saveyourassetsfirst3 |
- Time To Buy Universal Display
- Top Dividend Stocks Favored By Goldman Sachs
- Debunking The Myth: The Demise Of The U.S. Dollar
- Brazilian Gold - Amended Resource Estimate for the São Jorge Gold Deposit - Significant Increase in Gold Grade and Contained Ounces
- Post-Thanksgiving Week Insider Buys Dominated By Eagle Materials
- Investing for 2013: Why Investors are Buying Gold
- Jim Sinclair: Goldman Ready to Reverse on Gold Later
- Perth Mint’s Suchecki Responds to Dave in Denver
- Visualization - U.S. Debt in $100 Bills
- Last Call in the Precious Metals Sector?
- UK heading for ‘triple-dip’ recession?
- When Governments Steal Gold
- Momentum in Bullion 'Unlikely Until New Year'
- Setting Tone for Gold: FOMC & US Budget Debate
- Silver and Gold to the Moon.. Someday
- On Gold: Morgan Stanley is Buying What Goldman is Selling
- Thunder Road Report: Ultimate bubble is in money itself
- On Gold; Morgan Stanley Is Buying What Goldman Is Selling
- Alasdair Macleod interviewed on safety issues with GLD and SLV
- Downside manipulation in gold gets noticed in Dubai
- Beware This Gold Trade, Dennis Gartman Says
- Two King World News Blogs
- ECB mulls negative rates as Europe's economic crisis deepens
- Gold and Silver Market morning, December 07, 2012
- What Can Happen with Gold If the Dollar Collapses?
- Secondary Bottom Coming in Gold Stocks
| Posted: 07 Dec 2012 11:46 AM PST By Universal Display Corporation (PANL) is a lesser known, fairly-off radar but key player in the smart phone and other smart device gold rush. They are relatively small but growing fast and even recently got the attention, and financial award, of the US Department of Energy. But the stock activity doesn't look too exciting and hasn't done nearly as well as others in this space, for example Apple (AAPL). OK, so you bought Apple at $100 per share in early 2009. You were a visionary. You saw the future. You saw the iPhone growing in popularity along with each generation after it. You saw the iPhone expanding internationally. Perhaps you even saw the iPad coming and its dominating popularity. Fine. Congratulations. Now that you're up 400-500% should you take your profits and find something else, perhaps another company working feverishly to catch up with Apple and making inroads Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Top Dividend Stocks Favored By Goldman Sachs Posted: 07 Dec 2012 11:31 AM PST By Osman Gulseven: By Aubrey Tabuga Goldman Sachs, a premier investment bank with global dominance, had an enormous $250 billion under its management at the end of the third quarter. Its investment portfolio is heavy in the financial sector (29.86%), services (17.27%), technology (14.93%), and energy (8.83%). The firm is famous for gaining large sums from the collapse in subprime mortgage bonds in the summer of 2007. Goldman Sachs was one of the few investment companies that shorted mortgage bonds just before the system started shaking. As Goldman Sachs is one of the most respected institutions on the street, it is worth looking into this gigantic asset manager's 13F Filing for dividend stocks that can bring a steady stream of income. The top dividend stocks of Goldman in the latest quarter are Microsoft Corp. (MSFT), General Electric Co. (GE), Philip Morris International, Inc. (PM) Altria Group Inc. (MO), and Johnson Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debunking The Myth: The Demise Of The U.S. Dollar Posted: 07 Dec 2012 10:51 AM PST By Mark Vierra: When I was young, my father looked up from his USA Today and told me" "Another Russian is predicting the end to the U.S. dollar (USD) reserve currency status, they've said that for years, it'll never happen in my lifetime." (He was right.) At the time, I had no idea what he was talking about, but now in my 40s, as I see all the websites calling for the USD demise, it reminds me of this, and I have to laugh at the ones that sport adds for water purifiers, seeds and all the end of the world survival gear. Whenever there is turmoil or uncertainty in the world, in times of world stress, be it "Arab spring" or "fiscal cliff," terrorist attacks or "debt bubbles," the flow of liquidity moves into the USD/Treasuries. If the stock market takes a dive, cash is king, and Treasuries soar. In Complete Story » | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Dec 2012 10:51 AM PST Indicated Resource of 14.42 Mt grading 1.54 g/t gold (715,000 oz) and Inferred Resource of 28.19 Mt grading 1.14 g/t gold (1,035,000 oz) at a 0.3 g/t cut-off Brazilian Gold Corporation (TSXV: BGC) reports an amended NI43-101 mineral resource estimate for the São Jorge gold deposit that was previously announced on September 19, 2012 (Tables 1 to 3). The amended independent resource estimate was completed by Coffey Mining (Coffey)* of Toronto, Ontario and will be documented in an Amended NI43-101 Technical Report that will be posted on SEDAR and our website within 45 days of this News Release. Coffey confirms that work associated with the Preliminary Economic Assessment (PEA) on the São Jorge project, which is currently in progress, has identified a grade variance between the published resource and the block model. Coffey's undertaken standard procedure includes internal verification of the block model data when it is imported into the mine design software. More... Coffey has completed a thorough and detailed investigation and has confirmed that the data in the block model is correct. Further "independent verification" was completed by a Coffey office outside of Toronto, not associated with the São Jorge study, and proficient in the commercial software used for the resource estimate. This work has confirmed the variance and the resulting positive grade revisions to the São Jorge resource estimate. Highlights
