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• Electronic solution poised to replace London silver fix
• Mozambique gold mine collapse kills at least 8
• Amber Lee Mason just made a shocking admission
• The Department of Agriculture Launches Proposal to Purchase Submachine Guns
• Bank Of Nova Scotia Bonds: Extraordinary Value And Safety
• Silver demand surged to record number in 2013
• Customs Officials seize INR 30 lakhs worth Gold Biscuits from Passenger
• Will anticipated Modi centric government lift 10% gold import duties?
• Goldman Sachs sees $1,050 Oz Gold, $17.50 Oz Silver for 2014
• Gold Oscillates Around 200 Day Average
• The LBMA Confirms Silver Manipulation, is Shutting Down The Rigged Daily Silver Price Fix
• CPI numbers
• Jim Willie: Germany Preparing Gold-Backed Nordic Euro!
• Silver demand reaches record highs
• Peru Gold, Silver production drop in March
• Peru Gold, Silver production drop in March
• Shocking report reveals who really runs the U.S. government
• Tensions in Ukraine remain at forefront of gold traders' minds
• If Economic Cycle Theorists Are Correct, 2015 To 2020 Will Be Pure Hell For The United States
• Global Silver jewelry, silverware demand up in 2013 Industrial use remains flat
• This precious metal is about to soar... And you have one last chance to get it on sale
• Stash Your Cash!
• ELLIOTT WAVE : Gold - Expect a Tradable Bounce This Summer
• Gold Price Analysis- May 15, 2014
• Gold Breaks Through, No Solid Confirmation
• Wikileaks: US Knew Exactly How To Provoke Russia
• JIM WILLIE: GERMANY PREPARING GOLD-BACKED NORDIC EURO!
• “Global Bubble” ... “Ends Very Badly” and Hyperinflation Risk - Rickards
• “Global Bubble” … “Ends Very Badly” and Hyperinflation Risk – Rickards
• Forensic Examination of the Gold Carry Trade
• Global Silver bar, coin, ETFs demand hit 3 year high in 2013: Silver Institute
• Physical Silver Demand Hit Record High in 2013
• Duffy Tells Senate Futures Markets Are Not Rigged as Futures Traders File Lawsuit Alleging a “Clandestine” Conspiracy
• Jim Rickards: The Collapse of the International Monetary System and the Petrodollar, Part I
• Three King World News Interviews
• The History Of The London Silver Market Since 1600
• From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold
• You should short gold now: BofA technician
• Louis James: Discovery of the Decade on Sale
• Demand for platinum jewellery booming in India
• An All-Time High For Silver Physical Demand: World Silver Survey
• Physical silver demand hit record high in 2013 - GFMS
• Gold Beginning of End of Bottoming Process?
• Russia Is On The Verge Of Dealing A Massive Blow To The Petrodollar
• More Polite Handwringing About Student Debt Mess
• Spot gold to stay below $1,309
• Gold Price Doesn’t Fall Despite Dollar Rally – Finally a Show of Strength?
• Gold Price Long-term Forecast Using Statistics & Technical Analysis
• The Elegance of Silver Overlay
• Gold up 10% year-to-date while S&P 500 trails with 3% gain, where would a civil war in the Ukraine take us?

Electronic solution poised to replace London silver fix Posted: 15 May 2014 03:39 PM PDT A number of technology providers are already checking ways to offer a transparent price setting mechanism.

Mozambique gold mine collapse kills at least 8 Posted: 15 May 2014 03:22 PM PDT Local authorities say the collapse of an illegal gold mine in northern Mozambique has killed at least 8 people, with more feared dead.

Amber Lee Mason just made a shocking admission Posted: 15 May 2014 12:50 PM PDT From Amber Lee Mason, editor, DailyWealth Trader: You see the marketing claims all the time… Make 100% in just a few days! This stock could quadruple in value by November! Last time around, you could have made five times your money! Last month, I wrote a piece that “deconstructed” some of the outlandish, unbelievable things you find in newsletter promotions (even promotions for my own newsletter). If these claims are so ridiculous, why do we write them? We write them because that’s what works. Believe me. It has been tested a thousand times. Making big, brash claims is by far the best way to get investors to try out investment newsletters… including good investment newsletters that offer conservative advice. And in some cases, the unbelievable happens. In some cases, an investment does increase 100%, 200%, even 500%. But, as they say in the diet ads, “these results aren’t typical.” Even if one of your investments doubles overnight, it’s unlikely your whole portfolio will. So what can you realistically hope to make in your investments? Let’s start with the “best case” scenario. Let’s see what true investing superstars can do… Seth Klarman, founder of the Baupost Group, is considered one of the greatest investors of our generation. He has averaged returns of nearly 20% since 1983. Julian Robertson, founder of the famed hedge fund Tiger Management, earned an annualized 32% for nearly two decades. John Templeton is another investing great… His flagship Templeton Growth Fund made an average 13.8% a year for 50 years. Michael Steinhardt, considered one of the greatest hedge-fund managers of all time, generated 24% returns over 28 years. Bruce Berkowitz was named “fund manager of the decade” for 2000-2009. His Fairholme Fund made investors 13.2% over that timeframe. Warren Buffett is probably the biggest name in investing… and for good reason. In his holding company, Berkshire Hathaway, he has increased the book value per share by an average 19.7% a year for nearly 50 years. Remember, these are the all-time greats. The vast majority of professional money managers don’t even get close to these returns. So let’s say, over a period of at least 10 years, a truly exceptional investor can make 20% a year. That’s not going to “quadruple your money by November.” It’s certainly not going to get you 100% in a few days. It will make you five times your money… but not for a decade or so. In short, even great investors can’t live up to the most-hyped newsletter claims… not on a full portfolio, not over the long term. What about regular Joe and Jane Investor? What can they expect? That’s the bad news… And it’s really bad news… On average, individual investors way underperform gold… They way underperform stocks… They way underperform bonds… Take a look at this chart I adapted from Mebane Faber’s book Global Value. He got the data from investment-management giant BlackRock and financial-research firm Dalbar. It shows the average annual returns of a variety of assets over the last 20 years or so… Way on the losing end, past even inflation, you’ll find the average investor’s returns. In other words, once you account for inflation, more than half of individual investors have lost money… And that’s while stocks, bonds, and commodities like gold and oil did well. Before you let that get you down, remember that we’re talking about the average Joe. This guy doesn’t know how to value a business. He doesn’t know how to use trailing stops or proper position sizing. Folks who can master these basics will do far, far better than the average investor. You could expect to make, say, 10% a year over the long term. That’s about even with the S&P 500 over the last 50 years, with dividends included. And if you can master the art of compounding your money by owning great businesses and holding for the long term – you can approach “superstar” returns. I wouldn’t count on making Buffett’s 20% annual profit… He has access to the kinds of deals individual investors never see. But you can realistically expect to make 15% a year. That’s about what Hershey’s, Heinz, Coke, and McDonald’s have done over the last 30 years. That’s truly an extraordinary return. Over 30 years, it will multiply your wealth 87 times over… That’s an 8,600% profit, bigger than even the brashest newsletter promotions are likely to promise. And if you’re reading the right newsletters, you’re learning how to do exactly that. Crux note: If you’re still looking for the “right” newsletters to safely grow your wealth, give Amber’s DailyWealth Trader service a try. With this 100% risk-free offer, you truly have nothing to lose. Click here for the details.   More from Amber Lee Mason: Amber Lee Mason: If you want to be a successful investor, you MUST master this idea The answer to a BIG question you're probably asking about stocks Amber Lee Mason: A world-class way to profit from the next big rally in silver

The Department of Agriculture Launches Proposal to Purchase Submachine Guns Posted: 15 May 2014 12:15 PM PDT The following solicitation from the U.S. Department of Agriculture almost defies belief. The US Department of Agriculture (USDA) has launched a proposal to purchase SUBMACHINE GUNS, NIGHT VISION GOGGLES, & SNIPER SCOPES. Yes, you read that correctly, the USDA. It appears that TPTB are gearing up for a rebellion and civil unrest scenario that consists of the [...] The post The Department of Agriculture Launches Proposal to Purchase Submachine Guns appeared first on Silver Doctors. Check out these similar articles: Obama Administration Launches Plan to Make an "Internet ID" a Reality FBI Launches Investigation into a Private Prison So Violent it is Called "Gladiator School" Hacker Launches Hedge Fund to Find Vulnerabilities in Banks, Short the Sh*t Out of Them, Then Release the Vulnerability to the Public

Bank Of Nova Scotia Bonds: Extraordinary Value And Safety Posted: 15 May 2014 11:20 AM PDT Bank of Nova Scotia (BNS), founded in 1832, is the third largest bank in Canada. Investors in North American financial institutions seem overly-focused on names like Bank of America (BAC), which has 20 times the retail following than Bank of Nova Scotia. That disparity often spells opportunity, so we ask the question, "What is the current bond market view of Bank of Nova Scotia?" Today's study incorporates 40 May 14 bond trades on 11 U.S. dollar bonds issued by Bank of Nova Scotia with trading volume of $55.9 million. We use this bond price data to analyze the potential risk and return to bondholders and common shareholders of Bank of Nova Scotia Conclusion: Bank of Nova Scotia is a sterling investment grade credit by the modern definition of the term "investment grade." The surprise with Bank of Nova Scotia is the extraordinarily good reward to risk ratios on its bonds.

