11 January 2012
SilverDoctors: Jim Willie: The US Dollar Paper Tiger
SilverDoctors: Jim Willie: The US Dollar Paper Tiger: SilverDoctors will now be publishing the full public Hat Trick Letters from Jim Willie. The US Dollar Paper Tiger *The USDollar is kept ...
US-Backed Terror Group Responsible For Assassination of Iranian Nuclear Scientist
Support for terrorist organization part of covert war to topple Iranian regime
Paul Joseph Watson
Infowars.com
Wednesday, January 11, 2012
The US-backed terrorist group Mujahedeen-e Khalq (MEK), in association with Israeli intelligence agency Mossad, was responsible for today’s car bomb attack in Tehran which killed Iranian nuclear scientist Mostafa Ahmadi Roshan, according to Israeli sources close to Jewish writer Richard Silverstein.
The scientist, a specialist working at the country’s Natanz’s uranium enrichment facility, was killed after a magnetic bomb was attached to the side of his car by two men on a motorcycle.
“My own confidential Israeli source confirms today’s murder was the work of the Mossad and MEK, as have been a number of previous operations I’ve reported here,” reports Silverstein.
Paul Joseph Watson
Infowars.com
Wednesday, January 11, 2012
The US-backed terrorist group Mujahedeen-e Khalq (MEK), in association with Israeli intelligence agency Mossad, was responsible for today’s car bomb attack in Tehran which killed Iranian nuclear scientist Mostafa Ahmadi Roshan, according to Israeli sources close to Jewish writer Richard Silverstein.
The scientist, a specialist working at the country’s Natanz’s uranium enrichment facility, was killed after a magnetic bomb was attached to the side of his car by two men on a motorcycle.
“My own confidential Israeli source confirms today’s murder was the work of the Mossad and MEK, as have been a number of previous operations I’ve reported here,” reports Silverstein.
Three Elements of Manipulation
Ted Butler
Finally, Commissioner Bart Chilton of the CFTC gave an interview this week with Jim Puplava that should interest you. http://www.financialsense.com/
A number of subscribers asked me if I would comment on what Commissioner Chilton had to say. In commenting, I can't help but try to be as objective as possible. For the record, I commend Chilton for the role he has taken on the important issues, like position limits, concentration and in addressing allegations of manipulation in silver. He is the only commissioner to have done so. I believe there would be no ongoing silver investigation were it not for him. I think he is one of the good guys and I started writing to him about these issues in 2007 http://www.investmentrarities.com
I agree with most of what Commissioner Chilton had to say, particularly about concentration and position limits and manipulation. I'm glad the interview was mostly about potential manipulation in the silver market. I'm going to skip over all the things I agree with Chilton on and confine my remarks to where I disagree with him. Agreement can be boring. Even though the disagreements are few, I believe they go to the heart of the matter.
Finally, Commissioner Bart Chilton of the CFTC gave an interview this week with Jim Puplava that should interest you. http://www.financialsense.com/
A number of subscribers asked me if I would comment on what Commissioner Chilton had to say. In commenting, I can't help but try to be as objective as possible. For the record, I commend Chilton for the role he has taken on the important issues, like position limits, concentration and in addressing allegations of manipulation in silver. He is the only commissioner to have done so. I believe there would be no ongoing silver investigation were it not for him. I think he is one of the good guys and I started writing to him about these issues in 2007 http://www.investmentrarities.com
I agree with most of what Commissioner Chilton had to say, particularly about concentration and position limits and manipulation. I'm glad the interview was mostly about potential manipulation in the silver market. I'm going to skip over all the things I agree with Chilton on and confine my remarks to where I disagree with him. Agreement can be boring. Even though the disagreements are few, I believe they go to the heart of the matter.
Bomb kills Iranian nuclear expert
ALI AKBAR DAREINI, Associated Press THE ASSOCIATED PRESS STATEMENT OF NEWS VALUES AND PRINCIPLES
TEHRAN, Iran (AP) — Two assailants on a motorcycle attached a magnetic bomb to the car of an Iranian university professor working at a key nuclear facility, killing him and his driver Wednesday, reports said. The slayings suggest a widening covert effort to set back Iran's atomic program.
The attack in Tehran bore a strong resemblance to earlier killings of scientists working on the Iranian nuclear program. It is certain to amplify authorities' claims of clandestine operations by Western powers and their allies to halt Iran's nuclear advances.
The blast killed Mostafa Ahmadi Roshan, a chemistry expert and a director of the Natanz uranium enrichment facility in central Iran, state TV reported. State news agency IRNA said Roshan had "organizational links" to Iran's nuclear agency, which suggests a direct role in key aspects of the program.
Natanz is Iran's main enrichment site, but officials claimed earlier this week that they are expanding some operations to an underground site south of Tehran with more advanced equipment.
The U.S. and its allies are pressuring Iran to halt uranium enrichment, a key element of the nuclear program that the West suspects is aimed at producing atomic weapons. Uranium enriched to low levels can be used as nuclear fuel but at higher levels, it can be used as material for a nuclear warhead.
TEHRAN, Iran (AP) — Two assailants on a motorcycle attached a magnetic bomb to the car of an Iranian university professor working at a key nuclear facility, killing him and his driver Wednesday, reports said. The slayings suggest a widening covert effort to set back Iran's atomic program.
The attack in Tehran bore a strong resemblance to earlier killings of scientists working on the Iranian nuclear program. It is certain to amplify authorities' claims of clandestine operations by Western powers and their allies to halt Iran's nuclear advances.
The blast killed Mostafa Ahmadi Roshan, a chemistry expert and a director of the Natanz uranium enrichment facility in central Iran, state TV reported. State news agency IRNA said Roshan had "organizational links" to Iran's nuclear agency, which suggests a direct role in key aspects of the program.
Natanz is Iran's main enrichment site, but officials claimed earlier this week that they are expanding some operations to an underground site south of Tehran with more advanced equipment.
The U.S. and its allies are pressuring Iran to halt uranium enrichment, a key element of the nuclear program that the West suspects is aimed at producing atomic weapons. Uranium enriched to low levels can be used as nuclear fuel but at higher levels, it can be used as material for a nuclear warhead.
Gold advances/Ted Butler/Greece/Iran/USA now asks to raise debt ceiling officially
Harvey Organ's - The Daily Gold and Silver Report
Gold finished the comex session at $1631.00 for a gain of 23.50 dollars. Silver had a stellar day rising by $1.02 to $29.78. The risk on trade was orchestrated by our elite bankers today as bourses throughout the globe rose. Please be careful if you trade gold and silver against these crooks. There is a lot to cover so first let us head over to the comex and assess trading, inventory movements and delivery notices filed.
The total comex OI (open interest) fell by 3,820 contracts as yesterday we had the orchestrated raid on our precious metals. The new OI rests tonight at 414,044 which I perceive to be in very strong hands. The front options expiry month of January saw its OI fall from 23 to 16 for a loss of 9 contracts. Yesterday we had 10 delivery notices so we gained 1 contract of additional gold oz standing and lost nothing to cash settlements.
The next big delivery month is February and we are 3 weeks away from first day notice. Here the OI fell very noticeably from 215,152 to 203,070. Some rolled and some just quit playing. The estimated volume today at the gold comex was pretty good at 196,924. The confirmed volume yesterday was 165,683 contracts.
The total silver comex OI fell by 1781 contracts from 106,526 to 104,745. We have witnessed that the silver OI has been in this narrow range between 104,000-106,000 for the past month. I would say we are also in strong hands tonight. The front options expiry month of January saw its OI fall from 93 to 57 for a loss of 36 contracts. We had 82 delivery notices yesterday so we again gained 46 contracts or 230,000 oz of additional silver standing and lost nothing to cash settlements. The next big delivery month for silver is March and here the OI fell by less than 1,000 contracts to rest tonight at 56,872. The estimated volume was not bad at 42,308 contracts. The confirmed volume yesterday was quite weak at 33,979.
Inventory Movements and Delivery Notices for Gold: Jan 10 2012:
Gold finished the comex session at $1631.00 for a gain of 23.50 dollars. Silver had a stellar day rising by $1.02 to $29.78. The risk on trade was orchestrated by our elite bankers today as bourses throughout the globe rose. Please be careful if you trade gold and silver against these crooks. There is a lot to cover so first let us head over to the comex and assess trading, inventory movements and delivery notices filed.
The total comex OI (open interest) fell by 3,820 contracts as yesterday we had the orchestrated raid on our precious metals. The new OI rests tonight at 414,044 which I perceive to be in very strong hands. The front options expiry month of January saw its OI fall from 23 to 16 for a loss of 9 contracts. Yesterday we had 10 delivery notices so we gained 1 contract of additional gold oz standing and lost nothing to cash settlements.
The next big delivery month is February and we are 3 weeks away from first day notice. Here the OI fell very noticeably from 215,152 to 203,070. Some rolled and some just quit playing. The estimated volume today at the gold comex was pretty good at 196,924. The confirmed volume yesterday was 165,683 contracts.
The total silver comex OI fell by 1781 contracts from 106,526 to 104,745. We have witnessed that the silver OI has been in this narrow range between 104,000-106,000 for the past month. I would say we are also in strong hands tonight. The front options expiry month of January saw its OI fall from 93 to 57 for a loss of 36 contracts. We had 82 delivery notices yesterday so we again gained 46 contracts or 230,000 oz of additional silver standing and lost nothing to cash settlements. The next big delivery month for silver is March and here the OI fell by less than 1,000 contracts to rest tonight at 56,872. The estimated volume was not bad at 42,308 contracts. The confirmed volume yesterday was quite weak at 33,979.