**According to National Instrument 43-101 and CIM (2010) an "Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified geological and grade continuity. The estimate is based on limited information and sampling gathered through appropriate techniques from locations such as outcrops, trenches, workings and drill holes. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration. Confidence in the estimate is insufficient to allow the meaningful application of technical and economic parameters or to enable an evaluation of economic viability worthy of public disclosure. Ian Stalker, CEO of Brazilian Gold, commented "The incorrect resource estimate reported on September 19th has been amended by the appropriate Qualified Person within the Coffey Mining organization. We are pleased that the amended estimate has resulted in a substantial increase in the overall grade and total ounces for the São Jorge deposit. The amended resource numbers along with recently completed metallurgy, power studies, environmental assessments, as well as the depreciation of the Brazilian Real will be incorporated in an updated PEA, which should result in substantially better economics than the previous more than acceptable PEA results. The significant increase in the grade and tonnage of the indicated and inferred resource suggests that many more ounces will fall within the pit shell as compared to the 2011 PEA and may provide for a longer mine life and/or higher production rate at a higher overall average head grade. Clearly these revised results, now create a solid foundation for Brazilian Gold to move ahead with great confidence and take São Jorge into mine development, where Brazilian Gold can swiftly become a mid-tier gold mining company. The amended São Jorge resource statement along with resources outlined on the Surubim (Jau deposit) and Boa Vista (VG1 deposit) projects in 2012 now totals 715,000 ounces (14.42 Mt grading 1.54 g/t gold) in the indicated category and 1,921,000 ounces (59.76 Mt grading 1.0 g/t gold) in the inferred category at a 0.3 g/t gold cut-off. This global resource statement does not include results from a recently completed drill program on the Batistão project, which will be the subject of a NI43-101 resource estimate early in 2013." The São Jorge deposit is approximately 1,400 m long by up to 200 m wide and has been intersected in drill holes to 350 m depth; the deposit strikes northwest and has a sub-vertical dip. The deposit is hosted in quartz monzogranite and mineralization appears to be spatially associated with a number of discontinuous shear and fracture zones. Alteration minerals included chlorite, epidote, sericite, silica and sulphides that occur along fractures or where the fracture density is high as pervasive alteration. The predominant sulphide is pyrite with minor amounts of chalcopyrite. Gold mineralization is commonly associated with silica-sericite-sulphide alteration and higher gold values are generally associated with higher pyrite content and the presence of chalcopyrite. Porfirio Cabaleiro, B.Sc., (Mining Engineer), MAIG and Hebert Oliveira, B.Sc. (Geology), MAIG, are the Qualified Persons for the NI43-101 Report on the Resource Estimate of the São Jorge gold deposit and have reviewed and approved the contents of this press release as far as it relates to their work. Garnet Dawson, M.Sc., P.Geo. (British Columbia), Vice President, Exploration for the Company and a Qualified Person, as defined by National Instrument 43-101, has reviewed and approved the technical disclosure contained in this News Release. *About Coffey Mining Coffey Mining is a specialist professional services consultancy with expertise in geosciences, international development and project management. Operating for more than 50 years, they are well known in our markets for deep technical skills and market-leading solutions to complex tasks. Featuring some of the best industry specialists, professionally accredited in all mining jurisdictions globally, the Coffey team is supported by a network of offices throughout the Americas, Africa, Asia Pacific, Europe and the Middle East. Coffey Mining is proud of its independence and is recognized by all major international financial institutions, resource funds and securities exchanges. This accreditation ensures that all tasks are performed and completed to accepted international audit standards. About Brazilian Gold Corporation Brazilian Gold has a resource inventory of 715,000 ounces of gold grading 1.54 g/t gold in the indicated category and 1,921,000 ounces of gold grading 1.00 g/t gold in the inferred category at a 0.3 g/t cut-off that is hosted in three deposits (Table 4).