Silver demand surged to record number in 2013 Posted: 15 May 2014 11:07 AM PDT Silver is performing better than gold and the white metal has a handsome value in the retail market.

Customs Officials seize INR 30 lakhs worth Gold Biscuits from Passenger Posted: 15 May 2014 11:00 AM PDT The Indian Customs officials seized gold biscuits worth Rs. 30 lakhs from an Indian passenger.

Will anticipated Modi centric government lift 10% gold import duties? Posted: 15 May 2014 10:56 AM PDT The Indian gold market believes strongly that the upcoming BJP led government would reverse the high gold import duties.

Goldman Sachs sees $1,050 Oz Gold, $17.50 Oz Silver for 2014 Posted: 15 May 2014 10:49 AM PDT Goldman Sachs said that it continues to see gold prices by year-end at $1,050 an ounce. The silver-price forecast remains at $17.50 an ounce.

Gold Oscillates Around 200 Day Average Posted: 15 May 2014 10:46 AM PDT

The LBMA Confirms Silver Manipulation, is Shutting Down The Rigged Daily Silver Price Fix Posted: 15 May 2014 10:45 AM PDT With formal investigations and oversight now occurring, and with Deutsche Bank's resignation, the move to close down the silver fix is implicit confirmation that the London gold and silver markets are rigged.  Although the gold fix should be shut down as well, and both immediately, I believe that the western Central Bank/bullion bank cartel has [...] The post The LBMA Confirms Silver Manipulation, is Shutting Down The Rigged Daily Silver Price Fix appeared first on Silver Doctors. Check out these similar articles: Deutsche Bank to Quit PM Price Setting Due to Manipulation Investigation COMEX/LBMA Manipulation, the Coming Default Event and the Long Correction in Precious Metals Prices Successfully Smashed to Multi-Year Lows, CME Seeks to Introduce Daily Price Limits on Gold & Silver Futures

CPI numbers Posted: 15 May 2014 10:33 AM PDT Yesterday we got a surprise PPI number. Today we got a CPI that came in right on expectations. It showed a seasonally adjusted 0.3% rise over April, which was the biggest increase since June of last year. Much is being made of the rise in food prices which were up 0.4% compared to last month, and which have increased four straight months now. Meat prices in particular have risen sharply putting in their largest increase since 2003. However, as I have made clear many times here recently, the CPI is a BACKWARD looking indicator. It measures "that which has been" not "that which shall be". Just today, corn prices fell to a SIX WEEK LOW. Wheat prices have hit a three week low as widespread rains have put a halt to the drought/heat induced deterioration in the crop. The spread between old crop beans and new crop beans is nearly $2.60 bushel. Just today Informa raised expected soybean acreage to a stunning 82.1 million acres. Looking FORWARD, barring any severe weather issues this growing season, there will be more than enough soybeans around to meet existing demand. Incidentally, soybean crush was 132.67 million bushels compared to last month's 153.84. High prices continue to eat away at demand. By the fourth quarter of this year, meat prices will begin to ease lower with supplies increasing in Q1 2015. What I am saying is that price pressures in the food component of the CPI should ease later this year. Energy remains a wild card. Gasoline prices rose 2.4%, which was the first gain since December of last year. If you observe the price chart however, gasoline prices spiked higher during the month of April pushing above December's level but have since fallen back somewhat. We will want to monitor this key commodity as it has such a big impact on both the consumer and on business. I am surprised that crude oil prices have been able to stay above the $100/barrel level but the market is proving to be rather resilient. I personally would love to see it move closer to $92 - $93 as it would push the price of gasoline lower and we consumers love that. Right now that appears to be rather unlikely. Medical costs are worth noting - They rose 0.3% last month and are up 2.4% compared to a year ago. In other economic news - the Philly Fed May Business Index came in at 15.4 compared to April's 16.6. New orders were at 10.5 versus 14.8. US April Industrial Production was down -0.6% compared to the market expectation of a -0.1% decline. The March number was revised upward however to a 0.9% increase from the previous 0.7% increase.  Capacity utilization fell  0.7% to 78.6%. The market was looking for 79.0%. Jobless claims were the big mover today - the number for initial unemployment claims plunged by 24,000 to a SEVEN YEAR low of 297,000. The market had been looking for a slight increase to 320,000. This number is notorious for its volatility so we will want to see next month's numbers but for right now, traders are interpreting the data as further evidence that the employment situation in the country is slowly improving. The Labor Department did issue a report showing that INFLATION ADJUSTED average weekly earnings actually fell 0.3% in April from March. Without the adjustment, wages were flat. There still appears to be a great deal of slack in the labor market and that is working to hold down inflationary pressures. This phenomenon seems to be widespread in the Western economies at the moment and is one of the reasons that Central Bankers do not appear particularly concerned about the about of widespread inflation pressures at the moment. Equity markets were pummeled lower today with the S&P 500 down nearly 1.5% as I type these comments. The HUI is down even harder ( near 1.67%). The key index is perched precariously above a key chart support zone once again. So far it is holding but it does seem that general equity weakness tends to impact the mining shares more severely than the S&P 500 itself. Bonds of course are going in the opposite direction and having yet another huge rally with the yield on the Ten Year falling below 2.5% at the moment. I find it absolutely amazing at how skillful these Central Bankers have become at scaling back bond buying programs all the while without impacting the demand for bonds in the slightest. Remember all the talk coming from the perma gold bull community that as soon as the Fed stopped or scaled back their QE programs, that interest rates were going to soar because no one would be left to buy bonds? Well guess what - that is another prediction that has been proven to be completely and utterly wrong. Demand for bonds is still very strong at the moment. It should be borne in mind that the Fed is still buying bonds - albeit at a reduced level - and that its balance sheet is still growing. For whatever the reason, demand for bonds is currently exceeding the available supply and thus the price of the bonds is rising with interest rates moving correspondingly lower. Along this same line however, the Bank of Canada's Schembri today was quoted saying that these "low interest rates pose a serious challenge for pension funds". Ain't that the truth and do not forget senior citizens and those living on fixed incomes. Those of you who have senior parents alive are all too sadly aware of this. Many hedge fund managers however are thrilled with these low rates as their fears of slowing global growth have most of them singing from the same hymn book. Back to gold for a moment - the price chart continues to show the metal range bound but that series of lower highs is also continuing. Rallies are being sold. The giant gold ETF, GLD, now has reported gold holdings at 780.46 tons, that is down from the ending level last week of 782.85 tons. Thus far the ETF has shed 2.4 tons of gold this week. It will be interesting to see what the number comes in at by the end of trading this Friday, especially if gold fails to recapture the psychological "13" handle. One last comment for now, the Treasury's International Capital Flows data ( TIC ) showed that Russia's US Treasury holdings fell $25.8 billion in March to $100.4 billion. Their holdings as of February had been $126.2 billion. This can be explained as investors, fearing the impact of Western-backed sanctions, yanked money out of Russia. The exodus of capital caused the ruble to fall and this induced the Russian Central Bank to intervene in the forex markets. To do so, they would have needed to sell US Treasuries to raise the Dollars needed to sell those to keep the ruble from dropping even more sharply than it did. In looking at the report, China's holdings are essentially unchanged from this same time last year ( 1272.1 billion to 1270.3 billion). Japan's holdings are up from 1114.3 billion to 1200.2 billion, an increase of $85.9 billion. The chatter going around is that Belgium is taking up the slack in Treasury buying brought about by the Fed's tapering program. Belgium holdings are at $381.4 billion compared to last year's 188.4 billion, an increase of $193 billion. That is a big increase over the last year. However, in going through the data, I have decided to start with the month of June 2013 and do some examination. Why? Because that is the month during what all adjustments are made in the TIC data. You see, many foreign buyers of US Treasuries, will do their buying through banks IN OTHER COUNTRIES other than their own. That shows up in the country in which the banks are located. However, that data does not show the originating buyer of the Treasuries but only the country in which the transaction was conducted. In June of each year, the Treasury Department will then properly credit the actual ownership of the Treasuries to the host country. Generally at that time, we will then see a big adjustment in the reported holdings of the various countries. That is the data I am interested in seeing. In the past, we have seen big buying out of the United Kingdom which then, during June, has been moved out of the UK and credited to China. In other words, a great deal of Chinese Treasury buying had been done through London banks which when properly credited, ends up in China. I suspect we might have some of the same thing occurring with this Belgium deal but of course we will have to wait until the report showing the June updates is released. That will be three months from now unfortunately. But let's go back to June of 2013. It reported Belgium holdings were at $176.2 billion. As of March 2014, those holdings are at $381.4 billion. That is a $205.2 billion increase. That certainly is a big increase. China lowered their holdings by around $3.7 billion. Japan's reported Treasury holdings as of June 2013, were at $1083.3 billion. They are currently sitting at $1200.2 billion. That is a 116.9 billion increase, a fairly sizeable jump. The Caribbean Banking Centers were at $286.3 billion and increased by $26.2 billion to $312.5 billion. Those are often used by hedge funds. Brazil registered a slight decrease in holdings from June ( about $8 billion). Taiwan dropped about $10 billion and Switzerland lowered their holdings by about $5 billion. Opec dropped by around $19 billion. Those were mostly offset by increases in the UK of about $13 billion and Hong Kong by some by some $21 billion. So what does all this mean? Right now, not much because we do not know where the final destination of those holdings are going to end up in June this year when Treasury does its annual adjustments. But the fact that it is Belgium, the headquarters of the European Union doing the buying is interesting. That is because the various European nations, Germany, France, Italy, etc. that make up the EU are listed separately. We can speculate what is going on with that but one thing that I am wondering is whether or not the ECB might be buying US Treasuries as a way to undermine some of the stubborn strength that has been seen in the Euro. Back in March of this year, the Euro was quite strong, trading near the 1.39 level for some time that month. I am only guessing as I have no proof whatsoever, but it is no secret that many European based political and monetary leaders do not want a strong Euro. Perhaps, that Treasury buying has been to derail some of the Euro's strength in relation to the US Dollar. I simply do not know but the fact that ECB President Mario Draghi felt compelled to talk down the Euro last week is rather revealing if you ask me. One last thing - while this TIC data is interesting, the majority of US Treasuries are still owned internally here in the US. By that I mean private investors, pension funds, mutual funds, etc. Those investors, looking to take some of the gains that they have made in equities and put that aside into something more conservative while they try to get a sense of what the next direction in the broader equity markets might be, should not be underestimated. Perhaps my friend Eric de Groot might be able to shed a bit of light on this as he is very good at studying money flows.

