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Offline widgeon

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Re: Gold & Silver News
« Reply #210 on: November 23, 2012, 09:20:19 AM »
Sandy 'money' finding a home today.  BoJ has also used the circumstances to pour out more debt/QE also.  Nikkei up about 10% in 3 weeks - LOL.  Maybe if the poison the other 1/2 of the country they can get a 25% stock market increase.  Lot's of fresh digi-dollars in play.


Offline g

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Brazil Boosts Gold Reserves to the Highest in More Than 11 Years  :icon_study:

 
Brazil raised its gold reserves for a second month in October to the highest level in more than 11 years as emerging nations from Kazakhstan to Russia boosted holdings by more than 40 metric tons.

Brazil’s holdings expanded 17.2 tons last month to 52.5 tons, the most since January 2001, according to data on the International Monetary Fund’s website. The country’s 1.7-ton purchase in September was the first since December 2008. Kazakhstan’s holdings increased 7.5 tons, Russia added 0.4 ton and Turkey’s reserves rose 17.5 tons, the data show. Germany, the second-biggest holder, after the U.S., cut gold holdings by 4.2 tons, the first reduction since June.

“This is a chunky purchase by a central bank, and the gold market will likely sit up and pay attention,” Edel Tully, an analyst at UBS AG in London, wrote today in a report, referring to Brazil’s addition. “Today’s news confirms much of the market chatter at the time that official sector buying was taking place and was one of the key factors that gave prices a reasonable floor last month.”  :icon_study: :icon_study:

www.bloomberg.com/news/2012-11-21/brazil-boosts-gold-reserves-to-the-highest-in-more-than-11-years.html :Thinkingof_:


Offline g

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Re: Gold & Silver News: Godfrey Bloom MEP on Germany's 'Golden Opportunity'
« Reply #212 on: November 24, 2012, 03:35:38 AM »
 
Episode 73: GoldMoney's Andy Duncan talks to Godfrey Bloom, who represents Yorkshire and North Lincolnshire in the European Parliament, and who is a member of the parliament's Committee on Economic and Monetary Affairs. They talk about the possibility of Germany instituting a gold-backed Deutschmark, and broader issues to do with European monetary and fiscal policy.

In a recent Mises.org daily article co-authored with Patrick Barron, Mr Bloom states that Germany now has a "Golden Opportunity" to get back to sound money by pulling out of the euro and introducing a gold-backed Deutschmark. However, given the lack of a comprehensive audit, suspicions about the integrity of the German gold reserves remain. Bloom therefore advocates that Germany should repatriate its physical gold from the storage locations abroad.

They also talk about monetary policies of the European Union, the errors of European politicians and whether or not the eurozone can be sustained. In addition, they also discuss Britain's relationship with the EU and Britain's own precarious financial position, particularly in relation to its welfare state and deficit spending.

This podcast was recorded on 21 November 2012.

              <a href="http://www.youtube.com/v/8Yez8xdoH2A&fs=1" target="_blank" class="new_win">http://www.youtube.com/v/8Yez8xdoH2A&fs=1</a>

Offline RE

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Gold Bug Heartburn
« Reply #213 on: November 26, 2012, 04:33:15 PM »
Some charts to give the Gold Bugs Heartburn from Chartist Friend from Pittsburgh.

RE

Deconstructing The Price Of Gold - Gold Bugs Better Sit Down For This One

[BLOCKQUOTE][/BLOCKQUOTE]
Gold has had a huge run over the past decade. I distinctly remember becoming a full-fledged gold bug in January 2001. I had witnessed the NASDAQ collapse and figured as people lost confidence in paper forms of wealth, precious metals would be the prime beneficiary of that trend of disillusionment. (Little did I know the Fed had a few more tricks up its sleeve.)

Well, we all know what happened to the price of gold since then. It has exploded higher by a factor of seven. But once the price action began to recently resemble what I saw happen to tech stocks in the late 90's and sentiment became so absurdly optimistic that retards like Turd Ferguson and his kindergarten level charts could attract a following, I knew it was time to take an objective and realistic technical look at the yellow metal.

Here's what I found: the real top in the price of gold occurred in early 1980, and all of the price action since then has been either trending lower or correcting higher. That's right, perma-gold bugs and Turdites, the real top in the price of gold occurred over thirty years ago, and for all intensive technical purposes it's been all downhill since then.

Don't believe me? Take a look for yourself...