Inventory Movements and Delivery Notices for Gold: Jan 10 2012:
New FOMC Appointees Express Support for Stimulus
By jturbin
January 11, 2012 11:55 AM EST
Fed Chairman Ben Bernanke is receiving reinforcements in the form of new dovish members of the Federal Open Market Committee (FOMC) this year. And based on recent comments from the new central bankers, gold is likely to one of many beneficiaries of their monetary policies.
John Williams – President of the Federal Reserve Bank of San Francisco – and Sandra Pianalto – President of the Federal Reserve Bank of Cleveland – made their first public speeches as FOMC voting members yesterday. Both Williams and Pianalto expressed support for the slew of acoommodative monetary policies implemented by the U.S. central bank in recent years.
January 11, 2012 11:55 AM EST
Fed Chairman Ben Bernanke is receiving reinforcements in the form of new dovish members of the Federal Open Market Committee (FOMC) this year. And based on recent comments from the new central bankers, gold is likely to one of many beneficiaries of their monetary policies.
John Williams – President of the Federal Reserve Bank of San Francisco – and Sandra Pianalto – President of the Federal Reserve Bank of Cleveland – made their first public speeches as FOMC voting members yesterday. Both Williams and Pianalto expressed support for the slew of acoommodative monetary policies implemented by the U.S. central bank in recent years.
SilverDoctors: Fitch Tells Euro to Speed Up QE
SilverDoctors: Fitch Tells Euro to Speed Up QE: Fitch today told the Euro they better put the pedal on the QE gas or Italy's debt crisis will spiral out of hand, taking down the entire Eur...
SilverDoctors: "Bullish Macro Factors" to Drive Gold in 2012 Rath...
SilverDoctors: "Bullish Macro Factors" to Drive Gold in 2012 Rath...: London Gold Market update from Ben Traynor SPOT MARKET gold prices rose to a one-month high of just under 1647 per ounce Wednesday morning...
Consequences of Collapse: Access to Critical Medicines Is Disappearing in Greece
Mac Slavo
January 11th, 2012
SHTFplan.com
"In the midst of the Greek panic in 2010, for example, as Greece’s meltdown was in full swing and the people scrambled to get out of paper currencies, the price of gold, which was trading for around $1100 an ounce in the global commodity exchange marketplace, soared to over $1700 an ounce on the streets of Greece. In recent months, as Greece implements austerity measures and the unemployment rate sky rockets, its people have lost the ability to engage in traditional commerce because, simply put, they have no tangible income or money to do so. As a result, we’ve begun seeing a barter society emerge all over the country, making it possible for some people to directly exchange labor for consumptive goods and service."
January 11th, 2012
SHTFplan.com
"In the midst of the Greek panic in 2010, for example, as Greece’s meltdown was in full swing and the people scrambled to get out of paper currencies, the price of gold, which was trading for around $1100 an ounce in the global commodity exchange marketplace, soared to over $1700 an ounce on the streets of Greece. In recent months, as Greece implements austerity measures and the unemployment rate sky rockets, its people have lost the ability to engage in traditional commerce because, simply put, they have no tangible income or money to do so. As a result, we’ve begun seeing a barter society emerge all over the country, making it possible for some people to directly exchange labor for consumptive goods and service."
Senior Natanz executive slain in Tehran, US Navy, Air Force on Hormuz readiness
DEBKAfile Special Report January 11, 2012, 12:09 PM (GMT+02:00)
Forty-eight hours after Iran began advanced uranium enrichment in the fortified Fordo bunker near Tehran, Prof. Mostafa Ahmadi-Roshan, deputy director of the first uranium enrichment facility at Natanz, was killed early Wednesday, Jan. 11 by a sticky bomb planted on his car by two motorcyclists. It exploded near the Sharif technological university in northern Tehran.
The pair made their escape. Prof. Ahmadi-Roshan was the fourth Iranian nuclear scientist to be mysteriously assassinated in Tehran in two years. The same method of operation was used in a similar operation last year. Iran has blamed them all on Israel.
Tuesday, President Barack Obama received the Saudi foreign minister Saud al-Faisal. Their conversation was shrouded in secrecy, although no one doubts it focused on the conflict with Iran and the urgency of keeping open the main export outlet for the world's biggest oil suppliers, Saudi Arabia and the Gulf, through the Strait of Hormuz. The crisis in Syria must also have featured in their talks.
Shortly before the Saudi minister's arrival, US Navy and Air Force chiefs shed some light on preparations for an imminent operation to keep the Strait of Hormuz open to international shipping.
Forty-eight hours after Iran began advanced uranium enrichment in the fortified Fordo bunker near Tehran, Prof. Mostafa Ahmadi-Roshan, deputy director of the first uranium enrichment facility at Natanz, was killed early Wednesday, Jan. 11 by a sticky bomb planted on his car by two motorcyclists. It exploded near the Sharif technological university in northern Tehran.
The pair made their escape. Prof. Ahmadi-Roshan was the fourth Iranian nuclear scientist to be mysteriously assassinated in Tehran in two years. The same method of operation was used in a similar operation last year. Iran has blamed them all on Israel.
Tuesday, President Barack Obama received the Saudi foreign minister Saud al-Faisal. Their conversation was shrouded in secrecy, although no one doubts it focused on the conflict with Iran and the urgency of keeping open the main export outlet for the world's biggest oil suppliers, Saudi Arabia and the Gulf, through the Strait of Hormuz. The crisis in Syria must also have featured in their talks.
Shortly before the Saudi minister's arrival, US Navy and Air Force chiefs shed some light on preparations for an imminent operation to keep the Strait of Hormuz open to international shipping.
Goldman, Morgan Stanley both see much higher gold prices this year
Analysts at investment banks, Goldman Sachs and Morgan Stanley, both see gold moving sharply higher in 2012.
Goldman Sachs Group Inc. (GS) is staying “overweight” on commodities as a rebound in demand revives speculation of shortages, with gold a favorite for 2012 as investors seek a hedge against Europe's debt crisis.
Goldman Sachs Group Inc. (GS) is staying “overweight” on commodities as a rebound in demand revives speculation of shortages, with gold a favorite for 2012 as investors seek a hedge against Europe's debt crisis.
Gold rises high as physical demand emerges
Author: By Amanda Cooper (Reuters)
Posted: Wednesday , 11 Jan 2012
Gold's break to a one-month high of $1,646.90/oz has given investors more confidence to buy the metal and evidence of strong demand from major consuming nations further supported the market.
LONDON (Reuters) -
Gold rallied for a second day on Wednesday, hitting its highest in a month after a stronger euro helped boost the price above a key technical level and evidence of strong demand from major consuming nations further supported the market.
Gold has risen by 1.5 percent so far this week, in line with a modest pick-up in the euro, which is battling against fresh concerns about the ability of several euro zone nations to fund themselves given sovereign debt yields remain high and there is no immediate solution in sight to the crisis.
The gold price vaulted above the 200-day moving average around $1,635 an ounce on Tuesday, which prior to December's sell-off had marked an important level of support, but since then has acted as stiff overhead resistance.
Posted: Wednesday , 11 Jan 2012
Gold's break to a one-month high of $1,646.90/oz has given investors more confidence to buy the metal and evidence of strong demand from major consuming nations further supported the market.
LONDON (Reuters) -
Gold rallied for a second day on Wednesday, hitting its highest in a month after a stronger euro helped boost the price above a key technical level and evidence of strong demand from major consuming nations further supported the market.
Gold has risen by 1.5 percent so far this week, in line with a modest pick-up in the euro, which is battling against fresh concerns about the ability of several euro zone nations to fund themselves given sovereign debt yields remain high and there is no immediate solution in sight to the crisis.
The gold price vaulted above the 200-day moving average around $1,635 an ounce on Tuesday, which prior to December's sell-off had marked an important level of support, but since then has acted as stiff overhead resistance.
Fed Dismisses Economic Recovery
By: Michael Pento | Wed, Jan 11, 2012
The Fed is becoming more concerned about the sustainability of the U.S. recovery, just as the economy looks to be gaining momentum. The unemployment rate has dropped from 9.4% in December of 2010, to 8.5% twelve months later. The American economy has added 1.5 million jobs over the past year, according to the establishment survey of employment, while the household survey shows we have averaged a monthly gain of 230,000 jobs over the past six months. Meanwhile, the average work week and hourly earnings also showed improvement in the December Nonfarm payroll report. In addition, Gross Domestic Product has increased for nine consecutive quarters and is anticipated to post just under a 3% annualized growth in Q4 2011, up from 1.8% during the prior quarter.
So what was the Fed's reaction to this ostensibly better news? San Francisco Fed president John Williams told the WSJ in an interview conducted after the December's NFP report release that the central bank will have to buy more mortgage related bonds and that interest rates would not increase for a very long time. Here is his quote, "Unemployment is going to be sustained above a reasonable estimate of the natural rate of unemployment, which is closer to 6.5 percent than the 8.5 percent that we have now. That does make an argument that we should have more stimulus."
The Fed is becoming more concerned about the sustainability of the U.S. recovery, just as the economy looks to be gaining momentum. The unemployment rate has dropped from 9.4% in December of 2010, to 8.5% twelve months later. The American economy has added 1.5 million jobs over the past year, according to the establishment survey of employment, while the household survey shows we have averaged a monthly gain of 230,000 jobs over the past six months. Meanwhile, the average work week and hourly earnings also showed improvement in the December Nonfarm payroll report. In addition, Gross Domestic Product has increased for nine consecutive quarters and is anticipated to post just under a 3% annualized growth in Q4 2011, up from 1.8% during the prior quarter.