Jim Willie: Germany Preparing Gold-Backed Nordic Euro! Posted: 15 May 2014 10:00 AM PDT Europe is the grand prize.  And it's always been the grand prize. Well, due to NATO and World War II considerations, the United States is pretty much captured, colonized, integrated Europe. That's about to change. I think Europe is going to turn its attention eastward. They have a parade of gold-backed currencies coming.  It's not [...] The post Jim Willie: Germany Preparing Gold-Backed Nordic Euro! appeared first on Silver Doctors. Check out these similar articles: Finland preparing for euro breakup Ambrose Evans-Pritchard: Euro Bailout in Doubt as Hysteria Hits Germany Marc Faber: Germany, Not Greece Should Exit Euro

Silver demand reaches record highs Posted: 15 May 2014 09:58 AM PDT Yesterday last month's U.S. producer price index saw its largest increase since September 2012.

Peru Gold, Silver production drop in March Posted: 15 May 2014 09:47 AM PDT Peru's total gold production during January to March period this year was 33488 kg, a decline of 7.71% as compared to the production of 36285 kg in the same period last year.

Peru Gold, Silver production drop in March Posted: 15 May 2014 09:47 AM PDT Peru's total gold production during January to March period this year was 33488 kg, a decline of 7.71% as compared to the production of 36285 kg in the same period last year.

Shocking report reveals who really runs the U.S. government Posted: 15 May 2014 09:40 AM PDT From Bill Bonner, Chairman, Bonner & Partners: We had no proof. Just an observation. But it looks to us as though government always begins and ends as a tool for those who control it. It is not the product of a “social contract.” It is not an expression of the “general will.” It is not the “price we pay for civilization.” It is not “captured by wealthy special interests.” On the contrary, it is as blunt and stupid as a crowbar. It is used by the elite to pry wealth, status and power away from everyone else. Few victims of the public school system believed us, but now cometh a study from Princeton and Northwestern universities proving we were right. From a report by United Press International: Oligarchy is a form of government in which power is vested in a dominant class and a small group exercises control over the general population. A new study from Princeton and Northwestern Universities concluded that the U.S. government represents not the interests of the majority of citizens but those of the rich and powerful. “Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens” analyzed extensive data, comparing nearly 1,800 U.S. policies enacted between 1981 and 2002 with the expressed preferences of average and affluent Americans as well as special interest groups. The resulting data empirically verifies that U.S. policies are determined by the economic elite. The central point that emerges from our research is that economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while mass-based interest groups and average citizens have little or no independent influence,” says the peer-reviewed study. Win… Win… Win… Yes, dear reader, the elite run things. That’s why we have QE (quantitative easing), for example. The banking cartel is perhaps the most powerful group in America. Its oligarchs want to make a profit. How better to do so than to lend themselves money for practically zero interest… then use that money to lend to Washington at a higher rate? Everybody wins, right? Washington gets the cheap funding it needs to continue handing out billion-dollar contracts for things we don’t need… and banks earn a fat margin on the newly created money. Hey, and maybe the “wealth effect” will drip a few shekels onto the poor schmucks who still think their votes decide things. Win…win…win… One of the most special of special interests in America is what President Eisenhower (previously a five-star general in the U.S. Army) called the military-industrial complex. When the feds ran low on money they decided to cut the Pentagon back a bit. (Why not? We have no enemies worth mentioning… at least none that we didn’t create ourselves). That was the famous “sequester” worked out by the bunch of hacks and slacks who call themselves Congress. Rather than agree to cut spending, Congress decided to let the budget cut itself – automatically – in future. The Old DC Trick Well, the future is here. And here comes Representative Paul Ryan with a budget designed to put the military-industrial industry back in high cotton. Ron Paul describes it: The Republicans are using the old DC trick of spending less than originally planned and calling that reduced spending increase a $5.1 trillion cut in spending. Only in DC could a budget that increases spending by 3.5% per year instead of by 5.2% per year be attacked as a “slash-and-burn” plan. Last week’s budget debate showed how little difference there lies between the parties when it comes to preserving the warfare-welfare state. One side may prefer more warfare while the other prefers more welfare, but neither side actually wants to significantly reduce the size and scope of government. Adds Jon Utley of the American Conservative magazine: The former chairman of the Joint Chiefs of Staff, Admiral Mike Mullen, said “the greatest threat to our national security is our debt.” In the final analysis Ryan is not a leader, he’s just another puppet of the military-industrial complex. If he really cared about American defense he would take up some of the many ways to stop wasting money and make America truly stronger and more competent. Now we know: There is nothing “wrong” in Washington. There is nothing we can fix. No one is making a mistake. This is just the way government operates: It rewards the people who control it… and punishes everyone else. P.S. There are “elites” in the investing world, too… In fact, the entire system is rigged against the average investor. But there is a simple trick you can use to “opt out” of the system altogether and finally achieve financial freedom. To find out how, click here.   More government insanity: Security expert reveals: What I've been afraid to tell people about gov't spying Jim Rogers: Get ready… The gov't is coming for your savings This 59-second video explains how the gov't tricked us all into paying income taxes

Tensions in Ukraine remain at forefront of gold traders' minds Posted: 15 May 2014 09:33 AM PDT As palladium has gone, we expect platinum, gold and silver to follow given their strong fundamentals.

If Economic Cycle Theorists Are Correct, 2015 To 2020 Will Be Pure Hell For The United States Posted: 15 May 2014 09:15 AM PDT Does the economy move in predictable waves, cycles or patterns?  There are many economists that believe that it does, and if their projections are correct, the rest of this decade is going to be pure hell for the United States. A Great Economic Storm is Rapidly Approaching.     From The Economic Collapse Blog: Many [...] The post If Economic Cycle Theorists Are Correct, 2015 To 2020 Will Be Pure Hell For The United States appeared first on Silver Doctors. Check out these similar articles: The Level Of Economic Freedom In The United States Is At An All-Time Low Going Dark! Economic Cycles Point Downward Will Detroit Be The First Major Chinese City In The United States?