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Offline pansceptic

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Re: Gold & Silver News
« Reply #214 on: November 27, 2012, 01:57:39 PM »
RE, thank you for thinking about us goldbugs  ;D

That is a good collection of charts; in particular the gold/oil chart.  I'm aware that oil is probably the ultimate arbiter of wealth currently, it's just that it's very immobile while still in the ground, and so vulnerable to US "regime change" on the ground above it.  Gold is more portable and compact; nonetheless, I do own some Canadian oil producers - I think it will be a while before we have to declare Canada a sponsor of terrorist activities  ;)

I think it's worthwhile to note that the leading candidate for Prime Minister in Japan is running on a platform of printing however many Yen are necessary to produce a positive rate of inflation and weaken the Yen to help exporters.  Japan is just further down the same road as the US - currently the Fed is monetizing a mere $90 billion or so per month; it is pretty much inevitable that the Fed will eventually have to increase its balance sheet by trillions per month or have the entire ponzi collapse.  China and Russia are well aware of this...while their official gold purchase numbers are modest, they are both buying up ALL of their domestic production as well.  Medvedev has publicly stated that gold is the "money of the future", I take him at his word when they're congruent with Russian actions.

I am indeed sitting - sitting pretty (as pretty as possible for an ugly ole dude, anyway : )

Offline g

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Re: Gold & Silver News
« Reply #215 on: November 27, 2012, 03:11:27 PM »
RE, thank you for thinking about us goldbugs  ;D

That is a good collection of charts; in particular the gold/oil chart.  I'm aware that oil is probably the ultimate arbiter of wealth currently, it's just that it's very immobile while still in the ground, and so vulnerable to US "regime change" on the ground above it.  Gold is more portable and compact; nonetheless, I do own some Canadian oil producers - I think it will be a while before we have to declare Canada a sponsor of terrorist activities  ;)

I think it's worthwhile to note that the leading candidate for Prime Minister in Japan is running on a platform of printing however many Yen are necessary to produce a positive rate of inflation and weaken the Yen to help exporters.  Japan is just further down the same road as the US - currently the Fed is monetizing a mere $90 billion or so per month; it is pretty much inevitable that the Fed will eventually have to increase its balance sheet by trillions per month or have the entire ponzi collapse.  China and Russia are well aware of this...while their official gold purchase numbers are modest, they are both buying up ALL of their domestic production as well.  Medvedev has publicly stated that gold is the "money of the future", I take him at his word when they're congruent with Russian actions.

I am indeed sitting - sitting pretty (as pretty as possible for an ugly ole dude, anyway : )
Gold being the money of the future is my view as well, since it is the money of the past and present, it would appear reasonable.

The silly charts presented are always posted by gold detractors and lovers of credit and bankster money. The chart of gold going from 20 Dollars to 2000 Dollars, SO FAR, in my lifetime and the value of the dollar going to a little lower than two cents are the only charts one needs to understand Gold.

Glad your sitting pretty Pansceptic, would die from HEARTBURN if I tried to imagine where I would be sitting without my gold. I guess you would have to call me a Broke ugly ole dude if I hadn't some "Old Yeller"

  :icon_mrgreen:
GOLD
GOLD
Old Yeller is popular in China.

Offline RE

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Re: Gold & Silver News
« Reply #216 on: November 27, 2012, 03:35:56 PM »
Do I sniff an MF Global in the Gold Bug world?

RE

Force Majeure declared by CME Group

CME Group declared a force majeure at one of its New York precious metals depositories yesterday, run by bullion dealer and major coin dealer Manfra, Tordella and Brooks (MTB), due to “operational limitations” posed by Hurricane Sandy.

MTB has “operational limitations” following Hurricane Sandy and can’t load gold bullion, platinum bullion or palladium bullion, CME Group Inc., the parent of the Comex and New York Mercantile Exchange, said today in a statement.

MTB must provide holders with metal at Brinks Inc. in New York to meet current outstanding warrants in relevant delivery periods with compensation for costs, Chicago-based CME said.

The CME said that MTB will not be able to deliver metal as the lower Manhattan company deals with "operational limitations" almost a month after the arrival of Hurricane Sandy.

MTB is one of five depositories licensed to deliver gold against CME's benchmark 100-troy ounce gold contract, held 29,276 troy ounces of gold and 33,000 troy ounces of palladium as of Nov. 23, according to data from CME subsidiary Comex.

In a notice to customers on Monday, CME declared force majeure for the facility, a contract clause that frees parties from liability due to an event outside of their control.