At a 0.5 g/t cut-off, the resource inventory is 666,000 ounces grading 1.97 g/t gold in the indicated category and 1,663,000 ounces grading 1.32 g/t gold in the inferred category (Table 5).
Brazilian Gold is a Canadian-based public company with a focus on the acquisition, exploration and development of mineral properties in northern Brazil. The Company has title to one of the largest land packages (3,753 km2) in the Tapajós and adjacent Alta Floresta gold provinces. The land package contains green fields to more advance stage projects including the Company's flagship São Jorge project. Rapid improvements to regional infrastructure continue to provide underlying support to Brazilian Gold's activities in northern Brazil. For More Information Brazilian Gold Coproration Joanne Yan, President and Director Renmark Financial Communications Inc. Source: Brazilian Gold http://www.braziliangold.ca/corporate/press-releases/20121207-1.html Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this news release. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Post-Thanksgiving Week Insider Buys Dominated By Eagle Materials Posted: 07 Dec 2012 10:42 AM PST By John Kozey: Corporate insiders stepped up their pace of stock purchases in dollars for the week following a slow Thanksgiving period, but not enough to raise overall dollar buying averages or sell/buy ratios. Insider buying for the top 1500 market capitalization stocks tracked by Thomson Reuters Stock Reports Plus totaled only $51.9 million, compared to the four week total of almost $259 million, and the 13-week total of $910 million. The Sell to Buy Ratio for corporate insiders stood at 20.6, and the trailing four week average stood at 12.35. That ratio is lower than the current 13-week average of 9.97. Only three stocks logged insider buying of $1 million or more and are listed below, including their StarMine Analyst Revision Model (ARM) scores (from a bearish score of 1 to a bullish score of 100) versus all other US stocks (see note below).
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| Investing for 2013: Why Investors are Buying Gold Posted: 07 Dec 2012 10:13 AM PST Self-directed gold investors share their outlook for 2013, and give their reasons for Buying Gold... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Jim Sinclair: Goldman Ready to Reverse on Gold Later Posted: 07 Dec 2012 09:53 AM PST Goldman Sachs has put out a negative call on gold saying that the bull market is over, exactly the sort of market maneuver predicted six weeks ago by "Mr. Gold" Jim Sinclair, the widely followed veteran of the 1970s gold boom.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Perth Mint’s Suchecki Responds to Dave in Denver Posted: 07 Dec 2012 09:42 AM PST Last week Perth Mint's Bron Suchecki responded to an opinion piece by Andrew Maguire with a well thought out "clarification" to some of the terms and assumptions Maguire made in a commentary about gold ETFs. (Maguire sought to show how bullion banks might use ETFs in an ongoing price suppression campaign.) We posted a link to Suchecki's commentary, titled ETF PRICE SUPPRESSION MECHANICS at this address: http://www.gotgoldreport.com/2012/12/bron-suchecki-etf-price-suppression-mechanics.html For those interested, there is a link to Maguire's commentary embedded in the first paragraph of that Suchecki piece. A commenter who goes by the moniker "Dave in Denver" took issue with some of Suchecki's comments and posted his commentary in the comment section at the bottom of the Got Gold Report piece. http://www.gotgoldreport.com/2012/12/bron-suchecki-etf-price-suppression-mechanics.html#comment-6a0120a6002285970c017c344f9283970b Dave in Denver prefaced his comments with: "I would like to point to some issues with Mr. Suchecki's essay that are highly problematic. I preface this by stating that I have only read thru his write-up once and have not studied it." He then went on to accuse Suchecki of being, "biased toward the precious metals custodial operators;" of stylistically using "pedantic nitpicking/correcting of Andrew Maguires loose use of terminology as a device to try and diminish Andrew's comments;" while taking what we view as misinformed potshots at both the Perth Mint and the SPDR Gold Trust (GLD). More... Notwithstanding Dave in Denver's prefacing caveat, Bron Suchecki took valuable time to pen an even-handed and comprehensive response to Dave's offering in another well thought out essay in the comment section here. http://www.gotgoldreport.com/2012/12/bron-suchecki-etf-price-suppression-mechanics.html#comment-6a0120a6002285970c017c34607eb4970b It is that response which we wish now to call attention to in the interest of clarity and as an example of why we try to read just about anything we come across written by Suchecki.