Global Silver jewelry, silverware demand up in 2013 Industrial use remains flat Posted: 15 May 2014 08:43 AM PDT Jewelry fabrication rose 9.6% to a record high of 198.8 million ounces last year, the first increase in three years, according to the World Silver Survey 2014 released Wednesday by the Silver Institute.

This precious metal is about to soar... And you have one last chance to get it on sale Posted: 15 May 2014 08:21 AM PDT By Matt Badiali, editor, S&A Resource Report: If you don’t already own platinum, it’s time to start thinking about investing. In January, I told you platinum was one of my favorite natural resources going into 2014. And in March, my colleague Jeff Clark said it could be the big winner in the precious-metals market this year. Platinum still looks set to soar this year. And we’re about to have the opportunity to buy it for a big discount. Let me explain… Platinum is a precious metal that is incredibly useful in industrial applications. It’s used in electronics, automobiles, dentistry, and jewelry. As a result, there’s an enormous demand for it. But recently, the platinum supply has been dropping. You see, in 2013, about 72% of the world’s mined platinum came from South Africa. The country holds nearly 90% of the world’s platinum reserves. So what happens in South Africa affects the platinum price. And on January 23, 2014, the country’s platinum mines closed when workers went on strike for higher wages. The strike impacts 40% of the platinum supply to the global market. And it’s costing the industry 10,000 ounces in lost output a day. That’s $1 billion in lost revenue. There was enough platinum supply to meet demand through the first half of the year, so the strike’s impact on platinum prices was limited. But soon, dwindling supply – with steady demand – will lead to higher platinum prices. As you can see in the chart below, platinum prices hit their peak at $1,900 per ounce in 2011. Like most precious metals during this time, they then crashed – hitting a low of $1,300 per ounce in 2012. That’s a fall of nearly 32%. But as production in South Africa dropped, prices hit a recent high of $1,466 in April – a 13% gain from the 2013 bottom. And metal-markets research firm Thomson Reuters GFMS believes the strike will drive the price higher. It expects platinum prices may go as high as $1,700 per ounce in the second half of the year. Even if the strike ends, there will be further production losses from re-training and ramp-ups – helping push the price higher. And an industry insider from South Africa I spoke with last week thinks some mines might not go back into production. These are old, deep mines that require constant upkeep. When the miners left, the rocks began to settle. Conditions that were unstable are now completely unsafe. He believes that at least two of South Africa’s platinum mines might have to be abandoned. This news will shake the industry and likely send platinum prices to a new high later this year. Investors looking to take advantage of higher platinum prices could buy now. However, we’ll get a much better opportunity over the next couple of weeks. You see, South Africa just held general elections. The ruling party, the African National Congress (ANC), was re-elected with 62% of the vote. The ANC recently expressed its concern about the platinum miners’ strike. Now that it has been re-elected, it will likely intervene to settle the strike and get the mines running again. When this happens, platinum prices are likely to fall as investors’ concerns about supply are eased in the short term. My South African industry insider told me he expects platinum prices to conservatively fall $50 to $100 once the strike ends. That’s 7% lower than the price today – and the lowest price so far this year. But as I’ve explained above, the pullback won’t last for long. And then prices will soar. I recommend waiting to buy until the platinum price hits $1,400 per ounce – that’s when we’ll have the most upside. There are several “one-click” ways to trade this opportunity. The Sprott Physical Platinum and Palladium Trust (SPPP), the iPath Dow Jones-UBS Platinum Fund (PGM), and the UBS E-Tracs Long Platinum Fund (PTM) will all respond to the price movements of platinum.   More on platinum: Find out which metal is more precious… gold or platinum Resource master Rick Rule answers the biggest questions in the resource world today New report reveals Federal Reserve president owns millions in gold and platinum

Stash Your Cash! Posted: 15 May 2014 08:00 AM PDT Tan Nguyen was the lucky gambler who was stopped along I-80 in Humboldt County. Nguyen was stopped by Deputy Lee Dove for only going 3 miles per hour above the posted speed limit. To establish the grounds for searching Nguyen's vehicle, the deputy began to claim that he smelled drugs. “I just smelled weed. I know I [...] The post Stash Your Cash! appeared first on Silver Doctors. Check out these similar articles: BACKFIRE: Seattle PD Gun Buyback Turns Into Gun Show; Collectors Waved "Wads of Cash" At Those In Line Cash For Gold 'Giveaway' – As ‘Cash Strapped’ Europeans Sell Jewellery Amid Asian 'Gold Rush' CASH COSTS ARE COMPLETELY BOGUS & Are Misleading PM Investors

ELLIOTT WAVE : Gold - Expect a Tradable Bounce This Summer Posted: 15 May 2014 07:15 AM PDT minyanville

Gold Price Analysis- May 15, 2014 Posted: 15 May 2014 07:15 AM PDT dailyforex

Gold Breaks Through, No Solid Confirmation Posted: 15 May 2014 07:15 AM PDT fxstreet

Wikileaks: US Knew Exactly How To Provoke Russia Posted: 15 May 2014 07:00 AM PDT Back in 2008 the Ukraine had already expressed its plans for NATO membership at the NATO Bucharest Summit. Russian Foreign Minister Lavrov and other senior officials reiterated strong opposition at the time, stressing that Russia would view further NATO eastward expansion as a potential military threat. From Wikileaks (2008):     Submitted by Koos Jansen, In Gold We Trust: [...] The post Wikileaks: US Knew Exactly How To Provoke Russia appeared first on Silver Doctors. Check out these similar articles: 95.7% of Crimeans in Referendum Vote to join Russia, Change Currency to Ruble-Sanctions & Retaliation Next? Russia And China Stand In Agreement On Ukraine – And That Is Very Bad News For The United States ‘Visa bans, asset freezes are next’: Europe announces three step sanctions against Russia

JIM WILLIE: GERMANY PREPARING GOLD-BACKED NORDIC EURO! Posted: 15 May 2014 06:41 AM PDT Europe is the grand prize.  And it's always been the grand prize. Well, due to NATO and World War II considerations, the United States is pretty much captured, colonized, integrated Europe. That's about to change. I think Europe is going to turn its attention eastward. They have a parade of gold-backed currencies coming.  It's not just going to be the Russian Ruble or the Chinese Yuan.  It will involve the Gulf Dinar, with the Saudis. I think it will involve the Nordic Euro. The Germans, with their friends the Dutch, the Austrians and the Finns, Finland… They're all ready. They're just waiting for the moment. They've got a Nordic Euro, and they've got plans for gold backing. Click here for more from Jim Willie on Germany preparing a gold-backed Nordic Euro:

“Global Bubble” ... “Ends Very Badly” and Hyperinflation Risk - Rickards Posted: 15 May 2014 05:33 AM PDT gold.ie