So what was the Fed's reaction to this ostensibly better news? San Francisco Fed president John Williams told the WSJ in an interview conducted after the December's NFP report release that the central bank will have to buy more mortgage related bonds and that interest rates would not increase for a very long time. Here is his quote, "Unemployment is going to be sustained above a reasonable estimate of the natural rate of unemployment, which is closer to 6.5 percent than the 8.5 percent that we have now. That does make an argument that we should have more stimulus."
Senior Staff Members Are Still Bleeding Out Of Morgan Stanley
Ben Walsh | Jan. 11, 2012, 11:06 AM
Across Wall Street, the New Year continues much as the old one ended: with layoffs.
The latest firm to reduce staff, particularly at a senior level, is Morgan Stanley.
The Financial Times is reporting that three senior members of Morgan Stanley's equities business have left the firm:
Across Wall Street, the New Year continues much as the old one ended: with layoffs.
The latest firm to reduce staff, particularly at a senior level, is Morgan Stanley.
The Financial Times is reporting that three senior members of Morgan Stanley's equities business have left the firm:
Fitch: Italy likely to be downgraded by end of January
There is a "significant" chance that Italy will have its credit rating downgraded this month, an executive at the ratings agency Fitch has said.
David Riley, Fitch's head of global sovereign ratings, cited the lack of a plan to halt the eurozone crisis, coupled with Italy's high debts.
Fitch warned last month that Italy and five other eurozone countries were all at risk of downgrade.
David Riley, Fitch's head of global sovereign ratings, cited the lack of a plan to halt the eurozone crisis, coupled with Italy's high debts.
Fitch warned last month that Italy and five other eurozone countries were all at risk of downgrade.
Nation’s Debt Passes Grim Milestone
The nation’s debt has reached a symbolic milestone. With gross domestic product of roughly $15 trillion and total debt of $15.23 trillion, our total debt is now bigger than our economy, as USA Today noted Monday.
What’s more, the Obama administration’s projections put our debt at more than $23 trillion by 2020, well in excess of the projected $22.5 trillion GDP. Analysts agree that the rising debt ratio is not good, but they can’t agree on just how bad it is, and while there’s at least some agreement among economists about how to fix the problem, lawmakers have no such common ground — which is one of the biggest hurdles to actually doing something about the debt dilemma.
What’s more, the Obama administration’s projections put our debt at more than $23 trillion by 2020, well in excess of the projected $22.5 trillion GDP. Analysts agree that the rising debt ratio is not good, but they can’t agree on just how bad it is, and while there’s at least some agreement among economists about how to fix the problem, lawmakers have no such common ground — which is one of the biggest hurdles to actually doing something about the debt dilemma.
'Now silver is your ticket to wealth'
By Gavin Mann
Unless vast reserves of Silver are discovered in the next few years, it is estimated that this precious metal could have less than 20 years supply before it is all gone. this shortage of supply and strong demand within industry is a recipe to one day elevating Silver to being the most valuable precious metal available, and priced even higher than Gold.
Silver is now one of the most sought after, and also now the rarest of the precious metals on the earth today. With approximately 15 years supply of Silver still left in the ground, and with over 1500+ Industrial applications, Silver is now in the spotlight of astute investors to grow, and also protect their Wealth Portfolios for the foreseeable future.
Unless vast reserves of Silver are discovered in the next few years, it is estimated that this precious metal could have less than 20 years supply before it is all gone. this shortage of supply and strong demand within industry is a recipe to one day elevating Silver to being the most valuable precious metal available, and priced even higher than Gold.
Silver is now one of the most sought after, and also now the rarest of the precious metals on the earth today. With approximately 15 years supply of Silver still left in the ground, and with over 1500+ Industrial applications, Silver is now in the spotlight of astute investors to grow, and also protect their Wealth Portfolios for the foreseeable future.
SilverDoctors: A Look Behind the Curtain
SilverDoctors: A Look Behind the Curtain: Money flows to the US are in the hundreds of billions of Euros. The 50 largest EU banks are seeing capital flowing from their vaults f...
SilverDoctors: "Bullish Macro Factors" to Drive Gold in 2012 Rath...
SilverDoctors: "Bullish Macro Factors" to Drive Gold in 2012 Rath...: London Gold Market update from Ben Traynor SPOT MARKET gold prices rose to a one-month high of just under 1647 per ounce Wednesday morning...
SilverDoctors: China's Gold Imports From Hong Kong Surge to Highe...
SilverDoctors: China's Gold Imports From Hong Kong Surge to Highe...: The run into Chinese Lunar New Year has again seen higher than expected Chinese demand for gold and China's voracious appetite for gold is s...
Corzine Sued by Montana Farmers Over MF Global Futures Account Money
By Karen Gullo - Jan 9, 2012 10:47 PM GMT+0100
Jon Corzine, former chief executive officer of collapsed commodity brokerage MF Global Holdings Ltd. (MFGLQ), was sued for fraud by Montana farmers who claim he oversaw the misappropriation of their commodity trading account funds.
The lawsuit filed today by three farmers and a cattle- raising operation in Montana seeks to represent a nationwide group of commodities futures customers whose money went missing amid the $41 billion bankruptcy of MF Global, parent of the futures brokerage that is being liquidated. A trustee is looking for $1.2 billion or more in money missing from commodity customers’ accounts.
Jon Corzine, former chief executive officer of collapsed commodity brokerage MF Global Holdings Ltd. (MFGLQ), was sued for fraud by Montana farmers who claim he oversaw the misappropriation of their commodity trading account funds.
The lawsuit filed today by three farmers and a cattle- raising operation in Montana seeks to represent a nationwide group of commodities futures customers whose money went missing amid the $41 billion bankruptcy of MF Global, parent of the futures brokerage that is being liquidated. A trustee is looking for $1.2 billion or more in money missing from commodity customers’ accounts.
Awaiting a Greek Payout
By LANDON THOMAS Jr.
Published: January 10, 2012
LONDON — Could Greece’s next rescue payout go straight into the pockets of London hedge funds?
That, more or less, is the bet that a growing number of investors are making now as they load up on Greek government securities that mature in March. That is when Athens hopes to receive a potentially make-or-break bailout payment — a lifeline of as much as 30 billion euros ($38 billion) from the European Union and the International Monetary Fund.
Published: January 10, 2012
LONDON — Could Greece’s next rescue payout go straight into the pockets of London hedge funds?
That, more or less, is the bet that a growing number of investors are making now as they load up on Greek government securities that mature in March. That is when Athens hopes to receive a potentially make-or-break bailout payment — a lifeline of as much as 30 billion euros ($38 billion) from the European Union and the International Monetary Fund.
Economic crisis means the Mafia is now ‘Italy’s number one bank’: report
Reuters Jan 10, 2012 – 2:31 PM ET
By James Mackenzie
ROME — Organized crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country’s biggest “bank” and squeezing the life out of thousands of small firms, according to a report on Tuesday.
Extortionate lending by criminal groups had become a “national emergency,” said the report by anti-crime group SOS Impresa.
By James Mackenzie
ROME — Organized crime has tightened its grip on the Italian economy during the economic crisis, making the Mafia the country’s biggest “bank” and squeezing the life out of thousands of small firms, according to a report on Tuesday.
Extortionate lending by criminal groups had become a “national emergency,” said the report by anti-crime group SOS Impresa.
Iran and the West Rediscover Oil as Weapon
By Alexander Jung and Bernhard Zand
Four decades after the 1973 oil shock, Iran and the West are once again embracing oil as a weapon. Tehran is threatening to block the Strait of Hormuz, while the industrialized countries are considering a boycott of Iranian oil. But both sides will suffer if such tactics are used.
Surprisingly enough, supertankers don't burn very well. Although the crude oil they transport is highly flammable, there is not enough oxygen in their tanks to create an explosive mixture.
On average, 14 of these giant tankers pass through the Strait of Hormuz, located between Iran and Oman, every day. If Iranian President Mahmoud Ahmadinejad actually ordered his forces to fire missiles at one of these tankers, quite a bit of firepower would be needed to set off a Hollywood-style inferno.
But the verbal attacks from Tehran are more than sufficient to set the global markets ablaze.
Last week, prices climbed significantly above the $100-a-barrel mark once again, despite all gloomy economic forecasts. Gasoline prices already reached an all-time high in Germany in 2011. And now the dispute over who controls the Persian Gulf, which has been triggered by Iran's nuclear policies, is a sign that further escalation is on the horizon.
Four decades after the 1973 oil shock, Iran and the West are once again embracing oil as a weapon. Tehran is threatening to block the Strait of Hormuz, while the industrialized countries are considering a boycott of Iranian oil. But both sides will suffer if such tactics are used.
Surprisingly enough, supertankers don't burn very well. Although the crude oil they transport is highly flammable, there is not enough oxygen in their tanks to create an explosive mixture.
On average, 14 of these giant tankers pass through the Strait of Hormuz, located between Iran and Oman, every day. If Iranian President Mahmoud Ahmadinejad actually ordered his forces to fire missiles at one of these tankers, quite a bit of firepower would be needed to set off a Hollywood-style inferno.
But the verbal attacks from Tehran are more than sufficient to set the global markets ablaze.
Last week, prices climbed significantly above the $100-a-barrel mark once again, despite all gloomy economic forecasts. Gasoline prices already reached an all-time high in Germany in 2011. And now the dispute over who controls the Persian Gulf, which has been triggered by Iran's nuclear policies, is a sign that further escalation is on the horizon.
The war dance is in full swing
By Victor Kotsev
If the most recent wave of escalations in the Middle East is a bluff, it is a very convincing one. Russian analysts speculate that a military intervention against either Syria or Iran (or both) could start by the end of the month; the latter is still hard to imagine, but the time frame seems to correspond to the nature of the developments and the rate at which they are being announced.