CME said that individuals holding MTB warrants or certificates for a specific lot of metal stored in the depository, may receive gold delivered from Brinks Co. (BCO) in New York. MTB is responsible for any additional costs incurred by customers receiving metal from Brinks, CME said.

"This shouldn't have a material impact on the way market participants are doing business," a CME spokesman said. "They'll still contact MTB if they want to take delivery on contracts," and MTB will arrange for delivery through Brinks according to Dow Jones Newswires.

In a notice posted to its website dated Nov. 12, MTB said the firm "sustained substantial damages" following Hurricane Sandy's arrival in New York City on Oct. 29, and had curtailed its operations.

The force majeure will remain in effect until further notice from the exchange, the CME said. The delivery period for CME's December-delivery precious metals futures begins on Friday.
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Offline g

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Re: Gold & Silver News
« Reply #217 on: November 27, 2012, 03:54:37 PM »
Quote
Do I sniff an MF Global in the Gold Bug world?

Always a threat RE. All paper money, contracts, futures, etf's, are bankster designed toilet paper subject to default and manufactured emergencies at a any time.

The true gold bug's that worship in the Golden temple preach Physical Ownership in the hand as the ONLY way to own Gold to their students. Any other way and the Bankster is holding your Gold for you. We all know how honest and reliable they are.
                                               
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Offline RE

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Re: Gold & Silver News
« Reply #218 on: November 27, 2012, 11:47:07 PM »
Quote
Do I sniff an MF Global in the Gold Bug world?

Always a threat RE. All paper money, contracts, futures, etf's, are bankster designed toilet paper subject to default and manufactured emergencies at a any time.

More from John Ward on The Slog

Quote from: John Ward
GOLD BREAKING: ‘force majeure’ supplier suffered major sales reverse this year

 MTB recently took on massive premises purchase, followed by huge turnover slump
 
 Manfra, Tordella and Brookes, the Top 5 New York gold exchange depositor which announced last night it will not be able to deliver metal until further notice due to force majeure, decided to move from renting to the purchase last February of a ritzy condominium in the Extell Development’s new International Gem Tower. But then in May the firm was badly hit by the slump in precious metal sales.
 
The company claims it is struggling with “operational limitations” following the recent storms. But it’s now nearly a month since Hurricane Sandy.
 
MTB, one of only five US outfits with a license to deliver gold, holds 29,276 troy ounces of gold according to data from Comex. Comex’s owner CME declared what’s called “force majeure” an act of God (but not Mammon) that frees MTB from liability due to events beyond its control.
 
The company did post on its website about having “sustained substantial damage” a fortnight ago. And naturally, anyone can still get The Real Thing delivered via Brinks: plus, MTB is responsible for any additional costs incurred by customers who want to use that process.
 
But this afternoon, I find myself wondering what will happen if (or when) everyone suddenly decides they want their gold right now.
 
MTB is a privately owned bank still largely under the control of the Tordella banking family. Its chairman is Frederic N. Tordella. It converted to being a retail bank in 1993.
 
In February of this year, it took on a new not-yet-finished office condominium in the International Gem Tower. There it will buy the condo – and double its premises size to more than 10,000 square feet on the third floor – with another 2,500 square feet of below-grade space – in the now rising 34-story, mid-block tower on West 47th Street. According to Raizy Haas, senior vice president for development at developer Extell, “They were a little nervous about buying space and moving their operations. They took a long term view and became comfortable with the fact that they were going to own rather than rent.”
 
Nobody was available to comment today about whether the level of comfort had gone up or down. However, what we can be sure about is that MTB President Mike Kramer told the London Financial Times last May, “There are days here where we wonder if the phones are working”. At the time, he estimated that sales of gold, silver coins and small bars had fallen 50% in the previous two months.
 
File this one under ‘informed speculation’.
 
Postscript: At 9/11, MTB had its gold stored under the World Trade Center.

My Gold Scenario now goes like this:

Massive Run on the Gold ETFs and Storage Banks, many Gold Bugs unable to redeem Gold.  Goobermints require all Individuals in Possession of Gold to turn it in to the New Gold Resolution Trust Corporation.  All Trade in Gold halted Indefinitely.  99% Tax on all Conversion of Gold to Goobermint Legal Tender.  :icon_mrgreen:

RE
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Offline g

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Re: Gold & Silver News
« Reply #219 on: November 29, 2012, 04:06:50 AM »
Would bet my boots this is related to the Force Majeure bullshit from the Crimex. Bankster's doing "God's Work'

 Flash Crash in GOLD A Real Whodunit

Posted by Daniel Duval on November 28, 2012 @ 5:46 pm in General Editorial

Gold saw a massive 24 tonne sell order (7,800 contracts) at 08:20 a.m. New York time – bang on the opening of the world’s largest gold exchange – which produced a fall of 2.25% in the market price.