Gene Arensberg for Got Gold Report | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Visualization - U.S. Debt in $100 Bills Posted: 07 Dec 2012 08:06 AM PST This short video gives a visual impression of what the U.S. national debt looks like in $100 bills. We have no way of verifying its accuracy, but we suspect that we don't need to. The video speaks for itself. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Last Call in the Precious Metals Sector? Posted: 07 Dec 2012 07:33 AM PST The big surprise this morning was that the US jobs figures…surprised to the upside, and then some. Gold prices promptly fell by as much as $18 (all the way back down to $1,682) in the wake of the report that showed US unemployment falling to 7.7%.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UK heading for ‘triple-dip’ recession? Posted: 07 Dec 2012 07:00 AM PST "Goldman predicts falling gold price beyond 2011, recommends gold hedging Goldman Sachs has raised its medium term gold price forecast to $1,355, but reckons prices will fall from 2011 and ...  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Dec 2012 06:52 AM PST Three nasty examples of how people lost the gold they owned... | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Momentum in Bullion 'Unlikely Until New Year' Posted: 07 Dec 2012 05:03 AM PST Friday morning saw the gold price drop below $1700 an ounce again, while stock markets, commodities and the Euro all fell ahead of the final US nonfarm payrolls release of 2012.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Setting Tone for Gold: FOMC & US Budget Debate Posted: 07 Dec 2012 04:46 AM PST Comex gold futures rebounded 0.47% to $1,701.80 on Thursday after falling 0.12% the day before. Week-to-date, the gold futures fell 0.53%. Gold fell during seven out of the past ten weeks.  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Silver and Gold to the Moon.. Someday Posted: 07 Dec 2012 03:46 AM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| On Gold: Morgan Stanley is Buying What Goldman is Selling Posted: 07 Dec 2012 03:21 AM PST ¤ Yesterday in Gold and SilverThe gold price didn't do much of anything during Far East and most of the London trading day on Thursday, as it sort of wandered around aimlessly within a ten dollar trading range below Wednesday's New York close. However, a rally of some substance began to materialize about 8:40 a.m. Eastern time...about twenty minutes after the Comex open. The fun ended at the London close at 4:00 p.m. GMT...11:00 a.m. Eastern time. From there it more or less traded sideways into the close of electronic trading. Gold's low and high ticks, which are obvious on the chart below, were $1,684.90 and $1,704.40 spot. Gold finished the Thursday session at $1,700.00 spot right on the button...up $5.70 from Wednesday. Net volume was pretty decent...around 140,000 contracts. The silver price traded down about a percent by mid-afternoon in Hong Kong...before rallying back to almost unchanged by 11:00 a.m. in London. From there it got sold off once again, with the low price tick [$32.46 spot] coming at the same as time as the low tick in gold...8:40 a.m. in New York. The subsequent rally lasted until the same 11:00 a.m. Eastern time...$33.38 spot...and that proved to be silver's high tick of the day. Then it got sold off until noon, before trading sideways into the close. Silver closed at $33.03 spot...up a whole 12 cents. Volume was pretty decent...around 41,500 contracts. The dollar index closed on Wednesday at 79.82...and then traded a hair lower up until 8:00 a.m. in New York. The subsequent rally took the index back up to around the 80.30 mark...and it hung around that number for the rest of the Thursday session...closing at 80.25. There was little co-relation between the precious metal prices and the dollar index at all yesterday...especially considering the fact that gold and silver rallied together with the dollar index during the New York morning session. I'm sure that had something to do with bad new on the euro front. The gold stocks opened flat, but soon rallied to their 11:00 a.m. high...in lock-step with a rising gold price. Once that high tick was in, the stocks got sold down to just above the unchanged mark...and proceeded to trade sideways from there until the equity markets closed at 4:00 p.m. Eastern time. The HUI finished up 0.40%. The