SilverDoctors: Eric Sprott: Paper Prices Are a Joke: Prepare for ...: Eric Sprott continues to stress many of the themes he discussed with The Doc in our recent interview in this discussion with Chris Martenso...
02 March 2012
Turk: ‘Silver Price at $68-70 in Two-to-Three Months’
GoldMoney News Desk
At long last: the ratings agency Standard & Poor’s has deemed Greece to be in “selective default”. The European Central Bank has temporarily suspended the use of Greek bonds as collateral. However, stocks have been moving higher in trading this morning following the vote in the German Bundestag yesterday to authorise the new 130 billion-euro Greek bailout deal agreed by finance ministers last week. The markets have after all had months to come to terms with the idea of Greek bankruptcy.
Moreover, as Jim Sinclair points out at JSMineSet.com: “Only the International Swaps and Derivative Association opines on what is a default as it applies to credit default swaps. S&P carries no power over the performance (or lack thereof) of CDSs.” It is this uncertainty about whether CDS written on Greek debt can be honoured that still has the serious potential to spook investors.
Many of you are by now likely sick to the back teeth with the Greek debt crisis, and the reams of ink that has been spilt by journalists and market analysts on this issue (not least at this website). But this column urges you all to read Detlev Schlichter’s cogent analysis of Greece’s problems, and the bigger picture surrounding the debates about austerity, debt, monetary union and the eurozone. Commenting on the now conventional wisdom that returning to the drachma would help Greece, Detlev notes:
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At long last: the ratings agency Standard & Poor’s has deemed Greece to be in “selective default”. The European Central Bank has temporarily suspended the use of Greek bonds as collateral. However, stocks have been moving higher in trading this morning following the vote in the German Bundestag yesterday to authorise the new 130 billion-euro Greek bailout deal agreed by finance ministers last week. The markets have after all had months to come to terms with the idea of Greek bankruptcy.
Moreover, as Jim Sinclair points out at JSMineSet.com: “Only the International Swaps and Derivative Association opines on what is a default as it applies to credit default swaps. S&P carries no power over the performance (or lack thereof) of CDSs.” It is this uncertainty about whether CDS written on Greek debt can be honoured that still has the serious potential to spook investors.
Many of you are by now likely sick to the back teeth with the Greek debt crisis, and the reams of ink that has been spilt by journalists and market analysts on this issue (not least at this website). But this column urges you all to read Detlev Schlichter’s cogent analysis of Greece’s problems, and the bigger picture surrounding the debates about austerity, debt, monetary union and the eurozone. Commenting on the now conventional wisdom that returning to the drachma would help Greece, Detlev notes:
MORE
Nigel Farage: Mass anger could trigger Euro's Greek Spring
Eurozone finance ministers have also gathered in Brussels to discuss the 130 billion euro Greek bailout - but Greece must wait another week before the money starts to flow. The final say will be given on the first tranche after Athens reaches agreement with its private creditors next Thursday.
As another nervous week lies ahead for Greece, Nigel Farage, MEP and leader of the UK Independence Party, says the sacrifices it's being forced to make only drag the country deeper into trouble.
As another nervous week lies ahead for Greece, Nigel Farage, MEP and leader of the UK Independence Party, says the sacrifices it's being forced to make only drag the country deeper into trouble.
SilverDoctors: JS Kim Discusses Gold, Silver Manipulation with Ma...
SilverDoctors: JS Kim Discusses Gold, Silver Manipulation with Ma...: For those who missed it, on Monday JS Kim discussed a coming manipulation event in gold and silver that would prevent the shorts from gettin...
Whistleblower Maguire - US Entity Interferes in Gold Market
This morning, in an exclusive interview, London whistleblower Andrew Maguire told King World News that the launch of a physical gold and silver exchange in China was interfered with and subsequently killed by a New York based entity with very powerful Chinese connections. Maguire also said Wednesday’s smash in gold and silver was blatant maniuplation. Here is what Maguire had to say about the situation: “Well, Eric, it couldn’t have been more blatant (intervention in the gold market) could it? Talk about not worrying about hiding your footprints. This was obviously sanctioned somewhere at a higher level because the amounts of contracts, paper contracts that hit the market, all at once, within seconds of each other, this was not normal trading.”