“Global Bubble” … “Ends Very Badly” and Hyperinflation Risk – Rickards Posted: 15 May 2014 04:13 AM PDT Jim, you also have this new book out, right, saying “The Death of Money” and this basically argues that if a number of things come together, we could have financial warfare, deflation, hyperinflation, market collapse. And yet the markets are merrily going along. Are we in a fictitious world? Today's AM fix was USD 1,303.75, EUR 953.73and GBP 777.85 per ounce. Yesterday's AM fix was USD 1,300.25, EUR 948.33 and GBP 775.20 per ounce. Gold rose $12.80 or 0.99% yesterday to $1,306.10/oz. Silver climbed $0.24 or 1.23% to $19.77/oz. Francine Lacqua on Bloomberg Television's, "The Pulse" Gold consolidated above the key $1,300/oz level as technical buying supported gold and tensions in Ukraine and geopolitical risk remained to the forefront of traders minds. Spot gold in Singapore traded 0.3% lower to $1,301.60/oz prior to gold popping higher and eking out gains in London trading. Silver for immediate delivery fell marginally to $19.739 an ounce in London. Platinum lost 0.2% to $1,478 an ounce, after reaching $1,486 yesterday, the highest since March 7. Palladium slipped 0.4% to $824.75 an ounce. It climbed to $829.25 yesterday, the highest in 2 and a half years, since August 2011, due to supply risk. Palladium has surged 15% this year on concern supply may be disrupted from South Africa and Russia, the largest producers. As palladium has gone, we expect platinum, gold and silver to follow given their strong fundamentals. Gold in U.S. Dollars – Daily, 2014 Year To Date (Thomson Reuters) Russia, which has been threatened with more sanctions by western nations, is the largest supplier of palladium, with South Africa the next biggest. The African country is the top producer of platinum. Workers at the biggest platinum mines in South Africa have been on strike since January 23. Lonmin Plc will keep its platinum mines open for a second day in an effort to break the strike. Many workers were prevented from reporting for duty yesterday. Russian Foreign Minister Sergei Lavrov said Ukraine is sliding into a civil war increaing the risk of conflict between Russia and the West. Ukrainian leaders and their international allies blamed Russia for the violence and say Russia is behind the unrest in Ukraine's easternmost regions. Russia says that the U.S. is supporting Ukrainian nationalist militants. This morning, futures trading volume was 10% below the average for the past 100 days for this time of day, data compiled by Bloomberg showed. Smart money continues to accumulate on dips. Hyperinflation Risk and "Global Bubble" … "Ends Very Badly" – Rickards James Rickards, author of best selling book, 'Currency Wars' and now 'The Death of Money: The Coming Collapse of the International Monetary System' has done another interesting interview. He joined Guy Johnson and Francine Lacqua on Bloomberg Television's, "The Pulse." Topics covered included the risk of the global bubble bursting, his admiration of the ECB's Draghi, how Europe is moving in the right direction, the coming of a true Eurobond, how the "day of reckoning" is coming for China and the U.S. and the risk of financial warfare, deflation, hyperinflation and market collapse. Interviewer (Francine Lacqua): Jim, you also have this new book out, right, saying “The Death of Money” and this basically argues that if a number of things come together, we could have financial warfare, deflation, hyperinflation, market collapse. And yet the markets are merrily going along. Are we in a fictitious world? Jim Rickards: I actually had breakfast with some of the leading private equity investors and CEOs this morning and, you know, privately they’ll say, look, the bank  covenants are gone, cost of funds is very close to zero, they’ve got more leverage than they’ve ever had, the U.S. inner stock exchange has greater leverage than they’ve ever had, so it looks good but this is a bubble being supported by zero interest rates, high leverage. We all know what happens, they will collapse sooner than later. You know, stocks could actually be higher by the end of the year, based on, I expect, the Federal pause, the taper around the middle of the year. But in the long…this is a bubble. The problem is bubbles, they last longer than we think, but when they pop, it ends very badly. This is all being floated by zero interest rates and leverage. Find out why Singapore is now one of the safest places in the world to store gold in our latest gold guide – The Essential Guide To Storing Gold In Singapore Interviewer (Guy Johnson): You buy bubbles. That’s what Soros and everybody else says; initially, when you see a bubble, you buy it. So, give us your sense of the duration of this bubble. Yellen sounds very dovish still at the moment. Jim Rickards: I agree completely, she is dovish; I think she’ll be more dovish. As I say, I expect a pause in the taper later this year. But, look, this could run on well into 2015 but the problem is the scale of it. In 2008, all we heard about was “too big to fail”; well, guess what, the five biggest banks in the U.S. today are bigger than they were in 2008. They have a larger percentage of the banking industry assets, their derivatives books are significantly bigger, you know, so the problem is that the whole thing is bigger, which means that…risk is an exponential function of scale; when you triple the system, you don’t triple the risk, you increase it by a factor of ten or more and this is what we’re up against, this is what we’re facing. Could start anywhere, could start in China. Interviewer (Francine Lacqua):  And we haven’t even touched on China, the house of cards? Jim Rickards: Yes, and I have a whole chapter in the book, “The Death of Money”, just on China. You know, the wealth management products are a Ponzi and that’s not from me, the Chairman of the Bank of China said they’re a Ponzi, so you’ve seen the Chinese banking officials saying the same thing. The problem is the money’s going into real estate so if you’re a state-owned enterprise, and you produce steel or glass or any of the cement or any of the components for construction and you just wanna roll steel and build buildings… I’ve been out there, I expect you have too, I’ve seen the ghost cities, I’ve seen them as far as the eye can see — completely empty. And people say, “Well, they’ll fill up in the years ahead.” No, they won’t. I mean, that migration from the countryside to the cities is largely over, number one. Number two, it doesn’t take into account obsolescence. You can’t mothball a building; you have to occupy it and maintain it. So, this is wasted investment. If you adjust the Chinese GDP for the amount that’s wasted, it would already be lower … The full interview can be watched here.

Forensic Examination of the Gold Carry Trade Posted: 15 May 2014 02:40 AM PDT Kirby Analytics

Global Silver bar, coin, ETFs demand hit 3 year high in 2013: Silver Institute Posted: 15 May 2014 02:24 AM PDT Total identifiable investment demand, which includes physical silver bars, coins and exchange-traded-fund inventories, rose by 27% to a three-year high of 247.2 million ounces last year, said Silver Institute.