silver stocks were mixed...and Nick Laird's Silver Sentiment Index closed down a smallish 0.34%. (Click on image to enlarge) The CME's Daily Delivery Report showed that 53 gold and 156 silver contracts were posted for delivery on Monday within the Comex-approved depositories. The biggest short/issuer in gold was Jefferies with 50 contracts...and JPM and the Bank of Nova Scotia were the largest long/stoppers. It was the same in silver as Jefferies and JPM were the two biggest short/issuers [149 contracts] and JPM and the Bank of N.S. were the biggest long/stoppers. The link to that activity is here. There were no reported changes in GLD yesterday...but a rather chunky 1,258,182 troy ounces of silver were deposited in SLV by an authorized participant. The U.S. Mint had its third sales report in a row yesterday. They sold 4,500 ounces of gold eagles...1,000 one-ounce 24K gold buffaloes...and 25,000 silver eagles. Over at the Comex-approved depositories on Tuesday, they reported receiving 614,504 ounces of silver...and shipped 452,643 ounces of the stuff out the door. The link to that activity is here. Here are a couple of very interesting charts that Nick Laird sent my way yesterday evening...and they're definitely worth sharing. Neither needs any further embellishment from me. All comments regarding these charts should be directed at Nick...not me. (Click on image to enlarge) (Click on image to enlarge) I have a decent number of stories for you today...and I hope you can find the time to read the ones that interest you the most. JPMorgan et al are riding shotgun over these markets every minute and hour of the day. Downside manipulation in gold gets noticed in Dubai. Thunder Road Report: Ultimate bubble is in money itself. Beware This Gold Trade, Dennis Gartman Says. SLV adds another 1,258,182 troy ounces of silver. ¤ Critical ReadsSubscribeWall Street Job Reductions Seen Persisting After Citigroup CutsWall Street's cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup Inc.'s announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer capital rules and weak economic growth. Lenders around the globe are likely to trim more jobs if revenue doesn't rebound sharply next year, analysts and recruiters said. "The knives are sharpened and ready," said Jason Kennedy, chief executive officer of London-based search firm Kennedy Group. "These institutions are too big for the business they are generating but they are still quite bullish that the market will return by mid-2013. Unless the markets picks up, there will be more cuts in the first half." This Bloomberg story from early Wednesday evening Mountain time is worth reading...and I borrowed it from yesterday's edition of the King Report. The link is here.  Rick Santelli Goes Beyond the Debt CeilingRick's rant isn't very long today...only 3:30 minutes...but, as always, it's right on the money. It's entitled "The Santelli Exchange: To Infinity and Beyond!". I thank Ulrike Marx for sending it our way...and the link is here.  The Total Animated, Annotated U.S. DebtWith debt ceilings being summarily dismissed and billions and trillions of dollars being thrown around like confetti, we have become almost entirely de-sensitized to the colossal size of the numbers involved...and to be frank de minimus impact from any 'compromise'. In order to comprehend the size of the US Debt load, Demonocracy created this video visualized in physical $100 bills. And you thought a Jumbo-Jet full of cash was a lot... This short 2-minute video clip is a must watch...and it was embedded in the above story over at Zero Hedge yesterday afternoon. I thank Matthew Nel for finding it for us...and the link is here.  Why Apple is Bringing Manufacturing Back to the United StatesYesterday's news from Tim Cook that Apple is bringing some Mac manufacturing from China back to the United States is encouraging for the first reason you'll think of: it's a tentative move to disengage from appalling labor practices at the company's Chinese contractor, Foxconn, that tether anyone who owns an iPhone back to the developing world economy heart of darkness. But what does it mean for the American economy? For years, we've been told that the migration of manufacturing off-shore is an economic inevitability, the result of ironclad laws of trade, labor and capital. Steve Jobs himself said of the China off-shoring: "those jobs aren't coming back." But what if those assumptions are wrong? For some valuable background, I recommend my friend Charles Fishman's excellent piece on the in-sourcing trend in the current issue of The Atlantic. It suggests that moves such as Apple's are more than just post-crash green shoots, replacing lost jobs with new ones, but a genuine shift back to U.S. manufacturing with concrete – and previously unrecognized – advantages. This very interesting story showed up in Forbes yesterday...and it's Roy Stephens first offering in today's column. The link is here.  