, so someone has to come up with those amounts by the end of trading on Monday. It will be interesting to see who the short/issuers are on those contracts...and I'll have that info for you tomorrow. The CME should post the First Day Notice numbers for delivery into the January contract for both gold and silver on their Internet site late this evening. They shouldn't be overly large, as January is not a regular delivery month for either metal. But whatever the numbers are, they'll be in my Saturday column as well. There were no reported changes in either GLD or SLV...and the U.S. Mint had no sales report yesterday, either. The shortsqueeze.com Internet site updated the mid-month short positions for both GLD and SLV on Wednesday evening...and there weren't any big changes. The really big changes in both ETFs occurred after the cut-off for this latest report from the shortsqueeze.com...and that data won't be available until around mid-January. This is already "yesterday's news" as Ted Butler would say. What the new report showed was that the short position in SLV only declined by 5.46%...or about 1,047,000 shares/ounces. The total short position in SLV now sits at 18,118,000 shares/ounces...or just a bit over 563 metric tonnes...about 9 days of world silver production. The short position in GLD shares fell by 4.11%...about 977,000 shares, or approximately 98,000 ounces of gold. The short position in GLD now sits at 22.82 million shares, or 2.28 million ounces. With the big 3-day engineered price sell-off in gold and silver that took place between December 18-20 not in this data...along with the millions of ounces of silver deposited in SLV over that same time period...it's obvious that the shortsqueeze.com data would look a lot of different if they could take a snapshot right now. As it stands at the moment, we'll have to wait until mid January. The other amazing thing that hasn't happened, is that there have been no major redemptions in either GLD or SLV since the current sell-off really got started on December 12th. And now that I'm looking at the hard numbers, GLD has only shed about 19,000 ounces of gold ...and SLV has actually added 7.0 million ounces of silver during that same time period. I'm only speculating at this point, but it looks like some entity is covering a monster short position that they may have in SLV...and GLD...and they were buying all the shares that others were selling into the engineered price decline that JPMorgan et al created in the first place. But I'm sure that was all part of the plan. Over at the Comex-approved depositories on Wednesday, they reported receiving 623,726 troy ounces of silver...and shipped a smallish 2,949 ounces of the stuff out the door. The link to yesterday's activity is here. It was a slow news day yesterday, which is no surprise considering the time of year, so I hope you have the time to run through most of the stories posted below. It's my opinion that the rallies in all four precious metals were met by short selling by JPMorgan et al. A rare look inside a Swiss gold refinery. Trader sees a 'Sleeper' bet on this metal. Next move may be a stunning $3,620 for gold and $125 silver. Egypt fears run on its banks as it imposes limit on amount people can withdraw. Critical ReadsU.S. retailers scramble after lackluster holiday sales...worst since 2008The 2012 holiday season may have been the worst for retailers since the 2008 financial crisis, with sales growth far below expectations, forcing many to offer massive post-Christmas discounts in hopes of shedding excess inventory. While chains like Wal-Mart Stores Inc and Gap Inc are thought to have done well, analysts expect much less from the likes of book seller Barnes & Noble Inc and department store chain J. C. Penney Co Inc. Shares of retailers dropped sharply on Wednesday, helping drag broader indexes lower, as investors realized they were likely to be disappointed when companies start to report results in a few weeks' time. This Reuters story was posted on their website late on Wednesday afternoon...and I borrowed it from yesterday's edition of the King Report. The link is here. Fiscal cliff fears grow, while consumer confidence plungesThe steep drop in confidence intensified the pressure on President Barack Obama and Republican leaders to reach a deal that avoids the cliff, shorthand for $600bn (£373bn) of spending cuts and tax rises due to take effect from January 1st. On Wall Street, investors reacted with alarm to the first evidence that the political paralysis in Washington is sapping the confidence of consumers whose spending still makes up the lion's share of the American economy. The Dow Jones Industrial Average closed down 0.1pc at 13,096.31, while the S&P 500 also fell 0.1pc to 1,418.09. The well-respected survey from the Conference Board showed that consumers' expectations for the next six months tumbled to 66.5, the weakest reading in a year, from 80.9 in November. The overall confidence index dropped to 65.1 in December from 71.5 in November. "The scale of the drop really intensifies the concerns about the potential economic implications from the $600bn of tax rises and spending cuts due to hit in less than a week," said James Knightley, an economist at ING. Unless a deal is reached "a return to recession is a realistic possibility". This story appeared on The Telegraph's website late yesterday evening...and the link is here. Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in December: 8,827,795The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according to official data published by Social Security Administration. The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December--up from 8,805,353 in November. The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December. This cnsnews.com article was posted on their website on Wednesday...and I thank Scott Pluschau for sending it. The link is here. Chart of the Day: The US Stock Market Is Now One Of The Most Expensive In The WorldU.S. stocks have been outpacing earnings growth in recent periods. This means that price-earnings multiples have been expanding. However, Morgan Stanley's Greg Peters is concerned that these multiples are getting a little too high for comfort. "Our regional preference is for [Emerging Markets], and in particular [Asia excluding Japan] over [Latin America], while we would underweight the US, as it is a relatively expensive market, a crowded trade, and has the most earnings risk," writes Peters. This story was posted on the businessinsider.com Internet site early on Wednesday afternoon...and is another item I borrowed from yesterday's edition of the King Report. The chart is definitely worth a look...and the link is here. Matt Taibbi on the Biggest Wall Street Scandal of 2012Rolling Stone's Matt Taibbi has skewered his fair share of financial faux pas and corporate bigwigs throughout 2012. Yet his prize for the Biggest Wall Street Story of the Year goes to the massive—but little understood—Libor scandal. "If it's true that the 16 biggest banks in the world were fixing global interest rates, then it's hard not to argue that that's not the biggest financial corruption case in history," Taibbi says in a web exclusive for Current TV. "I fully expect that we'll find out in the end that American banks were involved in this scandal." This short story...and short embedded video...were posted on the alternet.org Internet site yesterday...and I thank Roy Stephens for finding it for us. The link is here. Mortgage Nightmares: Evictions Become Focus of Spanish CrisisAfter a record number in 2012, evictions in Spain have become the symbol of a crisis that shows no signs of improving. Next year isn't likely to be any better, but with more attention now being paid to those losing their homes, relief in the form of legal reform may soon be on the way. Some 400,000 eviction proceedings have been opened in Spain since 2007, with roughly half of the families involved having already lost residential properties due to foreclosures. For most of them, these were their homes. Now, in the fifth year of the financial crisis, the evictions have become an iconic image of the country's economic plight. During the first six months of this year alone, the Consejo General del Poder Judicial, which oversees and organizes the Spanish judiciary, registered 94,502 repossessions -- and the evictions reached a record 532 a day during the first half of 2012. According to a forecast by the Spanish central bank, the number of foreclosures will increase by another 30 percent in the coming year. And as the year draws to a close, there is no end in sight to the financial crisis. The outlook for 2013 is grim. No surprises here...a big boom, followed by an even bigger bust...with the banks standing by with open arms to scoop up real assets purchased with money they created out of thin air. This story showed up on the German website spiegel.de yesterday...and I thank Roy Stephens for his second offering in a row in today's column. The link is here. Shopping Paradise: Rich Chinese and Russians Flock to Germany to SpendGermany is increasingly becoming a destination of choice for wealthy shoppers from Russia and China with customs officials struggling to keep up. Exclusive jewelers across the country are quickly hiring and training staff to serve the new clientele. Working as a customs officer at Hamburg Airport is a job that requires good instincts, patience and tenacity. One quality, however, should be avoided: envy. German customs officials have seen far more luxury goods pass through their checkpoints this year than they will ever be able to afford themselves. Take, for example, the Russian traveler who bought three Patek Philippe watches, together worth over €1.5 million ($2 million). Or another Russian who revealed a we |
| A rare look inside a Swiss gold refinery Posted: 28 Dec 2012 02:28 AM PST  Well, dear reader....not only is it a rare look, but it has to be the shortest tour on record...as this BBC video clip from December 26th lasts for 1 minute and 57 seconds. You won't learn much...but the eye candy is worth the trip...and I thank West Virginia reader Elliot Simon for sharing it with us. It's posted on the bbc.co.uk Internet site...and the link is here. |
| A Guide for Investing in Gold in 2013 Posted: 28 Dec 2012 02:08 AM PST Wall Street has grown more tepid on gold, with many of the investment banks ratcheting back just a bit on their target prices. But most also see prices heading up to and beyond the $2,000 level in 2013, meaning they see a potential gain of 22% or better.  |
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