Physical Silver Demand Hit Record High in 2013 Posted: 15 May 2014 02:21 AM PDT "I was happy to see some positive price action" ¤ Yesterday In Gold & Silver The gold price drifted a few dollars lower in Far East trading, but was back to unchanged by the 8 a.m. BST London open.  Then, about 15 minutes after that, the price began to rally, hitting its high of the day at 8:30 a.m. EDT---ten minutes after the New York open.  Then JPMorgan et al stepped in---and that was it for the day. The low and high tick were reported by the CME Group as $1,291.60 and $1,309.20 in the June contract. The gold price finished the New York trading day at $1,305.70 spot, up an even $11.00 from Tuesday's close.  Net volume was 100,000 contracts, which wasn't a lot considering the price action. It was the same story in silver, with the low and high coming at the same times.  The moment that the price broke above the $20 mark at 8:30 a.m. EDT, it ran into the usual sellers of last resort---and then got sold down to its New York low at 12:30 p.m.---and didn't do a thing after that. The low and high prices were recorded as $19.51 and 20.005 in the July contract. Silver finished the Tuesday session at $19.745 spot, up 21.5 cents from Wednesday and, like gold, it would have closed materially higher if allowed to do so.  Volume, net of May and June, was very heavy at 51,500 contracts.  There was 6,200 contracts worth of activity in the September and December delivery months---and whether that was roll-over from the July delivery month [a little early for that, one would think] the volume was still over the moon. The platinum price rose slowly but steadily for the entire Wednesday trading session---and only ended at the close of Comex trading.  Palladium began to rally shortly before before Zurich opened---and obviously ran into a seller of last resort shortly before 1 p.m. EDT in New York, as the price had all the appearances of going vertical in what was quickly turning into a "no ask" market.  Here are the charts. The dollar index closed late on Tuesday afternoon in New York at 80.12---and didn't do a thing for the entire Wednesday trading session.  But I did get the impression that the index was micromanaged all day long to prevent it from diving below the 80.00 mark. The gold stocks gapped up at the open---and then sagged a little as "da boyz" sold the gold price down to its 12:30 p.m. EDT low.  Then they rallied anew, only to get sold down one more time starting around 2:30 p.m. in New York.  The HUI closed up 1.01%. The silver equities rallied hard at the open---and then got sold down to unchanged by 10:30 a.m. in New York.  But by 2:30 p.m. had gained back all of their loses and were back at their high of the day.  But then, like gold, they got sold down into the close---and Nick Laird's Intraday Silver Sentiment Index closed up only 0.52%. The CME Daily Delivery Report showed that 1 gold and 55 silver contracts were posted for delivery within the Comex-approved depositories on Friday.  Once again it was Jefferies as the short/issuer with 49 contracts, with "all the usual suspects" as long/stoppers once again.  The link to the Issuers and Stoppers Report is here. I note from the CME's website that there are about 450 silver contracts still open in the May delivery month---and that's after subtracting the 85 deliveries today and the 55 deliveries posted for tomorrow.  It will be interesting to see who the issuers and stoppers are on these remaining contracts as the delivery month winds down. There were no reported changes in GLD---and as of 9:27 p.m. EDT yesterday evening, there were no reported changes in SLV, either. There was no report from the U.S. Mint yesterday. However, I received an e-mail from California reader John DeWeese on Tuesday evening regarding the U.S. Mint's eagles sales for April---and here's what he had to say:  "I just noticed that the U.S. Mint page changed their April total for Silver Eagles.  In your May 6th issue, after coming back from vacation, you reported that number to be 4,590,500---and my own count kept at troyozgold.com concurred with yours as well." "But now I see that the U.S. Mint page only shows 3,569,000.  Somehow, they decided that they didn't sell over a million Silver Eagles.  Any idea what actually happened" I asked silver analyst Ted Butler if he had an explanation for this---and here's what he had to say about it in his mid-week column to paying subscribers yesterday afternoon: "The Mint reported shockingly higher sales of Silver Eagles [on Tuesday], so much so that it appears to me that perhaps a clerical reporting error is involved. (It appears the Mint added an extra million coins in May and subtracted that amount from April sale). Regardless, sales of Silver Eagles year to date (the best measure) have expanded to more than 104 to 1 compared to ounces of Gold Eagles sold. The data will undoubtedly change, but at the time of this article, there were 20.71 million Silver Eagles sold year to date vs. 198,500 oz of Gold Eagles." There was no in/out movement in gold over at the Comex-approved depositories on Tuesday---and not much activity in silver, either---as nothing was reported received, and 126,763 troy ounces was shipped out.  The link to the silver activity is here. I have a pretty decent number of stories for your reading pleasure again today---and I hope you find some of them of interest. ¤ Critical Reads Producer Prices Jump, Hint of Rising Inflation The prices that U.S. companies receive for their goods and services rose by the most in seven months in April, a sign that inflation may be picking up from very low levels. The producer price index rose a seasonally adjusted 0.6 percent from March to April, the Labor Department said Wednesday, after a 0.5 percent increase from February to March. April's increases were led by higher food prices and greater retailer and wholesaler profit margins. Over the past 12 months, producer prices have risen 2.1 percent, the biggest 12-month gain in more than two years. That figure is roughly in line with the Federal Reserve's 2 percent inflation target. The producer price index measures price changes before they reach consumers. As you already know, dear reader, the BLS only shows you the inflation that they can't hide.  In actual fact, it's much higher than what is stated.  This moneynews.com story was posted on their Internet site late on Wednesday morning EDT---and I thank West Virginia reader Elliot Simon for today's first story. Frugal U.S. Consumers Make it Tough for Food Companies to Raise Prices Rebecca Sumrow is one of the customers food and restaurant company executives have in mind when they consider raising prices to offset higher costs as meat and milk soar to record highs. The 30-year-old from San Clemente, California, was out of work for a short time last year and saved money by moving in with her boyfriend and cutting back on clothes shopping and dining out. Though she now has a good job working for an investment firm, she's maintaining her frugal ways. Consumers "have gotten really good over these last four years at stretching a penny," said Pat Conroy, leader of the U.S. consumer products practice at Deloitte LLP. Referring to the recession, he said, "Our hypothesis was that this thing was going to leave a scar, not a bruise. So far, we've been right." According to Deloitte's annual survey of food shoppers released last week, 94 percent agreed they would remain cautious and keep spending at the same level even if the economy improves. That's about the same percentage as it was in 2010 in the aftermath of the credit crisis. Here's another moneynews.com story courtesy of Elliot Simon.  This one was posted on their website very early yesterday afternoon EDT.  There's also an excellent chart about food inflation posted on the Zero Hedge website.  I thank Ulrike Marx for sending it our way---and the link to that is here. The High Frequency Trading Lawsuit That Has Wall Street Running Scared Variety reports that Sony Pictures is close to snagging the movie rights to the new book by Michael Lewis, “Flash Boys,” which builds the case that high frequency trading firms and Wall Street mega banks are conspiring with U.S. stock exchanges to rig the market against the average investor and the pension funds holding their meager retirement benefits. If Sony is smart, it will delay release of the film until it can replicate some real-life courtroom drama from the epic battle that is likely to ensue from a class-action lawsuit in the matter that was filed last month on April 18 in Federal Court in the Southern District of New York. The plaintiff in the lawsuit has elicited snickers from the moneyed crowd on Wall Street. It was filed on behalf of the city of Providence, Rhode Island, an area founded in 1636 that became one of the original thirteen colonies, and is not typically known for hobnobbing with the hedge funds of Greenwich, Connecticut or the Wall Street suspender crowd in New York. A more careful look at the lawsuit, however, is sending shivers across Wall Street. The law firm that made the filing is Robbins Geller Rudman & Dowd LLP – a firm staffed with former prosecutors from the U.S. Justice Department and a legal powerhouse whose bread and butter is securities fraud. All we can do is wish Providence, R.I. all the very best---and hope that they win big.  This news item appeared on the wallstreetonparade.com Internet site on Tuesday---and it's courtesy of reader Mark Hancock.  It's a must read. Duffy Tells Senate Futures Markets Are Not Rigged as Futures Traders File Lawsuit Alleging a "Clandestine" Conspiracy Someone is perjuring themselves to Federal officials and that individual(s) should enjoy a nice long sabbatical at the courtesy of the taxpayer, forgoing the staid Armani for the more robust orange jump suit. Following SEC Chair Mary Jo White’s less than credible testimony to the House Financial Services Committee on April 29 that “the markets are not rigged,” Terrence Duffy, Executive Chairman and President of the CME Group which owns the Chicago Mercantile Exchange, the largest futures exchange in the world, delivered the same message to the Senate Agriculture Committee yesterday. Duffy testified that “Our market data is sent to everyone at once. While customers have several options in terms of how they can receive data from us, we do not restrict access.  Having multiple connectivity options makes our markets accessible to a broader array of participants.” That may be true, Mr. Duffy, but please explain to us how the CME Group can allow JPMorgan to hold such grotesque long and short positions in the Comex futures market in gold, silver, platinum and palladium, even though they vastly exceed the current allowable position limits???  This news item appeared on the wallstreetonparade.com website yesterday as well---and it's also worth reading. U.S. regulator to weed out unfair advantage for automated traders The U.S. futures regulator wants to weed out any unfair advantage speed traders may have by getting sensitive information ahead of others, an official said on Tuesday, as it weighs new rules for computerized trading. The Commodity Futures Trading Commission was also looking at whether it could get better market information by making computer-driven trading firms meet the same regulatory requirements as so-called floor traders. "We want to make sure that in evaluating these markets, that the information is readily available to all market participants," Vince McGonagle, who heads the CFTC's division of market oversight, said at Senate panel hearing. Computer-driven trading has become a hot issue because of best-selling author Michael Lewis's new book "Flash Boys," which argues that stock markets are rigged in favor of a handful of high-speed trading firms. This Reuters news item, filed from Washington, was posted on their Internet site on Tuesday afternoon EDT---and is courtesy of reader Harry Grant.  It's also worth your while. Geithner Must Give S&P Documents in U.S. Fraud Suit Ex-U.S. Treasury Secretary Timothy Geithner must comply with Standard & Poor’s demand that he provide documents related to its claim the U.S. sued the company in retaliation for downgrading government debt. Harold W. McGraw III, chairman of S&P parent McGraw Hill Financial Inc., said in a court statement that Geithner called him days after S&P downgraded the U.S. debt in August 2011 and told him that the company would be held accountable for it. McGraw said Geithner told him there would be a “response” for the downgrade, which the government said was based on an error. Geithner is the highest former government official S&P has pursued for information to support its allegations. S&P, the only credit rating company sued by the Justice Department for allegedly giving fraudulent ratings to mortgage-backed securities, has said it was singled out because of the downgrade. The Justice Department and Geithner have denied there is a connection between the downgrade and the lawsuit filed last year. The government has said it may seek as much as $5 billion in civil penalties from S&P for losses to federally insured financial institutions that relied on its ratings for mortgage-backed securities and collateralized debt obligations, or CDOs, that lost value after the housing market collapsed. The Bloomberg article, filed from Los Angeles, was posted on their website late Tuesday evening Denver time---and I thank Manitoba reader Ulrike Marx for her first offering in today's column.  This is also worth reading. Jim Rickards: The Collapse of the International Monetary System and the Petrodollar, Part I Although it is a crucially important topic, it often doesn’t get the coverage it deserves. I’m talking about the sociopolitical effects of the coming collapse of the international monetary system—which frequently plays second fiddle to the financial discussion. While the financial implications are no doubt important and will be severe, the sociopolitical consequences will likely be more important and more severe. And if you have any lingering doubts about the inevitability of a reshuffle in the international monetary system, you won’t after you read The Death of Money by Jim Rickards. I consider it essential reading. Part 1 of this interview with Jim, conducted by International Man's senior editor, Nick Giambruno, was posted on their Internet site yesterday---and it's a must read. Ben Swann interviews Doug Casey This 20:59 minute interview was posted on the youtube.com Internet site on Tuesday sometime---and it should be worth listening to, although I just haven't had the time yet, myself. I thank International Man senior editor Nick Giambruno for bringing it to our attention. Irish mortgage arrears continuing to accelerate, says Fitch The number of Irish mortgages in arrears 90 days or more is continuing to accelerate, according to Fitch. The rating agency, which bases its calculation on transactions linked to 12 Irish residential mortgage-backed securities, said Irish mortgage arrears rose to a record 18.4 per cent of the total loan stock in the first quarter of 2014, up from 16.7 per cent last year. The increase was primarily driven by poorly performing loans in the buy-to-let sector, it said. The finding runs counter to the latest official figures from the Central Bank, which indicated mortgage arrears of three months or more had declined for the first time since the property crash. This article appeared on the irishtimes.com Internet site early yesterday evening BST---and it's the first offering of the day from Roy Stephens. Seven Ukraine/Russia-related stories 1. In Ukraine, the U.S. is dragging us towards war with Russia: The Telegraph  2.  Ukraine holds talks to end crisis, rebels not invited: Reuters  3. Ukraine to use E.U.and IMF money to pay for Russian gas: E.U. Observer  4. Ukraine Slides Deeper Toward [Civil] War as Russi

