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- Juninor mining – How to invest like a Merchant Bank
- Gold Closer To Become Officially Money … Again
- Gold Market Turns To China For Support
- Gold & Silver Hammer Time!
- Bond Collapse Imminent
- Did Gordon Brown sell Ireland's gold too?
- 2012's Biggest Lie, 2013's Biggest Risk
- Links 1/13/12
- Bank of England Has Our Crock of Gold
- Eric Tymoigne: Public Debt, Debt Ceiling and Monetary Sovereignty: Some Accounting Realities
- Are the Fed and the bullion banks hitting the gold price or just a major hedge fund asks Jim Sinclair?
- January 12 Weekend report
- Gold & Silver COT Report: Commercials Cover Massive 20 Million Ounces of Silver Shorts!
- Gold Sentiment Reaches 2012′s Lows
- Petition To Audit US Gold Vaults – Best Kept Secret To Be Revealed?
- SILVER Demand set for Dramatic climb to Historic High in 2013
- #MintTheCoin Hoax Bubble Pops: Panic Hoarding of Gold and Silver Continues By Central Banks (who are freaked out by tr. dollar coin hoax).
- Coming Speculative Mania in Silver Will Dwarf Nominal Highs, Set New REAL High
- HUI showing some Signs of Life
- Indian gold imports surge amid fears of further duty hikes
- Public U.S. gold audit petition hits White House website
- Quaintance and Brodsky: Enough of the favoritism -- get on with the devaluation
- JPMorgan Sells Largest Structured Note Tied to Gold Since 2010
- High gold prices push India's farmers toward silver
| Juninor mining – How to invest like a Merchant Bank Posted: 13 Jan 2013 08:51 AM PST Rick Winters reveals how RMB Resources, a resource merchant bank, figures out what projects to invest in and those to pass over, an interview with The Gold Report. |
| Gold Closer To Become Officially Money … Again Posted: 13 Jan 2013 08:50 AM PST A new paper published by the Official Monetary and Financial Institutions Forum (OMFIF) describes how gold is ready to become officially part of the monetary system … again. In order to stabilize the world monetary system, in the light of a deteriorating global currency war and the lack of a real alternative world reserve currency, gold is the only alternative currency that is ready to take on a leading role. One thing is for sure, it is the ONLY time tested currency as ALL paper based money systems have failed in history. Although the Renminbi is a candidate to play an leading role in the future, it is not ready to take up that role yet. One thing will be proven once again: Gold was money and gold continues to be money, although we temporarily somehow "forgot" in it in the West. The document (44 pages) describes five reasons why the world would benefit for gold's official role as money.
Obviously we are not there yet. A lot of things need to be settled before such an evolution can take place including a stable gold price in different currencies and decisions on official gold reserves (monetary base to gold ratio). The OMFIF suggests it is time to start preparing "contingency plans."