Barring a full-scale war in the Middle East in the next few weeks, we could think of what is happening on both sides as a modern version of a war dance, a dress rehearsal for a showdown and a spectacle for domestic consumption, for the enemy and for the international community alike.
If the most recent wave of escalations in the Middle East is a bluff, it is a very convincing one. Russian analysts speculate that a military intervention against either Syria or Iran (or both) could start by the end of the month; the latter is still hard to imagine, but the time frame seems to correspond to the nature of the developments and the rate at which they are being announced.
Barring a full-scale war in the Middle East in the next few weeks, we could think of what is happening on both sides as a modern version of a war dance, a dress rehearsal for a showdown and a spectacle for domestic consumption, for the enemy and for the international community alike.
10 January 2012
Iran sanctions bite
By Robert M Cutler
MONTREAL - The financial sanctions against Iran signed into law by United States President Barack Obama 10 days ago are having deeper financial effects than previous measures and highlight the regime's domestic political weakness.
Senior US officials will seek to implement the sanctions without damaging the global economy. A speculative rise in the price of oil could not only damage the tepid global economic recovery but also benefit Teheran's revenues in the short term.
The sanctions package in effect gives non-US firms the choice between doing business with the Iranian or with the American financial sector. If its provisions were to be implemented fully, any foreign financial institution (including even foreign central banks)
that transacted or facilitated purchases of Iranian oil would also be at risk of penalty.
MONTREAL - The financial sanctions against Iran signed into law by United States President Barack Obama 10 days ago are having deeper financial effects than previous measures and highlight the regime's domestic political weakness.
Senior US officials will seek to implement the sanctions without damaging the global economy. A speculative rise in the price of oil could not only damage the tepid global economic recovery but also benefit Teheran's revenues in the short term.
The sanctions package in effect gives non-US firms the choice between doing business with the Iranian or with the American financial sector. If its provisions were to be implemented fully, any foreign financial institution (including even foreign central banks)
that transacted or facilitated purchases of Iranian oil would also be at risk of penalty.
SilverDoctors: SF Fed Head Williams: Fed May Need to Buy More Bon...
SilverDoctors: SF Fed Head Williams: Fed May Need to Buy More Bon...: Because China, Japan, and Europe sure ain't buyin em! QE will continue To INFINITY....AND BEYOND!!! The Federal Reserve Bank of San Franc...
CME to raise stake in Dubai Mercantile Exchange
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Tue January 10, 2012 12:09 pm
UAE. CME Group Inc. (CME), the world’s largest futures exchange owner, is set to increase its holding in the Dubai Mercantile Exchange, according to Ahmad Sharaf, Chairman of the Dubai-based oil bourse.
The DME plans to raise money by offering more shares to existing investors this year, Sharaf said while attending a conference in Abu Dhabi today. The current roster of shareholders, which includes CME, a Dubai investment fund and the state of Oman, will remain the same, with only the size of their stakes changing, he said.
“The CME wants to expand its presence in the DME,” Sharaf said. He declined to give details on the timing or the size of the capital increase.
CME offers clearing services for trades done on the DME and supports swaps and options contracts that are based on the Dubai exchange’s main Oman oil futures contract.
Threat to Hormuz shipping seen receding
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Tue January 10, 2012 12:22 pm
INTERNATIONAL. Iran is unlikely to shut down shipping through the Strait of Hormuz in response to Western sanctions targeting its oil exports, President Barack Obama’s former adviser on Iran said.
Oil prices fell yesterday as concern eased that Iran would attempt to impede shipping through the Strait, which accounts for about a fifth of the oil traded globally. The decline occurred even as tensions increased, with Iran announcing it has taken another step in its nuclear program and that it had sentenced to death a former U.S. soldier of Iranian descent accused of spying.
“Do I really think that they’re going to go ahead and try to shut down the Straits of Hormuz?” Dennis Ross, who served two years on the National Security Council as Obama’s special assistant on Iran, said yesterday in an interview at Bloomberg’s office in Washington. “I do not. They will be the ones who suffer the most from that.”
An Iranian newspaper January 8 cited a senior commander of the Revolutionary Guard Corps, Ali Ashraf Nouri, as saying Iran’s leadership has decided to prevent shipping through the Strait if Iran’s “enemies block the export of our oil,” according to the Associated Press.
Iran plans one-kiloton underground nuclear test in 2012
DEBKAfile Special Report January 10, 2012, 11:19 AM (GMT+02:00)
According to debkafile's Iranian sources, Tehran is preparing an underground test of a one-kiloton nuclear device during 2012, much like the test carried out by North Korea in 2006. Underground facilities are under construction in great secrecy behind the noise and fury raised by the start of advanced uranium enrichment at Iran's fortified, subterranean Fordo site near Qom.
All the sanctions imposed so far for halting Iran's progress toward a nuclear weapon have had the reverse effect, stimulating rather than cooling its eagerness to acquire a bomb.
Yet, according to a scenario prepared by the Institute for National Security Studies (INSS) at Tel Aviv University for the day after an Iranian nuclear weapons test, Israel was resigned to a nuclear Iran and the US would offer Israel a defense pact while urging Israel not to retaliate.
As quoted by the London Times Monday, Jan. 1, INSS experts, headed by Gen. (ret.) Giora Eiland, a former head of Israel's National Security Council, deduced from a simulation study they staged last week that. Their conclusion is that neither the US nor Israel will use force to stop Iran's first nuclear test which they predicted would take place in January 2013.
According to debkafile's Iranian sources, Tehran is preparing an underground test of a one-kiloton nuclear device during 2012, much like the test carried out by North Korea in 2006. Underground facilities are under construction in great secrecy behind the noise and fury raised by the start of advanced uranium enrichment at Iran's fortified, subterranean Fordo site near Qom.
All the sanctions imposed so far for halting Iran's progress toward a nuclear weapon have had the reverse effect, stimulating rather than cooling its eagerness to acquire a bomb.
Yet, according to a scenario prepared by the Institute for National Security Studies (INSS) at Tel Aviv University for the day after an Iranian nuclear weapons test, Israel was resigned to a nuclear Iran and the US would offer Israel a defense pact while urging Israel not to retaliate.
As quoted by the London Times Monday, Jan. 1, INSS experts, headed by Gen. (ret.) Giora Eiland, a former head of Israel's National Security Council, deduced from a simulation study they staged last week that. Their conclusion is that neither the US nor Israel will use force to stop Iran's first nuclear test which they predicted would take place in January 2013.
Euro-Gold makes impulsive move higher, Silver breaks US$30 per ounce
Source: BullionVault.com , Author: Adrian Ash
Posted: Tue January 10, 2012 3:48 pm
INTERNATIONAL. The wholesale London spot gold price touched a 3-week high against the US Dollar in London on Tuesday morning, trading just shy of US$1,640 an ounce as world stock markets and industrial commodities also rose.
Silver bullion prices jumped above US$30 per ounce, rising more than 4.5% from last week's close, as German government Bunds eased back but other Eurozone bond prices ticked higher, edging interest rates lower.
Ahead of Thursday's meeting of the European Central Bank – widely expected to cut interest rates across the 330 million-citizen currency zone below 1.00% – the Euro currency edged up to its highest level since Friday lunchtime at US$1.28, some 1¢ above Sunday night's 16-month low vs. the Dollar.
"Precious metals are benefiting from a broad-based buying across asset classes," says Marc Ground at Standard Bank.
Gold Confiscation, a Reality? Part 2
By: Julian D. W. Phillips | Tue, Jan 10, 2012
Currency Debasement and Price Stability Risks
Despite the small moves in exchange rates between the U.S. dollar and the euro, confidence and trust has been debased. Looking forward to 2012, we see that deflation is becoming a rising danger. After the decay in 2011 that has hammered confidence in the euro, the need to issue more and more 'new' money is growing. The Eurozone is moving into recession (if it is not already in one). The Eurozone is more than likely to lose one or more of its weaker members -this will be good for the euro itself though--so liquidity shortages may force more money supply growth already exceptionally high in many countries.
Despite the 40-year long campaign to prevent gold from returning to any active role in the developed world's monetary system, gold remains the only universally-accepted currency whose supply cannot be increased by policy-makers. The equivalent of money issuance for gold is new mine production, which has been on a relatively flat trend for the past ten years.
Currency Debasement and Price Stability Risks
Despite the small moves in exchange rates between the U.S. dollar and the euro, confidence and trust has been debased. Looking forward to 2012, we see that deflation is becoming a rising danger. After the decay in 2011 that has hammered confidence in the euro, the need to issue more and more 'new' money is growing. The Eurozone is moving into recession (if it is not already in one). The Eurozone is more than likely to lose one or more of its weaker members -this will be good for the euro itself though--so liquidity shortages may force more money supply growth already exceptionally high in many countries.
Despite the 40-year long campaign to prevent gold from returning to any active role in the developed world's monetary system, gold remains the only universally-accepted currency whose supply cannot be increased by policy-makers. The equivalent of money issuance for gold is new mine production, which has been on a relatively flat trend for the past ten years.
Why Silver For A Monetary Collapse? Part 2
By: Hubert Moolman | Tue, Jan 10, 2012
In part 1, I stated:
"We are at the edge of a major economic crisis. Our monetary system is the underlying cause of this major crisis. The massive debt bubble created by our monetary system is about to burst. The demonetization of gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system.
The process of the devaluation of gold and silver, started by the demonetization of gold and silver, is about to reverse at a greater speed than ever before. This is similar to what happened during the late 70s, when the gold and silver price increased significantly. However, what happened in the 70's was just a prelude to this coming rally. The 70's was the end of a cycle, this is likely the end of a major cycle; an end of an era of the debt-based monetary system (dishonest money)."