Duffy Tells Senate Futures Markets Are Not Rigged as Futures Traders File Lawsuit Alleging a “Clandestine” Conspiracy Posted: 15 May 2014 02:21 AM PDT Duffy Tells Senate Futures Markets Are Not Rigged as Futures Traders File Lawsuit Alleging a "Clandestine" Conspiracy Someone is perjuring themselves to Federal officials and that individual(s) should enjoy a nice long sabbatical at the courtesy of the taxpayer, forgoing the staid Armani for the more robust orange jump suit. Following SEC Chair Mary Jo White’s less than credible testimony to the House Financial Services Committee on April 29 that “the markets are not rigged,” Terrence Duffy, Executive Chairman and President of the CME Group which owns the Chicago Mercantile Exchange, the largest futures exchange in the world, delivered the same message to the Senate Agriculture Committee yesterday. Duffy testified that “Our market data is sent to everyone at once. While customers have several options in terms of how they can receive data from us, we do not restrict access.  Having multiple connectivity options makes our markets accessible to a broader array of participants.” That may be true, Mr. Duffy, but please explain to us how the CME Group can allow JPMorgan to hold such grotesque long and short positions in the Comex futures market in gold, silver, platinum and palladium, even though they vastly exceed the current allowable position limits???  This news item appeared on the wallstreetonparade.com website yesterday as well---and it's also worth reading.

Jim Rickards: The Collapse of the International Monetary System and the Petrodollar, Part I Posted: 15 May 2014 02:21 AM PDT Jim Rickards: The Collapse of the International Monetary System and the Petrodollar, Part I Although it is a crucially important topic, it often doesn’t get the coverage it deserves. I’m talking about the sociopolitical effects of the coming collapse of the international monetary system—which frequently plays second fiddle to the financial discussion. While the financial implications are no doubt important and will be severe, the sociopolitical consequences will likely be more important and more severe. And if you have any lingering doubts about the inevitability of a reshuffle in the international monetary system, you won’t after you read The Death of Money by Jim Rickards. I consider it essential reading. Part 1 of this interview with Jim, conducted by International Man's senior editor, Nick Giambruno, was posted on their Internet site yesterday---and it's a must read.

Three King World News Interviews Posted: 15 May 2014 02:21 AM PDT Three King World News Interviews 1. Jean-Marie Eveillard: "Lost U.S. Gold---and Here Comes the ECB Money Printing Machine"  2. Bill Fleckenstein: "Huge Break, or a Full-Blown Stock Market Crash is Coming"  3. David P:  "Two Must-See Charts Explain the Insanity in Major Markets" [Please direct any questions or comments about what is said in these interviews by either Eric King or his guests to them, and not to me. Thank you. - Ed]

The History Of The London Silver Market Since 1600 Posted: 15 May 2014 02:21 AM PDT The History Of The London Silver Market Since 1600 In honor of the end of the one of the most infamous price manipulation cartels in precious metal history - the London silver fix - below we present the full history of the London silver market, from 1600 all the way until the year 2000. There is just one more event to add to the timeline: 2014 - the end of the silver fixing cartel (and its replacement with the BIS manipulation cartel?) This timeline chart was posted on the Zero Hedge website very early yesterday afternoon EDT---and although I can't vouch for its accuracy, it's still a very interesting study.  I thank Elliot Simon for sending it our way.

From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold Posted: 15 May 2014 02:21 AM PDT From Rothschild To Koch Industries: Meet The People Who "Fix" The Price Of Gold Earlier today many were stunned when the historic, 117-year old, London Silver Fix announced that in three months it would no longer exist. However, silver is only one half of the world's two best known precious metals. Which is why we decided to take a long, hard look at that other fix: gold. The reason for this particular inquiry is because in the aftermath of the rapid and dramatic departure of the world's largest bank by outstanding notional derivatives, and Europe's biggest bank by any metric, Deutsche Bank, from the precious metal fix, something felt out of place: almost as if the participants of the "fixing" process which for so many years took place in the office of none other than Rothschild on St. Swithin's Lane in London, were suddenly scrambling to disappear without a trace. In conducting our research we hope to not only memorialize just who are these particular individuals who "fix" gold using nothing but publicly available information of course - because after all it is not as if they have anything to hide or fear - but to connect some of the very peculiar dots behind the scenes of what to some, is the original, and most manipulated market in history - that of gold. Wow!  This story is quite something---and is certainly an absolute must read.  It showed up on the Zero Hedge Internet site yesterday---and I thank reader M.A. for another contribution to today's column.

You should short gold now: BofA technician Posted: 15 May 2014 02:21 AM PDT You should short gold now: BofA technician Is it time to short gold? That's the latest call from MacNeil Curry, head of global technical strategy at Bank of America Merrill Lynch, who says the yellow metal is poised to drop as much as 9 percent. "First and foremost, we've been in a medium-term downtrend since peaking out back in March at about the $1,392 area. And price action since the beginning of April has done nothing to reverse that downtrend. All we've been doing is consolidating," Curry said on Tuesday's "Futures Now". On top of that, "the inter-market picture has become more negative for gold. Specifically we've seen a breakout in the equity market, specifically the S&P 500, which suggests that investors are becoming less concerned about what's going on in Ukraine, and investors are becoming more confident about global growth, at least in the short term. And furthermore, you've seen also seen the dollar start to reverse on the topside," Curry said. "When you put that together in conjunction with the price action, all that says that the risk-reward is for gold to resume that downtrend that began in mid-March." Blah, blah, blah.  But Ted Butler says that JPMorgan et al still haven't got as many technical funds on the short side of gold that they normally have at important price bottoms, so there's still room for this to happen if they set their HFT traders out to get the job done.  But will it happen?  Who knows, but the bulls hit on gold from the mainstream press continues unabated.  I thank reader Victor George for bringing this CNBC/finance.yahoo.com story to my attention---and now to yours.

Louis James: Discovery of the Decade on Sale Posted: 15 May 2014 02:21 AM PDT Louis James: Discovery of the Decade on Sale Imagine that you were offered a brand-new Ferrari 458 Italia at a 75% discount during an economic downturn. Even those not into high-maintenance cars would have to think about it—it could potentially be a very profitable trade. Now suppose you bought the car, garaged it, cared for it, waited for the car market to turn around—and then the market got even worse for a while, and you saw the same car offered for 50% less than you paid for it. While you might regret that you didn’t time the bottom right, would you conclude that the Ferrari was worthless? This is all absolutely correct of course, dear reader---and Pretium Resources is a fine company---and worthy of your consideration.  But what can be said about that company, can be equally said about any junior producing silver or gold mining company out there these days.  They're all selling for a fraction of what they used to---and an even smaller fraction of what they'll ultimately be priced at, at some point down the road.  This story originally appeared in the Monday edition of the Casey Daily Dispatch.

Demand for platinum jewellery booming in India Posted: 15 May 2014 02:21 AM PDT Demand for platinum jewellery booming in India Platinum jewellery demand in India is likely to shoot up by 35% this year, given the price volatility and import curbs on gold and the rapidly changing consumer preferences for the metal. A recent study by the Platinum Guild International has forecast that India’s demand would be around 40 tonnes in 2014, as compared to around 30 tonnes in 2013, which would be a 41% growth. Though India has been one of the largest markets for gold jewellery in the world, besides China and the United States, owning and acquiring gold and diamond jewellery for bridal wear appears to have ceded some territory to platinum jewellery. This article, filed from Mumbai, was posted on the mineweb.com Internet site yesterday as well---and it's another contribution from Ulrike Marx.