John Butler commented on the Financial Sense right after the document was published, confirming his prediction in an earlier article and in his book The Golden Revolution (Wiley, 2012). He writes: "I believe this is of great historical significance. The economic and financial market implications are substantial. The global 'savers', that is, the countries that export more than they import, are finally forcing the world back onto a more stable monetary foundation that will make it far harder to print money to paper over fundamental economic problems and 'kick the can'. Yes, this implies that profligate governments will find it more difficult to finance deficits in future." |
| Gold Market Turns To China For Support Posted: 13 Jan 2013 08:41 AM PST  By Tim Iacono: Precious metals were pressured early last week (1/7/13-1/11/13) on continuing fallout from the release of Fed meeting minutes; the week before that, traders thought it might lead to the central bank tightening policy sooner than expected. However, lower prices once again spurred buying in Asia, where gold trading in Shanghai rose to record levels in advance of the Chinese New Year and a weakening yen led to record high gold prices in Japan, while, in the U.S., gold and silver coin sales surged. Late in the week, better-than-expected trade figures from China spurred hopes of stronger demand for raw materials, leading to a precious metals advance. This persisted until higher-than-expected inflation in China was reported on Friday, prompting buyers to turn into sellers on fears that rising prices may limit the government's ability to provide more stimulus for the world's second-largest economy that now appears to be rebounding. But, without Complete Story » |
| Gold & Silver Hammer Time! Posted: 13 Jan 2013 07:15 AM PST Submitted by Morris Hubbartt: I see the dollar soon beginning a decline akin to a snowball tumbling off a cliff of gold. Note the bullish long-tailed candlesticks on the gold and silver charts. Last Friday's jobs report created an exciting hammer candle formation, and it came on climactic volume. Silver Bullet Silver Shield Slave Queen [...] |
| Posted: 13 Jan 2013 05:14 AM PST This Is The Frightening Reality We All Face Going Forward In the not-too-distant future, the U.S. will face a collapse in our bond and currency markets similar to what is happening in Europe. Endless increases in our borrowing limits, and … Continue reading |
| Did Gordon Brown sell Ireland's gold too? Posted: 13 Jan 2013 04:10 AM PST BANKRUPT Ireland owns six tonnes of gold, the bulk of which is held at the Bank of England, it has been revealed. A spokeswoman said the Central Bank was a party to the Washington Agreement on Gold, which recognised gold … Continue reading |
| 2012's Biggest Lie, 2013's Biggest Risk Posted: 13 Jan 2013 03:56 AM PST By Cliff Wachtel: EU Crisis Reminder: Why It Isn't Getting Better, Implications for Stocks, Gold, the EURUSD and Other Currency Pairs and Asset Classes, and What To Do While doing research for our recent 4 part summary of 2013 market forecasts, I noticed that few analysts or prominent writers believed the EU would present major trouble in 2013. Reasons for this include:
EU officials have attempted to reinforce this complacency in recent weeks. EU commission President Juan Manuel Barroso, and France's PM Francois Hollande both (see here and here) recently Complete Story » |
| Posted: 13 Jan 2013 03:55 AM PST Biggest Structure in Universe: Large Quasar Group Is 4 Billion Light Years Across Science Daily Freakish dust storm causes 'red wave' on Australia's west coast NY Daily News (more). Death of internet activist Aaron Swartz prompts flood of Twitter tributes Guardian Aaron Swartz, Famous Hacker And Reddit Builder, Dies At 26 Gothamist Treasury: We won't mint a platinum coin to sidestep the debt ceiling Ezra Klein, WaPo (cf.). COINTASTROPHE: White House Rules Out The Trillion Dollar Coin Option To Break The Debt Ceiling Joe Weisenthal, Business Insider On The Disruptiveness of the Platinum Coin Tim Duy's Fed Watch No clear path for Obama to act alone on U.S. debt cap: experts Reuters White House responds to secession petitions, calls for unity instead The Hill. And a pony. I'm gonna name my pony "Legitimacy Crisis." Buffett Says Banks Free of Excess Pose No U.S. Threat Bloomberg. Confidence über-fairy talks his book? Who are the criminals here? John Quiggin Latest in private Libor cases: California city, counties file suit Reuters Paying the Price, but Often Deducting It Gretchen Morgenson, NY Times. Guess who really pays for "settlements" with the banksters? Usury Laws Are Dead. Long Live the New Usury Law. The CFPB's Ability to Repay Mortgage Rule Credit Slips. No behavioral economics in CFPB qualified mortgage rulemaking. Is Shinzo Abe the Great Keynesian Hope? Noahpinion The Crisis of the Middle Class and American Power Stratfor