The Citi's Matt King Presents: 'The Most Depressing Slide I've Ever Created'Citi's Global Head of Credit Strategy, Matt King, has a knack for putting together useful illustrations. Here, he examines one of the implications of one of the most powerful forces in all of economics: demographics. King explained his charts to us like this: It's what I like to call "the most depressing slide I've ever created." In almost every country you look at, the peak in real estate prices has coincided – give or take literally a couple of years – with the peak in the inverse dependency ratio (the proportion of population of working age relative to old and young). In the past, we all levered up, bought a big house, enjoyed capital gains tax-free, lived in the thing, and then, when the kids grew up and left home, we sold it to someone in our children's generation. Unfortunately, that doesn't work so well when there start to be more pensioners than workers. This is short and sweet. I've already posted all the words...and the embedded graph is definitely worth the trip. It was posted on the businessinsider.com Internet site yesterday afternoon...and it's Roy's second offering in a row. The link is here.  Rossen Reports: New device can open hotel room locksWhen you lock your hotel door, you assume both you and your belongings are safe, but thieves have developed a simple device that can unlock hotel doors in potentially millions of rooms. NBC's Jeff Rossen investigates. Wow! It's immediately obvious to anyone that the major hotel chains have a problem on their hands. This video.today.msnbc.com clip is a must watch for anyone who travels at all. I thank reader Brad Robertson for bringing it to our attention...and the link is here.
 Outside View: Argentina's Politics of IntimidationExperts from Carnegie Mellon University will join Robert J. Shapiro, my co-chair at the American Task Force Argentina, to brief lawmakers and Obama administration officials on U.S.-Argentine relations with a focus on Argentina's current standoff with the International Monetary Fund. The briefing comes just days before an IMF compliance deadline, by which Argentina must show that it has rectified its false official statistics, including inflation and CPI numbers, or face censure. To put this in perspective, Argentina is the only leading world economy whose economic data have been repudiated by the IMF and Managing Director Christine Lagarde recently pledged to use the "red card" against Argentina if Argentina failed to correct its numbers. This UPI story from yesterday is Roy Stephen's third contribution to today's column...and the link is here.  The Deutsche Bank Whistleblower Case May Be Just the BeginningWe're likely to see more financial whistle blowing cases in the future. That's because the Deutsche Bank case is part of a new program developed under the Dodd-Frank financial reform bill specifically designed to encourage insiders to share tips. As I explained in February, if a whistleblower provides original information that helps the SEC successfully impost sanctions of more than $1 million, the awards range from 10 percent to 30 percent, depending on a number of factors, such as the uniqueness of the information and whether the whistleblower reported the problems internally first. The program started in the summer of 2011, and its results are starting to pop up. In August the agency released its first whistleblower award, a $50,000 payment as the first installment in a case that resulted in more than $1 million in sanctions. The SEC denied paying a second whistleblower in that same case, saying the tipster's information didn't directly lead to the sanctions. In its annual report last month, the SEC whistleblower office said it had received 3,001 tips in the 2012 fiscal year. This story showed up on the Bloomberg Businessweek website yesterday...and I thank Washington state reader S.A. for finding it for us. The link is here.  