What this debt-based monetary system has done, is to create what I call a "mirror-effect", whereby, silver (and gold) is pushed down in value, to a similar extent as to which paper assets such as general stocks are pushed up in value. This mirror-effect clearly shows up on the long-term charts of gold, silver and the Dow.
Here (in part 2), I would like to show how this "mirror effect" of silver versus the assets linked to the debt-based monetary system (general stocks in this case), shows up on the long-term charts.
In part 1, I stated:
"We are at the edge of a major economic crisis. Our monetary system is the underlying cause of this major crisis. The massive debt bubble created by our monetary system is about to burst. The demonetization of gold and silver, has over the years diverted value from these metals, to all paper assets (such as bonds) linked to the debt-based monetary system.
The process of the devaluation of gold and silver, started by the demonetization of gold and silver, is about to reverse at a greater speed than ever before. This is similar to what happened during the late 70s, when the gold and silver price increased significantly. However, what happened in the 70's was just a prelude to this coming rally. The 70's was the end of a cycle, this is likely the end of a major cycle; an end of an era of the debt-based monetary system (dishonest money)."
What this debt-based monetary system has done, is to create what I call a "mirror-effect", whereby, silver (and gold) is pushed down in value, to a similar extent as to which paper assets such as general stocks are pushed up in value. This mirror-effect clearly shows up on the long-term charts of gold, silver and the Dow.
Here (in part 2), I would like to show how this "mirror effect" of silver versus the assets linked to the debt-based monetary system (general stocks in this case), shows up on the long-term charts.
Gold Will Continue as Most Favored Investment
By Esther Tanquintic-Misa: Subscribe to Esther's RSS feed
January 9, 2012 10:24 PM EST
Although it has yet to regain its footing since its end-quarter 2011 jaw-dropping fall, gold will continue as the world's most favored investment pick to cushion oneself against the threat of global financial meltdown.
What's more, with its lowered trading price, investment appetite and intrigue is all the more pricked, pushing investors to buy the commodity.
Greece Bank Run Shows No Sign Of Stopping: Deposit Outflows Continue In November
The year is not over yet, and already Greece's banks have lost €36.7 billion of their deposit base in 2011, and a whopping €64.6 billion since the beginning of 2010, which is down from €233 billion to €173 billion in under two years.
Hungary Folds, Ready To Change Its Laws To Get European Bailout Money
If there is any one more vivid confirmation of Mayer Rothschild words "Let me issue and control a nation's money and I care not who writes the laws" then we have yet to find it. Today Hungary, which had "valiantly" defied Europe and the IMF in ignoring pressure to make its central bank more "malleable" finally folded, following a recent explosion in its bond yields, a surge in CDS to records, and a collapse in its currency.
Reversal of Fortune: Soros Said to Buy Gold Again Late Last Year
Friday, 06 Jan 2012 11:15 AM
By Forrest Jones
Legendary financier George Soros returned to buying gold in late 2011 after selling it earlier, and is due to reap the benefits later this year when Fed policies will likely weaken the dollar and send the precious metal climbing, Emerging Money reports.
In the first quarter of 2011, Soros Fund Management sold almost all its shares in the SPDR Gold Trust and the iShares Gold Trust exchange-traded funds, Bloomberg reports, citing SEC data.
Gold later fell in 2011 as the dollar resumed its safe-haven status on sentiment that the U.S. economy was set to improve and somewhat decouple itself from Europe's woes.
Read more: Reversal of Fortune: Soros Said to Buy Gold Again Late Last Year
Important: Can you afford to Retire? Shocking Poll Results
By Forrest Jones
Legendary financier George Soros returned to buying gold in late 2011 after selling it earlier, and is due to reap the benefits later this year when Fed policies will likely weaken the dollar and send the precious metal climbing, Emerging Money reports.
In the first quarter of 2011, Soros Fund Management sold almost all its shares in the SPDR Gold Trust and the iShares Gold Trust exchange-traded funds, Bloomberg reports, citing SEC data.
Gold later fell in 2011 as the dollar resumed its safe-haven status on sentiment that the U.S. economy was set to improve and somewhat decouple itself from Europe's woes.
Read more: Reversal of Fortune: Soros Said to Buy Gold Again Late Last Year
Important: Can you afford to Retire? Shocking Poll Results
'Gold may break records and hit $2000/oz in 2012'
NEW YORK (Commodity Online): The year 2012 will be a grand year for gold, positioning the precious metal for its 11th straight year of gains, said Hunter Wise Commodities, a precious metal wholesale dealer firm. Although Gold prices have fallen 16 percent since reaching a record $1,900 an ounce in September, financial analysts across the globe predict that prices will sky rocket in the year ahead.
Why silver has hit rock bottom
P. Radomski
The new year started off with a bang with precious metals out-shining the competition. Is this a harbinger of things to come? We think so and we are not alone. Forecasts for Gold for 2012 include a price per ounce of $2,200 by Morgan Stanley, $2,050 by UBS, and $2,000 by Barclays.
There are some issues hanging over the economy in 2012 that will determine if the upcoming year will also be a disappointment.
To see what is likely to happen in the precious metals market in the nearest future, let's begin the technical part with the analysis of Silver (charts courtesy by http://stockcharts.com.)
Summing up, the situation in silver appears to be very bullish at this time based on the long-term indicators. Overall, the situation appears to be quite bullish since long-term indicators carry more weight than short-term signals.
Source: sunshineprofits
The new year started off with a bang with precious metals out-shining the competition. Is this a harbinger of things to come? We think so and we are not alone. Forecasts for Gold for 2012 include a price per ounce of $2,200 by Morgan Stanley, $2,050 by UBS, and $2,000 by Barclays.
There are some issues hanging over the economy in 2012 that will determine if the upcoming year will also be a disappointment.
To see what is likely to happen in the precious metals market in the nearest future, let's begin the technical part with the analysis of Silver (charts courtesy by http://stockcharts.com.)
Summing up, the situation in silver appears to be very bullish at this time based on the long-term indicators. Overall, the situation appears to be quite bullish since long-term indicators carry more weight than short-term signals.
Source: sunshineprofits
People Want More Coins, That's A Good Sign For The Economy
by David Kestenbaum
All the instability in the global economy this year has been good for the United States Mint. People in search of a safe place to put their money have been buying gold and silver coins in record numbers.
"Precious metal coins were up $800 million dollars last year and that's approximately thirty some percent," says Richard Peterson, deputy director of the Mint.
All the instability in the global economy this year has been good for the United States Mint. People in search of a safe place to put their money have been buying gold and silver coins in record numbers.
"Precious metal coins were up $800 million dollars last year and that's approximately thirty some percent," says Richard Peterson, deputy director of the Mint.
SilverDoctors: 2012 Silver Eagle Sales Nearly 4 Million for 1st W...
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SilverDoctors: Gold Climbs Above 200 DMA, Silver Rallies $1
SilverDoctors: Gold Climbs Above 200 DMA, Silver Rallies $1: Gold has rallied nearly $30 to $1641.70 this morning, strongly through and above its 200 day moving average, which currently sits near $1630...
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SilverDoctors: PSLV Premium to Net Asset Value Passes 34%!
SilverDoctors: PSLV Premium to Net Asset Value Passes 34%!: PSLV's premium to net asset value (NAV) reached 34.22% Monday! This means that should a PSLV shareholder decide to redeem their shares fo...
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SilverDoctors: US Tensions Increasing with China
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SilverDoctors: 1 Million Ounces of Silver Withdrawn From JPM & Sc...
SilverDoctors: 1 Million Ounces of Silver Withdrawn From JPM & Sc...: Massive inventory continued in COMEX Silver warehouses Friday, with a large adjustment into Delaware's registered vaults, and over one milli...
SilverDoctors: Gasparino: Break-Up of CME on the Table
SilverDoctors: Gasparino: Break-Up of CME on the Table: Charlie Gasparino of FOX Business states that sources have told him that " a break-up of the CME is on the table " over the lack of CME regu...
90% of Dutch Gold Reserve Is Held Abroad
By Jaco Schipper
Saturday, January 7, 2012
Thursday night Knot gave a live interview to the television program "Nieuwsuur" in which he announced that about 40 percent of Dutch pensioners will soon face reduced pensions. Knot also argued for mortgage tax reduction to address the excessive indebtedness of Dutch households, which is about 120 percent of gross national product. Perhaps most interesting, Knot allowed "Nieuwsuur" to film in the central bank's vault, where the Dutch audience saw what is not there.
Based on the footage shown on Thursday and additional images found at the central bank's Internet site, we had already calculated that there are some 4,500 gold bars located in the bank's vault. Our calculation showed that there are at least 56 tons of gold stored in Amsterdam, possibly more, we speculated, in the form of gold coins. We proved to be not far off, as Friday night the definitive answer was given by Knot himself.
In a follow-up by "Nieuwsuur" Friday night (see below), Knot disclosed that some 67 tons of Netherlands government gold, worth 3 billion euros, is kept in Amsterdam. Knot acknowledged on camera that this is only a small portion of the Dutch gold reserve. For practical reasons, he said, most of the 612.5 tons of official gold reserve is held abroad, so that "if the Dutch central bank wants to sell some of its gold, we don't have to ship it."
Saturday, January 7, 2012
Thursday night Knot gave a live interview to the television program "Nieuwsuur" in which he announced that about 40 percent of Dutch pensioners will soon face reduced pensions. Knot also argued for mortgage tax reduction to address the excessive indebtedness of Dutch households, which is about 120 percent of gross national product. Perhaps most interesting, Knot allowed "Nieuwsuur" to film in the central bank's vault, where the Dutch audience saw what is not there.