If the selling was year-end profit-taking then it was inept. Dealers try and finesse big sell orders into the market to get the best (highest) price for the biggest volume they can and thereby optimize profit – that requires stealth. If on the other hand it was a “fat finger” episode as has been suggested with a broker said to be looking to roll his December gold futures contract then it was even more inept.

More likely this could be a short play, with the seller looking to trigger stops below the market at $1730 and thus extend the move significantly lower and thus increase his profits. If so, he certainly caught the market on the hop as the move is counter-intuitive with everything else that is going on in the economy.

Rising concerns about whether Democrats and Republicans can find common ground between tax increases and entitlement spend reduction remains to be seen. More importantly, the US reaches its law-enshrined debt ceiling of $16.4 trillion early to mid February 2012. That promises fireworks again as it did in August 2011 when gold hit an all time high of $1922 as the market stares into the abyss of a possible US debt default.

Against the current economic backdrop, a short seller would have to be quite brave. In short, we will not know the identity or the reason for the sale for a while. Longer term gold investors should not however be deterred – the rationale for buying gold is as favorable as ever and a degree of patience required.

Ross Norman
CEO
Sharps Pixley, London
www.SharpsPixley.com [1]
                                               :hammer: :violent1: :angry4:

Offline RE

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Re: Gold & Silver News
« Reply #220 on: November 29, 2012, 04:49:20 AM »
Remember this. All asset classes are subject to Margin Calls.  MOST gold is held by Big Players.  Unless you can grasp how the valuations can be skewed, you are low hanging fruit.

I dont have more money than God because I am stupid.  Watch the market.  Nobody exits alive here.  You just float as long as you can.

RE           
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Offline g

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Re: Gold & Silver News
« Reply #221 on: November 29, 2012, 05:18:49 AM »
Remember this. All asset classes are subject to Margin Calls.  MOST gold is held by Big Players.  Unless you can grasp how the valuations can be skewed, you are low hanging fruit.

I dont have more money than God because I am stupid.  Watch the market.  Nobody exits alive here.  You just float as long as you can.

RE           

Every financial asset class is subject to margin calls except cash, gold in hand, paid up real estate, precious stones, art works, rare stamps and coins. 
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Offline Ka

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Re: Gold & Silver News
« Reply #222 on: November 29, 2012, 09:13:02 AM »
Every financial asset class is subject to margin calls except cash, gold in hand, paid up real estate, precious stones, art works, rare stamps and coins. 

Nothing to do with margin calls, but....

Just read in The Economist that many art works are falling in value, not, so one might think, that people spending tens of millions for status objects are wising up, but because fewer authenticators are willing to authenticate out of fear of being sued (by those whose works don't get authenticated). Poetic justice, it seems to me, or maybe it's just Schadenfreude.

Offline g

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Re: Gold & Silver News: Gold: The Solution To The Banking Crisis?
« Reply #223 on: November 30, 2012, 02:32:27 AM »
 ::) ;D :emthup:

Gold: The Solution To The Banking Crisis?
By Tyler Durden
Created 11/29/2012 - 23:03
Tyler Durden's picture [1]
Submitted by Tyler Durden [1] on 11/29/2012 23:03 -0500

    Bond [2]
    Central Banks [3]
    China [4]
    default [5]
    Eric Sprott [6]
    Federal Deposit Insurance Corporation [7]
    Federal Reserve [8]
    Jamie Dimon [9]
    Meltdown [10]
    Monetary Policy [11]
    Quantitative Easing [12]
    Regional Banks [13]
    Savings Rate [14]
    Sovereign Debt [15]
    Turkey [16]
    World Gold Council [17]



Authored by Eric Sprott and David Baker of Sprott Global Resource Investment [18],