Assessing the job polarization explanation of growing wage inequality Economic Policy Institute Why the Unemployment Rate Is So High Laura D'Andrea Tyson, NY Times Americans feel austerity's bite as payroll taxes rise Reuters Massive Cuts to Postal Service a Step Towards Privatization? RNN Billions pumped into global equities FT Water, energy and the economy Angry Bear Mississippi Rock Blasting Puts River In Ship Shape AP Iowa corn yield, production fell 20% last year DesMoines Register A mother's story of the teenager India wants to hang after gang-rape that shocked a nation Independent Jimmy Savile: A report that reveals 54 years of abuse by the man who groomed the nation Independent. Sandusky in Pop Warner League by comparison. Here Are Some Tips on How to Avoid "Consensual" Police Encounters Slate Proud to be a Garfield Bulldog Rethinking Schools (DCB) Here Is What Happens When You Cast Lindsay Lohan in Your Movie NY Times (MT) Handwriting: a joined-up case Gillian Tett, FT. Opposable thumbs? For texting. Why else? Gov. Cuomo Declares Public Health Emergency Over Flu Epidemic Gothamist Lean into the pain Aaron Swartz Antidote du jour:         |
| Bank of England Has Our Crock of Gold Posted: 13 Jan 2013 03:50 AM PST The Central Bank of Ireland said the value of its gold holdings was €235m last time it checked. This represents just over 1 per cent of its total investments. A spokeswoman said the Central Bank was a party to the … Continue reading |
| Eric Tymoigne: Public Debt, Debt Ceiling and Monetary Sovereignty: Some Accounting Realities Posted: 12 Jan 2013 10:28 PM PST By Eric Tymoigne, Ph.D., Assistant Professor of Economics at Lewis and Clark College and Research Associate at The Levy Economics Institute. His research expertise is in: central banking, monetary economics, and macroeconomics. The public debt is the outstanding U.S. Treasury securities (USTS). It includes both marketable (T-bills, T-notes, T-bonds, TIPSs, and a few others) and non-marketable securities (United States notes, Gold certificates, U.S. savings bonds, Treasury demand deposits issued to States and Local Gov., all sorts of government account series securities held by Deposit Funds). What are the means to reduce the public debt? To answer this question it is best to start with the flow of funds accounts. Flow of Funds data are divided in three broad sectors: Domestic Private, Government, and Foreign. They each have a balance sheet:
It is trivial that every lender there is a borrower so: (FADP – FLDP) + (FAG – FLG) + (FAF – FLF) ≡ 0 Simplify by assuming a closed economy with no debt in private sector and only the Treasury in the government sector: Simplify by assuming a closed economy with no debt in private sector and only the Treasury in the government sector: FADP ≡ FLGT The financial liabilities of the Treasury (Public Debt) is the financial asset of the domestic private sector. Remember this board in NY city: Well you could change it to this: (Suddenly I feel $119,027 richer!) Now let's assumed that the Treasury wants to eliminate all its financial liabilities: no more public debt! (FLGT = 0). What are the means to do so?
What if the Treasury does not want to reduce it public debt but want to bypass a debt ceiling? 1-First, coin issuance to Fed (∆ refers to change in assets or liabilities): 2-Second: buys back treasuries from Fed with coins: debt-equity conversion (now the Treasury can issue more treasuries) 3-Third: issues a treasury liability not subject to the debt limit. Examples are United States notes, which look exactly like federal reserve note except for the color.     |
| Posted: 12 Jan 2013 09:21 PM PST What's up with bullion prices since the New Year? Traders smell a rat and think the Federal Reserve and the bullion banks are trying to unnerve gold holders to keep inflation expectations down. But Jim Sinclair offers another theory in his latest missive… 'I got a call last evening from a friend in the huge private hedge managed money telling me that we have all been bamboozled. The size of hedge funds today can easily mimic what would be considered Federally sponsored. The Fed is quite pleased, but is not the infinite power behind the bear operation that started at $1,800. Major hedge fund? 