Based on the footage shown on Thursday and additional images found at the central bank's Internet site, we had already calculated that there are some 4,500 gold bars located in the bank's vault. Our calculation showed that there are at least 56 tons of gold stored in Amsterdam, possibly more, we speculated, in the form of gold coins. We proved to be not far off, as Friday night the definitive answer was given by Knot himself.
In a follow-up by "Nieuwsuur" Friday night (see below), Knot disclosed that some 67 tons of Netherlands government gold, worth 3 billion euros, is kept in Amsterdam. Knot acknowledged on camera that this is only a small portion of the Dutch gold reserve. For practical reasons, he said, most of the 612.5 tons of official gold reserve is held abroad, so that "if the Dutch central bank wants to sell some of its gold, we don't have to ship it."
09 January 2012
Dudley of N.Y. Fed to Head Organization of Central Bankers
By MARK SCOTT
LONDON — William C. Dudley, the current president of the Federal Reserve Bank of New York, has been appointed chairman of the Committee on the Global Financial System, a central bank forum for monitoring and examining issues relating to financial markets and systems.
Before his role at the Federal Reserve Bank of New York, Mr. Dudley worked at Goldman Sachs from 1986 to 2007, and was the bank’s chief United States economist for 10 years.
His new position as chairman of the Committee on the Global Financial System, part of the Bank for International Settlements, an association of the world’s central banks,
LONDON — William C. Dudley, the current president of the Federal Reserve Bank of New York, has been appointed chairman of the Committee on the Global Financial System, a central bank forum for monitoring and examining issues relating to financial markets and systems.
Before his role at the Federal Reserve Bank of New York, Mr. Dudley worked at Goldman Sachs from 1986 to 2007, and was the bank’s chief United States economist for 10 years.
His new position as chairman of the Committee on the Global Financial System, part of the Bank for International Settlements, an association of the world’s central banks,
Swiss central bank chief quits over wife's currency deal
BERNE |
(Reuters) - Swiss National Bank Chairman Philipp Hildebrand resigned with immediate effect on Monday, saying he could not prove he had been unaware of a currency trade made by his wife and wanted to protect the integrity of the central bank.
Hildebrand's decision to relinquish one of the world's top central banking jobs after just two years came as Swiss parliamentarians met to discuss the scandal, which erupted last week after Sarasin bank sacked an employee who leaked details of the trade to a political opponent of the central banker.
Hildebrand's wife Kashya, a former hedge fund trader who now runs a Zurich art gallery, bought 400,000 Swiss francs ($418,000) worth of dollars on August 15, three weeks before her husband oversaw steps to cap the rise of the safe-haven franc. She later sold the dollars at a higher rate.
At a news conference four days ago, Hildebrand had resisted calls to step down, saying he only learned of his wife's trade the day after she made it and rejecting claims that he had personally authorized the currency deal.
But he told reporters on Monday he could not provide final evidence that he had been unaware of the trade and had decided to step down as he realized the intense public scrutiny over the affair was compromising his credibility.
"I have come to the conclusion that it is not possible to provide conclusive and final evidence that my wife did indeed initiate the foreign exchange transaction on the 15th August without my knowledge," he said.
Europe Has A Much Bigger Problem Than Debt, And Nobody Has Any Clue How To Fix It
Michael Pettis, China Financial Markets | Jan. 9, 2012, 1:42 PM
Europe’s underlying problem is not budget deficits or even unsustainable debt. These are mainly symptoms.
The real problem with Europe is the huge divergence in costs between the core and the periphery – in the past decade costs between Germany and some of the peripheral countries have diverged by anywhere from 20% to 40%.
This divergence has made the latter uncompetitive and has resulted in the massive trade imbalances within Europe.
Trade imbalances, of course, are the obverse of capital imbalances, and the surge in debt in peripheral Europe in the past decade – debt owed ultimately to Germany and the other core countries – was the inevitable consequence of those capital flow imbalances. While European policymakers alternatively sweat and shiver over fiscal deficits, surging government debt, and collapsing banks, there is almost no prospect of their resolving the European crisis until they address the divergence in costs. Of course if they don’t resolve this problem, the problem will be resolved for them in the form of a break-up of the euro.
Europe’s underlying problem is not budget deficits or even unsustainable debt. These are mainly symptoms.
The real problem with Europe is the huge divergence in costs between the core and the periphery – in the past decade costs between Germany and some of the peripheral countries have diverged by anywhere from 20% to 40%.
This divergence has made the latter uncompetitive and has resulted in the massive trade imbalances within Europe.
Trade imbalances, of course, are the obverse of capital imbalances, and the surge in debt in peripheral Europe in the past decade – debt owed ultimately to Germany and the other core countries – was the inevitable consequence of those capital flow imbalances. While European policymakers alternatively sweat and shiver over fiscal deficits, surging government debt, and collapsing banks, there is almost no prospect of their resolving the European crisis until they address the divergence in costs. Of course if they don’t resolve this problem, the problem will be resolved for them in the form of a break-up of the euro.
DYLAN RATIGAN: How We Can Stop Corporate Communists, Banksters And Other Vampires From Sucking America Dry
This is an excerpt from Dylan Ratigan's 'Greedy Bastards, How We Can Stop Corporate Communists, Banksters and Other Vampires from Sucking America Dry.'
Chapter 1: Trillion Dollar Vampires
Imagine an ordinary man so desperate that he decides to rob a bank. For years, he’s worked a steady job, but when he loses that job, the only work he can find is as a part-time clerk in a convenience store.
Still, he makes do. He cuts his expenses and relies on a little help from his family, though he hates to do so. Then he starts to develop health troubles. He’s nearly sixty years old, and he needs foot surgery. He develops crippling back pain and a frightening bone protrusion sticking out of his chest. He can no longer lift the stock he is supposed to load onto the shelves at the store. Although he could move in with his sister, he doesn’t want to be a burden, and he knows that she can’t afford to pay for his health care out of pocket any better than he can. So what choices does he have? He goes into the local bank and slips the teller a note. It demands $1—and health care.
This is not a fantasy, and the man wasn’t crazy. He was thinking clearly about a crazy situation. Jail, he realized, was the one place where he could get health care without bankrupting himself and his family. “Because he only asked for $1,” Yahoo! News reported, “he was charged with larceny, not bank robbery. But he said that if his punishment isn’t severe enough, he plans to tell the judge that he’ll do it again. His $100,000 bond has been reduced to $2,000, but he says he doesn’t plan to pay it.” Jail, he said, was the best of his bad options.
Chapter 1: Trillion Dollar Vampires
Imagine an ordinary man so desperate that he decides to rob a bank. For years, he’s worked a steady job, but when he loses that job, the only work he can find is as a part-time clerk in a convenience store.
Still, he makes do. He cuts his expenses and relies on a little help from his family, though he hates to do so. Then he starts to develop health troubles. He’s nearly sixty years old, and he needs foot surgery. He develops crippling back pain and a frightening bone protrusion sticking out of his chest. He can no longer lift the stock he is supposed to load onto the shelves at the store. Although he could move in with his sister, he doesn’t want to be a burden, and he knows that she can’t afford to pay for his health care out of pocket any better than he can. So what choices does he have? He goes into the local bank and slips the teller a note. It demands $1—and health care.
This is not a fantasy, and the man wasn’t crazy. He was thinking clearly about a crazy situation. Jail, he realized, was the one place where he could get health care without bankrupting himself and his family. “Because he only asked for $1,” Yahoo! News reported, “he was charged with larceny, not bank robbery. But he said that if his punishment isn’t severe enough, he plans to tell the judge that he’ll do it again. His $100,000 bond has been reduced to $2,000, but he says he doesn’t plan to pay it.” Jail, he said, was the best of his bad options.
SilverDoctors: FED Considering Expansion into Principle Reduction...
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Venezuela will not recognize World Bank ruling in Exxon case
CARACAS |
(Reuters) - Venezuelan President Hugo Chavez said on Sunday that his country would not recognize any ruling by a World Bank tribunal in a multibillion-dollar arbitration case with Exxon Mobil Corp.
Exxon took Venezuela to the World Bank's International Center for Settlement of Investment Disputes, or ICSID, seeking as much as $12 billion in compensation after Chavez ordered the nationalization of the Cerro Negro oil project in 2007.
"I tell you now: we will not recognize any decision by ICSID," Chavez said during a televised speech. He has repeatedly accused the U.S. oil major of using unfair deals in the past to "rob" the South American OPEC member of its resources.
"They are immoral ... How much could they steal in 50 years? Who would dare launch this madness without any foundation? They wanted $12 billion. From where, compadre?" he said.
"We are not going to bow before imperialism and its tentacles, understand that ... They are trying the impossible: to get us to pay them. We are not going to pay them anything."
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SilverDoctors: China Increases Easing to Prevent Slow-Down: China will also participate in QE to Infinity.... AND BEYOND!!!! The stronger-than-expected lending and money supply figures suggested ...
Physical silver hits a record 30% premium over spot
By Tyler Durden
One of the main reasons why we have been not so focused on paper representations of real currencies (i.e., Gold and silver) is that ever since the MF Global debacle, in which it became all too clear that if physical gold can be "hypothecated" via conflicting ownership, then there is no way that paper versions of precious metals are viable and indeed credible. After all, the only real owner at the end of the day is the certificate holder, which as we have explained before, is none other than DTCC's Cede & Co. Good luck collecting when the daisy chain of counterparties starts falling.