An All-Time High For Silver Physical Demand: World Silver Survey Posted: 15 May 2014 02:21 AM PDT An All-Time High For Silver Physical Demand: World Silver Survey Kitco News has an exclusive first interview with Andrew Leyland of Thomson Reuters GFMS to talk about the Silver Institute's World Silver Survey released on Wednesday. Key findings include an all-time high in silver physical demand for 2013. This 3:48 minute video interview was posted on the kitco.com Internet site yesterday---and of course there isn't a word to be heard about the outrageous short position in the Comex silver market.  GFMS and CPM Group never seem to get around to mentioning it when discussing the price of silver---and where it's going.  I thank reader M.A. for his final offering in today's column.

Physical silver demand hit record high in 2013 - GFMS Posted: 15 May 2014 02:21 AM PDT Physical silver demand hit record high in 2013 - GFMS Unprecedented coin buying and strong silver jewelry purchases, fueled by a 24 percent drop in prices, sent physical silver demand to a record high in 2013, a top analyst at metals consultant Thomson Reuters GFMS said on Tuesday. Resilient demand so far this year should keep 2014 silver prices from falling sharply year-over-year, said Andrew Leyland, manager of precious metal demand at Thomson Reuters GFMS. In April 2013, a dramatic two-day $5 slide and a similar $225 drop in gold unleashed years of pent-up physical demand for coins and bars among retail investors who had been waiting for a bargain entry price point, particularly in the lower-priced silver. Even as institutional investors exited their positions in gold exchange-traded funds last year, silver ETF holdings have still held relatively steady. As Ted Butler and I keep harping on, the only reason that silver is sub-$20 the ounce is because of the grotesque Comex short positions of JPMorgan Chase and Scotiabank.  This Reuters news item, filed from New York, was picked up by the mineweb.com yesterday---and it's definitely worth reading, even though it's mostly bulls hit.  I thank Ulrike Marx for her final contribution to today's column.

Gold Beginning of End of Bottoming Process? Posted: 15 May 2014 01:00 AM PDT dailyfx

Russia Is On The Verge Of Dealing A Massive Blow To The Petrodollar Posted: 15 May 2014 12:27 AM PDT The following article is by Michael Snyder. If he is right, this might be an opportune time to reduce your holdings of dollars and diversify into just about anything else. We have been hearing this prediction for years, but an increasingly irritated Russia might have just up’d the odds of a dollar crash sooner rather [...]

More Polite Handwringing About Student Debt Mess Posted: 15 May 2014 12:00 AM PDT I don’t mean to point fingers at a perfectly unobjectionable article by Neil Irwin at the New York Times’ Upshot feature. It gives a compact, highly readable summary of some new information on student debt in the latest report on household debt from the New York Fed, and a related post on its Liberty Street Economics website. However, readers who have been following burgeoning student debt problems are likely to find the anodyne tone of the Times article and the underlying New York Fed work a tad aggravating. The New York Fed has endeavored to determine whether student debt is undermining the recovery. One element that has a lot of commentators concerned is the low level of household formation and homebuying among the young. It’s not hard to see that a terrible job market for college grads is a big culprit. But the New York Fed fingers that student debt is clearly playing a role, as one might expect. If jobs are hard to find and generally not as well paid as before the crisis, it’s going to make all but the high fliers or those with rich parents cautious about making a commitment like buying a house. And those with debt they can’t discharge in bankruptcy are already burdened and in less of a position to take risks. This is the chart that supports that intuition: Prior to the crisis, those with student debt on average were still more likely than those without student debt to own a home by age 30. That was indirect proof of the belief that getting a college or graduate degree was an investment that paid off via access to better paid jobs. But now, the hostile job market and still-rising education costs have upended that picture. The Fed researchers also point out that young people may be less keen about homeownership than their elders were. Again, in an uncertain job market, a house is a huge impediment to mobility. Transaction costs are usually 5-7%, unless you are in a hot market and can sell without using a broker. That’s significant relative to a 20% down payment. Policy solutions are outside the ambit of these New York Fed reports. But there are several things that are striking when the subject of student debt comes up. The first is the lack of a real economy coalition demanding that Something Be Done. Homebuilders, realtors, and durable goods manufacturers are clearly making less than they would if there were fewer young adult debt slaves. Why aren’t they talking up student debt or the terrible condition of the job market as a serious problem that has knock-on effects for the entire economy? Similarly, among soi-disant progressives, there’s perilous little discussion of the big drivers of the problem, which is that more and more of educational dollars have gone to a bloated, overpaid adminisphere and gold plated facilities rather than educators. But somehow criticizing the looting by the “professional administrators” who have become increasingly powerful at these institutions is taboo. And a second factor is the gutting of budgets for public universities, which used to provide a check on tuition and fees at private colleges and universities. Similarly, the few current proposals are timid. Elizabeth Warren’s idea of making borrowing cheaper in interest rate terms is rearranging the deck chairs on the Titanic. So you get a short-term improvement in “affordability” which will quickly lead to more cost increases by the universities. You are quickly back to square zero. Why isn’t Warren, a top US expert on bankruptcy, talking (at a bare minimum) about making student loans dischargeable in bankruptcy? Or how about subjecting school administrators, who have too often been reported in the media of overstating the returns to a college education, to truth in advertising laws? It seems as if there’s a lack of willingness to engage this issue seriously, that it falls in the “it’s too hard” and the “we can’t get anything passed now anyhow” categories. Those are lame excuses. There will be no remedy if real solutions aren’t pushed into political discourse. Even if they can’t be implemented now, making them a subject of debate at a minimum gets them on the list of policy options and shifts the perception of what is possible and viable. The alternative isn’t merely the perpetuation of a bad status quo. The internal dynamics are that the educational complex is starting to hit the limits of what students are willing to pay, as sharp drops in law school enrollments attest. But absent external pressure, the top administrators at colleges and universities are certain to emulate their corporate counterparts and squeeze everyone else to preserve and better yet increase their compensation (see this example from the University of Saskatchewan, hat tip Jason, of the sort of thing likely to be in the offing in the US). So there are well-founded reasons for external pressure, as well as some logical pressure points, as in critical scrutiny of bloated budgets. But those who are losing out need to stand up for themselves and find allies, or they will only continue to be the losers.

Spot gold to stay below $1,309 Posted: 14 May 2014 11:55 PM PDT brecorder

Gold Price Doesn’t Fall Despite Dollar Rally – Finally a Show of Strength? Posted: 14 May 2014 11:50 PM PDT marketoracle

Gold Price Long-term Forecast Using Statistics & Technical Analysis Posted: 14 May 2014 11:50 PM PDT marketoracle

The Elegance of Silver Overlay Posted: 14 May 2014 10:30 PM PDT my antique mall

Gold up 10% year-to-date while S&P 500 trails with 3% gain, where would a civil war in the Ukraine take us? Posted: 14 May 2014 09:46 PM PDT Gold is still ahead of US stocks this year despite a slew of bearish comment from analysts fixated on a chart bottom of $1,050 an ounce. The yellow metal is up 10 per cent year-to-date while the S&P has trailed with less than a three per cent gain, and trades near to a record all-time high. By comparison gold is some 32 per cent off its all-time high of $1,923 posted almost three years ago. That leaves plenty of room for gold prices to climb back up as stocks start to fall as the rotation out of the small caps and into the majors suggests is already happening. Fundamentals Equally you could say that the rotation out of stocks and into precious metals since the start of January is a new trend. So much for the chartists, what about the fundamentals? Data out of China is a bit confusing at the moment because a 30 per cent fall in jewellery sales in Hong Kong may be masking a switch to buying from alternative sources in Mainland China like the Shanghai Gold Exchange. The election of a pro-business government in India, the world’s second largest consumer of gold, is also widely expected to lead to the removal of gold taxes that depressed volumes last year. However, the biggest market mover is likely to be the Ukraine. Major buyers are expected to wait until civil war breaks out in Ukraine, or for Russia to attack, which would influence European gas prices and set off a flight to safe haven assets. Recent statements from the Russian foreign minister suggest a civil war is imminent. Market shock This is not very likely to be positively received by global stock markets whose recent all-time highs show a blissful state of ignorance about what is to come as a shock. Yesterday gold rallied and stocks fell as the news from Kiev turned ugly. When markets crash there is usually a winner somewhere and precious metals could still emerge as the surprise winner in this debacle. They have been so far this year. That’s what our sister investment newsletter predicted (click here) and there is more of the same to come.

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