'It is a wild man/women with very big, but not infinite funds that is operating the gold market. That which the longs fear is air, and nothing more than a major huge hedge fund operation. It is certainly is worth considering. Apple is not off from $750 on its own power. Herbalife did not drop off its recent high without significant help.' Mr. Sinclair is an elephant hunter of long experience in the bullion markets. He therefore has some grudging respect for market manoeuvres on this scale and recalls when he was in the same game… 'In another life at 35 years old I did similar things on the long side. I used banks common then to the Middle East to run gold hard on the upside. I even hired an actor to dress up like a Saudi Sheikh. I hired armed private guards. I hired a stretch limo. Nobody knew it was a spoof except the actor, myself and my partner. Fake Sheikh 'We arranged with the Comex to permit the armed guards on the floor. His instructions were to go to Mintz Marcus in the pit and in Arabic ask him how to turn this paper in for real gold. Then ask again in really bad english how do I turn my paper gold into real gold. You see, if anything was possible then, now it must be a circus in the use of beards (fake identity covers in buying and selling to influence the market). 'This is business now where you must not believe your eyes. This is just something that should be considered as possible. It would be a genius move on the part of anyone wanting the gold market off from $1,800. Plant the story in financial MSM that it is Federally backed selling, then do what major hedge funds do today – bet the ranch on infinite margin, and go for broke!' So could this be the real inside story? However, such a hedge fund will ultimately be no more successful than King Canute at turning the tide against in coming higher bullion prices. The money printing by global central banks is an unstoppable force that is going to take gold way beyond $1,800. |
| Posted: 12 Jan 2013 04:12 PM PST I realize that this extended (and somewhat manipulated) move into a yearly cycle low has frustrated most investors to the point where they have no more patience left, and have lost sight of the big picture. So I am going to go over it again, because I think it is a huge mistake to lose sight of the reason why we are investing in this sector to begin with. To start, I'm going to assume that gold will drop down into another eight year cycle low pretty much on schedule sometime in late 2015 to mid 2016. As long as that assumption is correct then I think we also have to assume that there is another C-wave advance between now and then. The reason I say this is because all markets are governed by the forces of action and reaction. Hence in order for gold to drop down into a correction severe enough to be considered an eight year cycle low, it first has to generate a rally big enough to trigger a profit-taking event of that magnitude. So let's begin by looking at the last three C-wave advances and the corrective action that followed each one... That is a small sample of the latest Weekend report. In all fairness I have been warning traders that this was coming. This is a chart I posted to the blog on November 24 2011.  Frustrated gold bugs may want to read the entire weekend report before you throw in the towel on the sector. The 16 month correction is completely normal and should soon generate another huge leg up in this massive bull market. I will reopen the $1.00 two day trial subscription for anyone interested in reading the report. If you decide you want to continue accessing the nightly reports do nothing and the trial will automatically convert to a monthly subscription after the second day. If you are only interested in reading the weekend report just cancel the subscription by following the directions in red print on the home page before the second day expires.       This posting includes an audio/video/photo media file: Download Now |
| Gold & Silver COT Report: Commercials Cover Massive 20 Million Ounces of Silver Shorts! Posted: 12 Jan 2013 02:56 PM PST Submitted by SD Contributor Marshall Swing: Gold & Silver COT Report 1/11/13: Commercial longs trimmed back 438 contracts on the week and covered a huge 4,509 shorts to end the week with 47.70% of all open interest, a decrease of 0.42% in their share since last week, and now stand as a group at 206,325,000 [...] |
| Gold Sentiment Reaches 2012′s Lows Posted: 12 Jan 2013 02:39 PM PST This is an exclusive excerpt from The Financial Tap, who offers a FREE 15-day trial with access to the entire site. More of the same unresolved and non-committal action out of the precious metals markets this past week. Once again gold has reached a junction which should provide us with a road-map for where gold is headed in the immediate future. One fork at this junction, the bullish fork, we're looking at this as just Day 7 of a brand new Investor Cycle. If this were the path gold has taken, then gold must break $1,696 next week. But taking the bearish fork has us still in a 5th Daily Cycle, with multiple possibilities with regards to the actual Daily Cycle count (Day 7, 18, and 25 possible). Having reviewed the Cycle charts further this weekend I've determined that marking the DCL is inconclusive at this point. As the Daily Cycles have recently woven a pattern of declining mini peaks and troughs, they have left behind 3 lows that could all qualify for a Cycle Low (Dec 3rd, Dec 20th, and Jan 2nd). However the time period encompassing this period could