Andrew Maguire continues:
“This (manipulation) was 100% to protect resistance levels that were about to be breached. However, I don’t think for a minute this has fooled anybody. Anyone in the physical market was waiting for something like this. You only have to have enough of the weak money in there and sure enough they will flush it out.
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Andrew Maguire continues:
“This (manipulation) was 100% to protect resistance levels that were about to be breached. However, I don’t think for a minute this has fooled anybody. Anyone in the physical market was waiting for something like this. You only have to have enough of the weak money in there and sure enough they will flush it out.
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SilverDoctors: COMEX Wasteland
SilverDoctors: COMEX Wasteland: CSI: COMEX I sat down this afternoon and attempted to write about the reports of a single 10,000 contract gold sell order that triggered ...
John Williams - Horrendous Implications for Systemic Stability
John Williams just warned that current problems have horrendous implications for the markets. Williams, who founded ShadowStats, also noted that Bernanke continues to pay lip-service regarding inflation-containment. Here is what Williams had to say about the situation: “Recognition of an intensifying double-dip recession as well as an escalating inflation problem remains sporadic. The political system would like to see the issues disappear until after the election; the media does its best to avoid publicizing unhappy economic news; and the financial markets will do their best to avoid recognition of the problems for as long as possible, problems that have horrendous implications for the markets and for systemic stability.”
John Williams continues:
“Until such time as financial-market expectations move to catch up fully with underlying reality, or underlying reality catches up with the markets, reporting generally will continue to show higher-than-expected inflation and weaker-than-expected economic results in the months and year ahead. Increasingly, previously unreported economic weakness should show up in prior-period revisions.”
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John Williams continues:
“Until such time as financial-market expectations move to catch up fully with underlying reality, or underlying reality catches up with the markets, reporting generally will continue to show higher-than-expected inflation and weaker-than-expected economic results in the months and year ahead. Increasingly, previously unreported economic weakness should show up in prior-period revisions.”
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Billionaire Hugo Salinas Price - Central Banks Smashed Gold
oday multi-billionaire Hugo Salinas Price told King World News that central banks were definitely behind the smash in the gold price yesterday. He also said people should ignore it and continue buying gold and silver. But first, here is what Hugo Salinas Price had to say when asked about the plunge in gold yesterday: “I definitely think the central banks were behind it. I look at the graph of the gold price yesterday and when it collapses down $100 in about an hour, that is not natural market action. I think people are getting used to this. This is standard procedure and it doesn’t worry me at all.”
Hugo Salinas Price continues:
“The paper money people (central bankers), the fiat money people all over the world who are keeping us in this game, they are now in retreat. What you saw yesterday was a ‘Rear guard action.’ In reality, the gold and silver forces are overcoming them and overrunning them.
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Hugo Salinas Price continues:
“The paper money people (central bankers), the fiat money people all over the world who are keeping us in this game, they are now in retreat. What you saw yesterday was a ‘Rear guard action.’ In reality, the gold and silver forces are overcoming them and overrunning them.
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Caesar Bryan: Yesterday’s Gold Selling Raises Serious Red Flags
Today 25 year veteran Gabelli Gold Fund manager, Caesar Bryan, told King World News that yesterday’s selling in the gold market raises some serious red flags. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar also said the activity was very suspicious because the selling was not designed to maximize revenue. Here is what Bryan had to say about the situation: “What we saw yesterday in the gold market was very large volume just pounding the market lower and it raises the question, is this a seller who is trying to maximize his revenues? The answer is, maybe not because it was very sudden and the volume appeared to be very large.”
Caesar Bryan continues:
“This is actually similar to other experiences that we’ve seen in the last year where there has been a very sharp, sudden pullback in the gold market. But what I can tell you is the seller was not looking to maximize his revenue from the sales and to market participants like myself and others this is strange. The design of the selling raises serious red flags and leaves some questions unanswered.
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Caesar Bryan continues:
“This is actually similar to other experiences that we’ve seen in the last year where there has been a very sharp, sudden pullback in the gold market. But what I can tell you is the seller was not looking to maximize his revenue from the sales and to market participants like myself and others this is strange. The design of the selling raises serious red flags and leaves some questions unanswered.
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