Interview with UBS Chairman Axel Weber 'We Have Learned Our Lesson'In a Spiegel interview, UBS board chairman Axel Weber says his bank is better prepared than most others for new, stricter capital requirements. UBS has learned from the mistakes of the financial crisis, he says, and explains why the Swiss financial giant has moved away from investment banking. For those of you who have suitcases full of money...legally earned, or otherwise...this is certainly an interesting read. It was posted on the spie | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thunder Road Report: Ultimate bubble is in money itself Posted: 07 Dec 2012 03:21 AM PST  MineWeb's Lawrence Williams today reports on the latest edition of Paul Mylchreest's "Thunder Road Report," which maintains that central banks are creating the ultimate bubble in money itself. "The end game," according to Mylchreest, "is an inflationary/currency crisis, dislocation across credit and derivative markets, and the transition to a new monetary system, with a new reserve currency replacing the dollar. This makes gold and silver the 'go-to' assets for capital preservation." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| On Gold; Morgan Stanley Is Buying What Goldman Is Selling Posted: 07 Dec 2012 03:21 AM PST  Just yesterday, Goldman Sachs suggested its clients should sell their gold (to them?) as the precious metal cycle had turned. It seems Morgan Stanley disagrees; the firm's preferred fundamental metal exposure for 2013 is Gold. Expecting Silver to outperform also (given its 'cheaper' store of value), MS believes nothing has changed on the fundamental thesis for owning gold as the adoption of QE 3 (and 4...) and the ECB's commitments (and BoJ) remain the most important factors for a continuation of weakness in the TWI trend for the US Dollar. They also add that low nominal and negative real interest rates, ongoing geopolitical risk in the Middle East and continued mine supply issues are also supportive. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Alasdair Macleod interviewed on safety issues with GLD and SLV Posted: 07 Dec 2012 03:21 AM PST  Interviewed for GoldMoney by Andy Duncan, GoldMoney research director Alasdair Macleod elaborates on his recent study, published by GATA, of the reduction in safety for metal held in custody by the exchange-traded funds GLD and SLV. This is another story I found sequestered in a GATA release. The interview is 31 minutes long and its audio is posted at the goldmoney.com Internet site. The link is here. Interviewed for GoldMoney by Andy Duncan, GoldMoney research director Alasdair Macleod elaborates on his recent study, published by GATA, of the reduction in safety for metal held in custody by the exchange-traded funds GLD and SLV. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Downside manipulation in gold gets noticed in Dubai Posted: 07 Dec 2012 03:21 AM PST  Spot gold prices tumbled to a near 30-day low of $1,687 a troy ounce Thursday morning, down $63 per ounce from last week's high of $1,750 per ounce as rumours of a mystery seller unwinding a major hedged position gained currency. "We're actually seeing a fairly mysterious seller in the Asian time zone over the last week on two occasions," said Jeff Rhodes, CEO of the Dubai-based INTL Commodities. The large sell orders in a thinly traded market have had "quite an impact," says Rhodes, with gold plunging from $1,750 to just above $1,690. "It's mysterious. I can't explain it," he says. "It's almost as though there is a speculator or speculators who are just trying to trigger a technical move to the downside," Rhodes maintains. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beware This Gold Trade, Dennis Gartman Says Posted: 07 Dec 2012 03:21 AM PST  Small investors are piling into the gold trade, which would suggest a top. But that's not necessarily the case, commodities trader Dennis Gartman said Monday. "I think you've got the public piling into gold, which happens, and we have to be careful because when the public comes into something, the pros tend to think, 'Well, that's the end of the move.' And the last time we saw gold coin sales of this consequence was actually in 2008, and gold moved from $900 an ounce, almost relentlessly, to $1,700 an ounce," he said. On CNBC's "Fast Money," Gartman warned investors about one particular trade. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 07 Dec 2012 03:21 AM PST  The first blog is with Citi analyst Tom Fitzpatrick...and it's headlined "Despite Choppiness, Gold to Have Massive Breakout in 2013". The second is with Ben Davies. It's entitled "Gold Shorts Are Now Exposed to a Price Spike". | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ECB mulls negative rates as Europe's economic crisis deepens Posted: 07 Dec 2012 03:21 AM PST  The European Central Bank has slashed its eurozone growth forecasts and warned that recession will drag on into the middle of next year, sending the euro plunging below €1.30 to the dollar. Mario Draghi, the ECB's president, said the governing council had discussed a cut in overnight deposit rate to below zero for the first time, and was "operationally ready" to do so if needed. The comment sent the euro into a nosedive, dropping from $1.3075 to $1.2950 in just two hours. "A negative deposit rate is the mother of all sell signals for a currency," said Hans Redeker, currency chief at Morgan Stanley. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gold and Silver Market morning, December 07, 2012 Posted: 07 Dec 2012 03:00 AM PST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| What Can Happen with Gold If the Dollar Collapses? Posted: 07 Dec 2012 02:01 AM PST Financial collapse is usually perceived as Armageddon but doesn't necessarily have to be one. So what implications for gold would a collapse of the US dollar have? Or if the dollar doesn't collapse, does it still make sense to be invested in gold and silver?  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Secondary Bottom Coming in Gold Stocks Posted: 07 Dec 2012 12:55 AM PST I have to admit, I never saw the gold stocks correcting this much. After making a textbook double bottom and registering very strong momentum readings, I expected a relatively tame October correction to be followed by another leg higher into year end. I thought GDX would bottom at $49. Obviously I was wrong on all counts. It's difficult to make predictions when they are about the future. Kidding aside, forecasts are only a guide or a potential road-map. No one can predict the future. However, we can assess risk, reward and probabilities. We think the current probabilities favor a secondary bottom in the gold stocks and very soon the risk/reward dynamic will be heavily in favor of longs. Posted is a chart from sentimentrader.com. Their sector sentiment indicator is a combination of short interest and put-call ratios. It can't get much worse for the gold stocks. (Well, perhaps just a bit).
Next, we want to look at the breadth of the gold stocks. Breadth is a measurement of participation. I wanted to look at a large group of stocks and measure their breadth at major bottoms and at secondary bottoms. For simplicity, I looked at the number of stocks trading above their 200-day moving average. The results are in the chart.
I wanted to compare the current breadth to the breadth seen at the secondary bottoms in 2005 and 2009. Note that at the major lows, breadth is usually at or near zero. At the secondary low in 2005, breadth was 41%. The market was in a stronger technical position then as the cyclical bear market was tame. In 2009, the breadth at the secondary low was 20%. Go back to 2002-2003 and you'll notice a triple bottom. Unlike the present there was no major technical damage. At the third and final bottom breadth was 10%. Presently, breadth is at 38%. It can fall to 20% and that would be in line with the most recent secondary bottom (following a major bottom). The conclusion is that following a major bottom long-term breadth should remain healthy. It still is. Moving from the complicated to the simple, here is one thought as to how this secondary bottom could play out. We are watching $43 as it is both lateral and trendline support.
Less than three weeks ago we wrote: If we are indeed correct that the metals and shares will remain range bound then your task is simple. Prepare yourself for further consolidation by having your buy list ready and then be ready to act when the time comes. A wise friend once told me that in a bull market the goal is to accumulate positions at the lowest prices possible. It is always easy to say buy later or buy on a correction. How often do we hear that? Rick Rule says that when investing in the resource sector you are either a contrarian or a victim. Consider the present sentiment and technical construct and it is difficult to ignore this emerging contrarian opportunity. Oh and by the way, the Fed is meeting next week. With gold stocks tanking into the meeting, it provides the setup for a bottom and rebound into January. Now is the time to be vigilant as the time to be a contrarian could be only days away. If you'd be interested in professional guidance in uncovering the producers and explorers poised for big gains then we invite you to learn more about our service. Good Luck! Jordan Roy-Byrne, CMT  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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