only possibly support two Daily Cycle Lows. We're left in the uncomfortable position of not knowing which 2 of the 3 are indeed the Cycle Lows and this has a direct impact on our short term projections. You will notice from the above chart that attempting to get a jump start on a Cycle Low these past 2 months would have only end in further declines and losses. As long as the declining trend-line holds and the Weekly Swing Low in not triggered then we're only speculating that the last low was also the ICL. Predicting and trading Cycle Lows in real-time is perfectly acceptable in up trending markets. But in a downtrend we're looking for a dominant Cycle trend change out of what is a series of lower lows. Because dominant trend changes require an upside break to confirm, we must be prepared to give up some of the initial gains if we're to wait for this confirmation. I know this gold move is frustrating patient investors and hurting traders who are trying to trade these Daily Cycle swings. I'm in a relatively unique position when it comes to the overall sentiment because I have a decent number of investors who are directly expressing their feelings with me. Without a doubt the sentiment is at its lowest levels since the D-Wave Low (May 2012). But what I'm seeing now is not necessarily negative sentiment generated out of fear, but rather one of indifference. The Hulbert's Gold sentiment index is confirming this viewpoint. The index has historically been an excellent predictor of significant lows. This is especially true when a low or negative sentiment reading aligns with a Cycle in the timing band for an ICL. It's very interesting to note that during each C-Wave ICL the index was halted at around the 10-20 area. But during the 2008/09 and 2012/13 D and B Wave events the readings always went below zero. Again gold is seeking a B Wave Low here and this is being reflected within these sentiment readings. As always, sentiment is far from a perfect ICL timing tool, but we know the historical evidence suggests that we're at least extremely close now. All the conditions for an ICL remain in place. The Cycle has run for 21 weeks and we've completed at least 4 but likely 5 Daily Cycles. The technical indicators and oscillators have all reached ICL levels and have turned slightly higher gain. Sentiment is easily at levels that have spawned new Cycles and the COT reports are again back to levels that could support a new Cycle. New Investor Cycles are normally born just when all begin to lose hope, I believe we're there. My only real concern with the Investor Cycle chart is the weeks of indecision. It's not common for a new Investor Cycle to crawl out of lows; such candles reflect a lack of buyers or believers. It's possible this is simply related to my observation of an apathetic or indifferent investor class. Whatever the reason for the indecision, it's certainly a red flag.
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| Petition To Audit US Gold Vaults – Best Kept Secret To Be Revealed? Posted: 12 Jan 2013 01:35 PM PST Talking about an unexpected start of the year … A petition was launched on the website of the White House to have the US vaults audited. If there is one thing kept secret, then it is the amount of gold held by the US central bank. The presence of central bank gold became a very in the past couple of months and seemed to create a chain reaction after Germany announced to repatriate part of their gold back to Germany. It remains unknown to everyone how much gold really is present in the vaults. The US vaults host a lot of gold of many countries worldwide. The page of the petition says: "As of 12/31/2012 the US Treasury claims to hold 261 million ounces of gold at Denver, Fort Knox, West Point and at the Federal Reserve Bank of New York. This bullion was last subjected to a full physical audit in 1953. The gold bars need to be assayed and weighed. Once the gold is verified the paper trail must be audited to determine who really owns the gold; i.e. how much has been loaned to bankers and dealers and sold or swapped to non-Treasury entities including foreign governments. The audit must include professional auditors outside of the Mint, Treasury, GAO, Inspector General and Federal Reserve system." SIGN THE PETITION NOW 25,000 signatures are needed by February 08, 2013 to validate the petition. We currently stand at 3,000, still 22,000 to go. An effort from everyone is required because this could be the most important revelation related to gold! Zerohedge incited their readers to participate: "Sadly, the response will be one denying what the people demand, but it will be interesting to see just what excuse the White House uses to shoot down an idea that is far more worthy of people's time and attention than "minting" coins whose only real symbolism is that America is flat broke." GATA wrote earlier today: "Of course we don't expect the petition itself to extract any honesty, candor, or information from the Federal Reserve and the Treasury Department — only more freedom-of-information lawsuits such as those contemplated by GATA are likely to accomplish that. But if the petition reaches the 25,000-signature threshold and compels a sullen acknowledgment and rejection from the government, it just might spark some interest in the mainstream financial news media somewhere. Gold market rigging as the centerpiece of the ever-expanding Western central bank scheme of rigging all markets is now long beyond obvious and has been extensively documented by GATA." |