Which leaves physical. And for a good sense of what the "real" price of the metal is, not one determined by institutions whose interest it is to preserve the hegemony of paper, one can either try to procure gold and Silver at a retail merchant, or one can look to the premium of a dedicated physical ETF over spot. Such as Eric Sprott's PSLV which as of today is trading at an all time high premium of 30%! In other words, someone is willing to pay up to 30% over spot for the right to be closer to the physical metal than merely have a paper claim on a paper claim (pre hyper rehypothecation and what not).
One of the main reasons why we have been not so focused on paper representations of real currencies (i.e., Gold and silver) is that ever since the MF Global debacle, in which it became all too clear that if physical gold can be "hypothecated" via conflicting ownership, then there is no way that paper versions of precious metals are viable and indeed credible. After all, the only real owner at the end of the day is the certificate holder, which as we have explained before, is none other than DTCC's Cede & Co. Good luck collecting when the daisy chain of counterparties starts falling.
Which leaves physical. And for a good sense of what the "real" price of the metal is, not one determined by institutions whose interest it is to preserve the hegemony of paper, one can either try to procure gold and Silver at a retail merchant, or one can look to the premium of a dedicated physical ETF over spot. Such as Eric Sprott's PSLV which as of today is trading at an all time high premium of 30%! In other words, someone is willing to pay up to 30% over spot for the right to be closer to the physical metal than merely have a paper claim on a paper claim (pre hyper rehypothecation and what not).
Weak Dollar, Chinese Buying Supporting Gold Prices
January 9, 2012 5:49 AM EST
A weakening dollar combined with bargain hunting, short covering and Chinese physical demand Monday to lift gold prices modestly.
The steady gains so far this year, however, leave the metal shy of its critical 200-day moving average in the $1,630 area, a target that if reached could spark a return to levels seen last year.
Although Indian demand was weak, Barclays Capital said in a note, "demand from China remains healthy ahead of the Lunar holidays, volumes traded on the Shanghai Gold Exchange have started the year on a positive note, exceeding the lower volumes traded in November and early December."
The dollar spent the day declining in Asian and European trading, which offered support for gold. The dollar index, which gauges the strength of the greenback against a basket of six major currencies, including the euro, was down 0.33 percent to 81.32.
Iran: we will close the Strait of Hormuz if our oil exports are blocked
TEHRAN (Commodity Online): OPEC member Iran has issued a warning that if its Crude Oil exports are blocked in any way, it will go ahead and completely close down the Strait of Hormuz. Iran is the second largest oil producer in the OPEC.
Ali Ashraf Nouri was quoted by the Khorasan Daily as saying that "The supreme authorities … have insisted that if enemies block the export of our oil, we won't allow a drop of oil to pass through the Strait of Hormuz. This is the strategy of the Islamic Republic in countering such threats”. Nouri is the a senior commander of Iran's revolutionary guard.
Ali Ashraf Nouri was quoted by the Khorasan Daily as saying that "The supreme authorities … have insisted that if enemies block the export of our oil, we won't allow a drop of oil to pass through the Strait of Hormuz. This is the strategy of the Islamic Republic in countering such threats”. Nouri is the a senior commander of Iran's revolutionary guard.
Russian, French warships off Syria, Iran, US drones over Iranian coast
DEBKAfile Special Report January 9, 2012, 10:21 AM (GMT+02:00)
US, Russian French and British air and naval forces streamed to the Syrian and Iranian coasts over the weekend on guard for fresh developments at the two Middle East flashpoints.
The Russian carrier Admiral Kuznetsov anchored earlier than planned at Syria's Tartus port on the Mediterranean Sunday, Jan. 8, arriving together with the destroyer Admiral Chabanenko and frigate Yaroslav Mudry.
To counter this movement, France consigned an air defense destroyer Forbin to the waters off Tartus.
debkafile's military sources report a buildup in the last 48 hours of western naval forces opposite Iran in the Persian Gulf and Arabian Sea in readiness for Tehran to carry out its threat to close the Strait of Hormuz.
Britain has dispatched the HMS Daring, a Type 45 destroyer armed with new technology for shooting down missiles, to the Sea of Oman, due to arrive at the same time as the French Charles de Gaulle aircraft carrier.
Our sources report too that Saturday, the giant RQ-4 Global Hawk UAV, took off from the USS Stenning aircraft carrier for surveillance over the coasts of Iran. The Stennis and its strike group are cruising in the Sea of Oman at the entrance to the Strait of Hormuz after Tehran announced it would not be allowed to cross through.
US, Russian French and British air and naval forces streamed to the Syrian and Iranian coasts over the weekend on guard for fresh developments at the two Middle East flashpoints.
The Russian carrier Admiral Kuznetsov anchored earlier than planned at Syria's Tartus port on the Mediterranean Sunday, Jan. 8, arriving together with the destroyer Admiral Chabanenko and frigate Yaroslav Mudry.
To counter this movement, France consigned an air defense destroyer Forbin to the waters off Tartus.
debkafile's military sources report a buildup in the last 48 hours of western naval forces opposite Iran in the Persian Gulf and Arabian Sea in readiness for Tehran to carry out its threat to close the Strait of Hormuz.
Britain has dispatched the HMS Daring, a Type 45 destroyer armed with new technology for shooting down missiles, to the Sea of Oman, due to arrive at the same time as the French Charles de Gaulle aircraft carrier.
Our sources report too that Saturday, the giant RQ-4 Global Hawk UAV, took off from the USS Stenning aircraft carrier for surveillance over the coasts of Iran. The Stennis and its strike group are cruising in the Sea of Oman at the entrance to the Strait of Hormuz after Tehran announced it would not be allowed to cross through.
Gold prices may touch $ 2,000 an ounce in 2012: Study
NEW DELHI: Gold prices are likely to increase for the third consecutive year and would touch a record high of USD 2,000 an ounce in 2012, said a survey.
According to the annual London Bullion Market Association (LBMA) survey which covered 26 precious metal analysts, the average forecast for the precious metal for 2012 is USD 1,766 per ounce.
The average forecast for gold this year (USD 1,766 per ounce), a 12.34 per cent rise from average price in 2011 and a 10.2 per cent increase compared to the price in the first week of January, 2012.
Out of the 26 contributors to the survey, 19 expect gold to cross the USD 2,000 per ounce level in 2012.
Gold soared to an all time high in 2011 on strong demand as precious metals are considered as a 'safe-haven investment' in times of economic turmoil and rising inflation.
According to the annual London Bullion Market Association (LBMA) survey which covered 26 precious metal analysts, the average forecast for the precious metal for 2012 is USD 1,766 per ounce.
The average forecast for gold this year (USD 1,766 per ounce), a 12.34 per cent rise from average price in 2011 and a 10.2 per cent increase compared to the price in the first week of January, 2012.
Out of the 26 contributors to the survey, 19 expect gold to cross the USD 2,000 per ounce level in 2012.
Gold soared to an all time high in 2011 on strong demand as precious metals are considered as a 'safe-haven investment' in times of economic turmoil and rising inflation.
Gold Traders More Bullish After Bear Market Averted: Commodities
By Nicholas Larkin
Jan. 6 (Bloomberg) -- Gold traders are the most bullish in a month as Europe’s deepening debt crisis and increasing tensions over Iran drove the metal to its longest winning streak since October.
Ten of 22 surveyed by Bloomberg expect the metal to gain next week and five were neutral, the highest proportion since Dec. 9. The U.S. Mint sold 45,500 ounces of American Eagle gold coins this month, compared with 65,500 ounces in the whole of December and 41,000 in November, data on its website showed.
Britain and France will press the European Union to stop Iranian crude imports at a Jan. 30 meeting, in response to the country’s nuclear program. Iran is threatening to retaliate by blocking the Strait of Hormuz, a key chokepoint for global oil supplies. Greek Prime Minister Lucas Papademos warned his nation may face economic collapse as soon as March. Investors are holding a near-record amount of gold through exchange-traded products after the metal rose for an 11th consecutive year.
“European sovereign-debt risk and the geopolitical risk of the Iranian situation escalating should support gold,” said Mark O’Byrne, executive director of Dublin-based GoldCore Ltd., a brokerage that sells everything from quarter-ounce British Sovereigns to 400-ounce bars. “Gold’s safe-haven attributes will continue to be in demand.”
Jan. 6 (Bloomberg) -- Gold traders are the most bullish in a month as Europe’s deepening debt crisis and increasing tensions over Iran drove the metal to its longest winning streak since October.
Ten of 22 surveyed by Bloomberg expect the metal to gain next week and five were neutral, the highest proportion since Dec. 9. The U.S. Mint sold 45,500 ounces of American Eagle gold coins this month, compared with 65,500 ounces in the whole of December and 41,000 in November, data on its website showed.
Britain and France will press the European Union to stop Iranian crude imports at a Jan. 30 meeting, in response to the country’s nuclear program. Iran is threatening to retaliate by blocking the Strait of Hormuz, a key chokepoint for global oil supplies. Greek Prime Minister Lucas Papademos warned his nation may face economic collapse as soon as March. Investors are holding a near-record amount of gold through exchange-traded products after the metal rose for an 11th consecutive year.
“European sovereign-debt risk and the geopolitical risk of the Iranian situation escalating should support gold,” said Mark O’Byrne, executive director of Dublin-based GoldCore Ltd., a brokerage that sells everything from quarter-ounce British Sovereigns to 400-ounce bars. “Gold’s safe-haven attributes will continue to be in demand.”
Complex Systems, Dysfunctional Industries, and Catastrophic Collapse
Goldman Sachs execs must cringe every time they pass a newsstand where the latest Rolling Stone is calling their company a "vampire squid".