The Basel Committee on Banking Supervision is an exclusive and somewhat mysterious entity that issues banking guidelines for the world’s largest financial institutions. It is part of the Bank of International Settlements (BIS) and is often referred to as the Central Banks’ central bank. Ever since the financial meltdown four years ago, the Basel Committee has been hard at work devising new international regulatory rules designed to minimize the potential for another large-scale financial meltdown. The Committee’s latest ‘framework’, as they call it, is referred to as “Basel III”, and involves tougher capital rules that will force all banks to more than triple the amount of core capital they hold from 2% to 7% in order to avoid future taxpayer bailouts. It doesn’t sound like much of an increase, and according to the Basel group’s own survey, the 100 largest global banks will only require approximately €370 billion in additional reserves to comply with the new regulations by 2019. Given that the Spanish banks alone are believed to need well over €100 billion today simply to keep their capital ratios in check, it is hard to believe €370 billion will be enough protect the world’s “too-big-to-fail” banks from future crises, but it is indeed a step in the right direction.

Initial implementation of Basel III’s capital rules was expected to come into effect on January 1, 2013, but US banking regulators issued a press release on November 9th stating that they wouldn’t meet the deadline, citing a large volume of letters (ie. complaints) received from bank participants and a “wide range of views expressed during the comment period”. It has also been revealed that smaller US regional banks are loath to adopt the new rules, which they view as overly complicated and potentially devastating to their bottom lines. The Independent Community Bankers of America has even requested a Basel III exemption for all banks with less than $50 billion in assets,“in order to avoid large-scale industry concentration that would curtail credit for consumers and business borrowers, especially in small communities.” The long-term implementation period for all Basel III measures actually extends to 2019, so the delays are not necessarily meaningful news, but they do illustrate the growing rift between the US banking cartel and its European counterpart regarding the Basel III framework. JP Morgan’s CEO Jamie Dimon is on record having referred to Basel III regulations as “un-American” for their favourable treatment of European covered bonds over US mortgage-backed securities. Readers may also remember when Dimon was caught yelling at Mark Carney, Canada’s (soon to be former) Central Bank Governor and head of the Financial Stability Board, during a meeting in Washington to discuss the same topic. More recently, Deutsche Bank’s co-chief executive Juergen Fitschen suggested that the US regulators’ delay was “hurting trans-Atlantic relations” and creating distrust... stating, “when the whole thing is called un-American, I can only say in disbelief, who can still believe in this day and age that there can be purely European or American rules.” Suffice it to say that Basel III implementation has not gone as smoothly as planned.

One of the more relevant aspects of Basel III for our portfolios is its treatment of gold as an asset class. Documents posted by the Bank of International Settlements (which houses the Basel Committee) and the United States FDIC have both referenced gold as a “zero percent risk-weighted item” in their proposed frameworks, which has launched spirited rumours within the gold community that Basel III may define gold as a “Tier 1” asset, along with cash and AAA-government securities. We have discovered in delving further that gold’s treatment in Basel III is far more complicated than the rumours suggest, and is still, for all intents and purposes, very much undecided. Without burdening our readers with the turgid details, it turns out that the reference to gold as a “zero-percent risk-weighted item” only relates to its treatment in specific Basel III regulation related to the liquidity of bank assets vs. its liabilities. (For a more comprehensive explanation of Basel III’s treatment of gold, please see the Appendix). But what the Basel III proposals do confirm is the regulators’ desire for banks to improve their liquidity position by holding a larger amount of “high-quality”, liquid assets in order to improve their overall solvency in the event of another crisis.
http://www.zerohedge.com/news/2012-11-29/gold-solution-banking-crisis  :icon_study:

Offline RE

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Re: Gold & Silver News
« Reply #224 on: November 30, 2012, 03:47:07 AM »

Every financial asset class is subject to margin calls except cash, gold in hand, paid up real estate, precious stones, art works, rare stamps and coins.

NO.  ALL said Asset Classes are ALWAYS subect to Matgin Calls, because they are  all used as Collateral and all used for Leverage.

The Real Estate market is the obvious example here  You "own" some porperty and use its asessed value as means to buy somethig else.  If you cannot SELL said property to cover what you bought when it loses value,  you are FUCKED.

Large holders of GOLD hold many other things as Property, and if forced to SELL due to Mergin Calls, they gotta drop their Gold on the market to Sell.  If there are not enough buyers with MONEY for the Gold, it is going to drop in value.

EVERY asset class has this problem, artwork and stamps too.  There is NO Asset Class that is ever independent of Mrrgin Calls as long as there is debt out there, and there always is.  You are a fool GO in this respect.  You just do not understand valuation. Perhaps eventually I can get you to understand this.  I eep trying anyhow.  :icon_sunny:

RE
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