| SILVER Demand set for Dramatic climb to Historic High in 2013 Posted: 12 Jan 2013 12:59 PM PST commoditytrademantra.com / January 11, 2013 Silver Investment has so far been one of the most popular market moves of 2013. Silver seems set to achieve a new all-time price record in 2013 on a relentless and historic climb reaching as high as $55 to $64 an ounce. The out-of-proportion Gold to Silver ratio which should move back down is one of the best reasons why Silver will rise faster than Gold. Higher investment demand as paper money loses value & at the same time Gold Prices lose their biggest support – the Ultra loose monetary policy of many central Banks, especially the US Federal Reserve, namely the QE. Higher industrial demand will give Silver a double sided edge as it's used for solar panels, lighting, electronics and much more. Neither did ECB make any moves on interest rates, nor did Bank of England touch its monetary policy yesterday, both as expected. A weaker than expected US weekly jobless claims report issued Thursday morning & upbeat comments coming from European Central Bank President Mario Drahgi at his monthly press conference, regarding the European Union's economic and financial prospects, put strong downside price pressure on the US dollar and rallied the Euro currency. The news & data boosted the Precious Metals markets. China's trade surplus rose sharply in December, with exports rising more than expected. The stronger-than-expected Chinese economic data was also a significantly bullish fundamental factor for Metals. Gold and Silver Futures rose yesterday setting the tone for a higher weekly close. The February Comex Gold Futures contract has broken above the 200-day moving average at $1,667 an ounce, that had been acting as a ceiling lately. Among the Base Metals, Copper is widely watched as a leading economic indicator and in 2013 that role could be more telling. I would prefer buying at dips in Copper as well as Lead for the longer term. Demand from China remains a stronghold for the market, so obviously with the strong data from China, Base Metal demand is bound to rise & so will the prices…. The Safest Way To Leverage The Coming Gold Mania Gold Report Sign Up Below
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| Posted: 12 Jan 2013 12:51 PM PST Treasury: We won't mint a platinum coin to sidestep the debt ceiling The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it. That's the … Continue reading |
| Coming Speculative Mania in Silver Will Dwarf Nominal Highs, Set New REAL High Posted: 12 Jan 2013 12:19 PM PST Back when silver's last secular bull climaxed, the US median household income was under $18k! Today it is around $50k. Across the nation new houses averaged just $76k while new cars generally ran less than $6k. A candy bar cost … Continue reading |
| HUI showing some Signs of Life Posted: 12 Jan 2013 11:21 AM PST That the precious metals mining shares, as evidenced by the HUI, have been a disappointment to their holders, is certainly an understatement. The HUI registered a loss of 13.2% last year in 2012. It did manage to recover from its worst levels having sank below the 380 mark at one point although that was little consolation to those who are long term holders of the shares and did not sell after the chart pattern broke down in the fall of last year. That being said, there are some signs of life in the sector based on the chart analysis of the HUI. Take a look at the following chart that contains one of my favorite indicators, the old, reliable RSI or Relative Strength Indicator. What I have constructed is a simple 3 day moving average of the actual RSI indicator itself in order to smooth out the signal line and eliminate the sharp spikes. Do you see what is happening?  Following the breakdown from the September high, as price descended, the RSI followed it lower in a rather smooth fashion. Lower prices on the HUI were matched by lower levels on the RSI. That continued until the middle of November when the index caught a bit of a short covering pop that looked as if it might put an end to the decline. However, the rally lasted no longer than 5 days and prices began to move lower again. However, the increase in the number of up days even as price worked lower began to be picked up by the indicator as it no longer marched lock step in union with price itself. As a matter of fact, the indicator has begun registering a SERIES OF HIGHER LOWS even as price has been making a series of LOWER LOWS. In other words, a near perfect textbook case of BULLISH DIVERGENCE is appearing. This is a clue that perhaps the sector is getting ready to experience an upmove and finally reverse the downtrend. It should be noted that this is just a POSSIBILITY of an upward move occuring, not a certainty. What needs to occur to confirm a definitive bottom is that an overhead resistance level must be taken out, preferably with good volume across the various gold shares that comprise this particular index. Based on this chart, I have noted such an area. A CLOSING push through 455 or so will be a strong affirmation of such an occurence while a push through 465 or so will turn the chart decidedly bullish. Let's wait and see what develops. For the time being note that were price on the HUI to fall down through support near 420 and be unable to recover that level on an intraday basis or by the next day of trading, the pattern would be negated and one would have to wait for further price action to decipher what comes next. |
| Indian gold imports surge amid fears of further duty hikes Posted: 12 Jan 2013 04:38 AM PST  While jewellers across India are planning to launch an agitation against the Indian government's proposal to increase import duty on gold to around 6% from the current 4%, a massive jump in gold imports has been witnessed across the country. "With the news that the government is considering such a move (to hike import duty) and could most probably make an announcement in the Budget next month, bullion houses have jacked up their imports of the precious metal considerably since the last week,'' said Prithviraj Kothari, of bullion house Ridhi Sidhi Bullions. "As compared to the normal 5-6 metric tonnes each week, traders have imported more than 30 metric tonnes already in the last five days,'' he added. |
| Public U.S. gold audit petition hits White House website Posted: 12 Jan 2013 04:38 AM PST  The Gold Anti-Trust Action Committee (GATA) and other advocates--who argue the quantity of gold held by the world's central banks, international bullion banks, and future exchanges is overstated--are backing a petition demanding an assayed public audit of the U.S. gold reserve, published Wednesday on the White House petitions website. The petition reads: "As of 12/31/2012, the US Treasury claims to hold 261 million ounces of gold at Denver, Fort Knox, West Point and at the Federal Reserve Bank of New York. This bullion was last subjected to a full physical audit in 1953." |
| Quaintance and Brodsky: Enough of the favoritism -- get on with the devaluation Posted: 12 Jan 2013 04:38 AM PST  In their new reflection on the world economy and international financial system, the economists and fund managers Lee Quaintance and Paul Brodsky of QB Asset Management in New York have had enough of central bank favoritism and subsidies to big banks and rich folk with access to discounted capital, the financial gaming that has indefinitely postponed real economic growth, the scheming for faster mechanisms of infinite money creation (like the trillion-dollar platinum coin) and market leverage, and the loss of sensible valuations. Time, Quaintance and Brodsky say, to get on with the big reset, the worldwide devaluation of currencies and their pegging to sovereign gold reserves. |
| JPMorgan Sells Largest Structured Note Tied to Gold Since 2010 Posted: 12 Jan 2013 04:38 AM PST  JPMorgan Chase & Co. sold $35 million of one-year notes linked to the price of gold, the bank's largest offering tied to the precious metal in at least three years. The securities, issued Jan. 2, yield three times the gains of the price of gold in London up to 15.6 percent, with no protection against losses and all capital at risk, according to a prospectus filed with the U.S. Securities and Exchange Commission. The metal's price increased 8.3 percent last year in London. |
| High gold prices push India's farmers toward silver Posted: 12 Jan 2013 04:38 AM PST  Most of the farming community across Haryana and Punjab in North India, were buying silver as a cheaper alternative to the more expensive gold for investment purpose. "The trend began at the end of 2010 when silver prices started rallying to a 30 year high. The price of silver has great potential to go even higher this year. Plus, most shops have been showcasing exquisite silver jewellery items. The lure is too much," he added. Corporation Bank, which had opened a gold loan centre for small and medium enterprises and a gold loan shop at Chandigarh recently, said there was more interest in silver bars at the counter. |
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