REPORT: Goldman Sachs And Morgan Stanley Bankers Will Take Huge Pay Cuts
At Goldman Sachs Group Inc., many of the roughly 400 partners can expect to see their 2011 pay cut at least in half from 2010, according to people familiar with the situation. Pay for some employees in the New York company's fixed-income trading business will shrink by 60%, with some workers getting no bonus, these people said.
Morgan Stanley is expected to shrink bonuses for some investment bankers and traders by 30% to 40% from 2010, said people familiar with the matter.
Morgan Stanley is expected to shrink bonuses for some investment bankers and traders by 30% to 40% from 2010, said people familiar with the matter.
Panic Mode? The Netherlands Urged to Repatriate Gold Reserves Held Overseas
By Esther Tanquintic-Misa: Subscribe to Esther's RSS feed
January 9, 2012 12:16 AM EST
Notwithstanding how good current relations may be between the Netherlands and the U.S., once global investor confidence waned on the American dollar, the Dutch could still lose the gold reserves it placed in full trust in various strategic vaults in the US. Call it perhaps survivor's instinct.
Gold experts in the Netherlands advised the federal government it should start facilitating the repatriation of its gold reserves from the U.S. , as well as from Great Britain and Canada, after the Dutch central bank (DNB) confirmed a Dutch newspaper report by the de Volkskrant that revealed much of the country's reserves of the yellow metal are not within the country.
Dutch gold experts all the more got restless when American commentator Jim Richards, according to the Radio Netherlands Worldwide, said the US government has the power to confiscate whatever foreign gold reserves it holds in the event global interest on the dollar decelerated, still owing to the global fiscal crisis that had shaken the fiscal stability of the much developed economies.
'Gold is great, so too is silver'
In this exclusive interview with James Turk, he discussed gold, but let’s start off with what he had to say about silver: “Whenever I look at Silver I keep going back to the wonderful blog piece you wrote on October 18th, titled, ‘Is Silver the Next Apple?’ That long-term chart of Apple conveys an important message. Despite five major corrections, over ten years, shares of Apple, nevertheless, rose 70 fold. If you were shaken out on any of those corrections, you would have missed one of greatest bull moves in history.”
James Turk continues:
“So that readers globally can get a visual of how violent some of the corrections in Apple have been, I am including a long-term chart of AAPL below. As was mentioned in your October 18th piece, there were five major corrections in Apple, ranging from 27% to 82%, which long-term investors had to endure in order to make 70 times their money.
James Turk continues:
“So that readers globally can get a visual of how violent some of the corrections in Apple have been, I am including a long-term chart of AAPL below. As was mentioned in your October 18th piece, there were five major corrections in Apple, ranging from 27% to 82%, which long-term investors had to endure in order to make 70 times their money.
Gold: Don't let the selling depress you
By Jeff Clark
Depite a few short-term fixes, there remains no real resolution to the sovereign debt issues in many European countries. We're certainly not spending less money here in the US, and now we're bailing out Europe via currency swaps with the European Central Bank. So shouldn't Gold Prices be rising?
Yes, but nothing happens in a vacuum. There are some simple explanations as to why Gold Prices remain in a funk.
-The MF Global bankruptcy, the seventh-largest in US history, forced a high degree of liquidation of commodities futures contracts, including gold. Many institutional investors had to sell whether they wanted to or not. This is similar to why big declines in the stock market can force funds and other large investors to sell some gold to raise cash for margin calls or meet redemption requests.
Depite a few short-term fixes, there remains no real resolution to the sovereign debt issues in many European countries. We're certainly not spending less money here in the US, and now we're bailing out Europe via currency swaps with the European Central Bank. So shouldn't Gold Prices be rising?
Yes, but nothing happens in a vacuum. There are some simple explanations as to why Gold Prices remain in a funk.
-The MF Global bankruptcy, the seventh-largest in US history, forced a high degree of liquidation of commodities futures contracts, including gold. Many institutional investors had to sell whether they wanted to or not. This is similar to why big declines in the stock market can force funds and other large investors to sell some gold to raise cash for margin calls or meet redemption requests.
SilverDoctors: LBMA Gold Trading Volume Would Have Been "Unthinka...
SilverDoctors: LBMA Gold Trading Volume Would Have Been "Unthinka...: £10 trillion worth of paper gold was traded on the LBMA in 2011, an average of £157 billion a day! What do you think will happen when £10...
SilverDoctors: Ron Paul Polling at 35% in New Hampshire
SilverDoctors: Ron Paul Polling at 35% in New Hampshire: -According to some 2nd grade arithmetic. CBS just happened to neglect reporting the 2nd place candidate however. Do they think no one will...
08 January 2012
Iran crosses another nuclear red line. Fordo soon on stream
DEBKAfile Exclusive Report January 8, 2012, 10:15 AM (GMT+02:00)
Tehran media trumpeted the news Sunday, Jan. 8 that Iran's deep underground uranium enrichment site at Fordo near Qom goes stream soon, thereby crossing another line in its faceoff with the West on its weapons program. The head of Iran's Atomic Energy Organization Fereydoun Abbasi Davani told the Kayhan daily: ... 20 percent, 3.5 percent and four percent enriched uranium can be produced at this site." debkafile's military sources report that 60 percent is equally feasible, just one step before weapons grade.
Israel's Defense Minister Ehud Barak warned in a number of interviews to US media that once the Fordo plant becomes operational, Iran's nuclear bomb program will become immune to military attack and be able to operate out of the sight of Israeli and Western surveillance.
Tehran media trumpeted the news Sunday, Jan. 8 that Iran's deep underground uranium enrichment site at Fordo near Qom goes stream soon, thereby crossing another line in its faceoff with the West on its weapons program. The head of Iran's Atomic Energy Organization Fereydoun Abbasi Davani told the Kayhan daily: ... 20 percent, 3.5 percent and four percent enriched uranium can be produced at this site." debkafile's military sources report that 60 percent is equally feasible, just one step before weapons grade.
Israel's Defense Minister Ehud Barak warned in a number of interviews to US media that once the Fordo plant becomes operational, Iran's nuclear bomb program will become immune to military attack and be able to operate out of the sight of Israeli and Western surveillance.
American, British, Israeli and Iranian Warships Sailing Towards Confrontation
The U.S. and Israel are conducting their largest-ever joint warfare exercises near Iran. And see this.
England is sending its most advanced ship – the HMS Daring – to the region.
Only days after finishing its last wargames in the Strait of Hormuz, Iran has announced another set of wargames in February.
US fed money printing may start sooner than expected
By Bill Bonner
We have a feeling that 2012 is not going to be a great year for money you get from the ground. Oddly, it will probably be a better year for the money you get from trees.
How is that possible? We all know paper money is going to be worthless. Yes...dear reader...but not necessarily in 2012. It's just part of the curious way Mr. Market does business...and a feature of his nasty habit of ruining as many investors as possible.
Look, it's pretty simple. The private sector debt bubble blew up in 2008. The public sector debt bubble will blow up too. Maybe in 2012. Most likely not for a while longer. But when US debt begins to blow up, the feds will come in with everything they've got trying to stop it.
And all they've got is a printing press. Ben Bernanke:
..the US government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many US Dollars as it wishes at essentially no cost...
We have a feeling that 2012 is not going to be a great year for money you get from the ground. Oddly, it will probably be a better year for the money you get from trees.
How is that possible? We all know paper money is going to be worthless. Yes...dear reader...but not necessarily in 2012. It's just part of the curious way Mr. Market does business...and a feature of his nasty habit of ruining as many investors as possible.
Look, it's pretty simple. The private sector debt bubble blew up in 2008. The public sector debt bubble will blow up too. Maybe in 2012. Most likely not for a while longer. But when US debt begins to blow up, the feds will come in with everything they've got trying to stop it.
And all they've got is a printing press. Ben Bernanke:
..the US government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many US Dollars as it wishes at essentially no cost...
'Reasons why silver to hit $50 in April 2012'
By Ted Butler
I believe the short squeeze that took Silver to $49.73 in April has taught the commercials how tight the physical silver market actually is, and that the commercials "appear to have no interest in massively shorting silver again". As a result, I look for silver to make massive gains in the near futures, as the commercials turn and go net long, resulting in $50 silver appearing "cheap" in the near future.
The big commercial silver shorts had a near death experience when the price approached $50 in April. They were at the end of their rope and needed to do something in a hurry. That’s why they rigged prices lower; so that they could buy and save themselves.
I believe the short squeeze that took Silver to $49.73 in April has taught the commercials how tight the physical silver market actually is, and that the commercials "appear to have no interest in massively shorting silver again". As a result, I look for silver to make massive gains in the near futures, as the commercials turn and go net long, resulting in $50 silver appearing "cheap" in the near future.
The big commercial silver shorts had a near death experience when the price approached $50 in April. They were at the end of their rope and needed to do something in a hurry. That’s why they rigged prices lower; so that they could buy and save themselves.
SilverDoctors: 6 Month Gold Lease Rate Plunges to Bull Market Low...
SilverDoctors: 6 Month Gold Lease Rate Plunges to Bull Market Low...: In September and December, plunging gold lease rates foresaw big smashes in gold and silver. While gold's 1 month and 3 month lease rates h...
Iran, Russia Replace Dollar with National Currencies in Trade Exchanges
TEHRAN (FNA)- Iran and Russia have replaced US Dollar with their own currencies in their trade ties, a senior Iranian diplomat announced on Saturday.
Speaking to FNA, Tehran's Ambassador to Moscow Seyed Reza Sajjadi said that the proposal for replacing US Dollar with Ruble and Rial was raised by Russian President Dmitry Medvedev in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Astana on the sidelines of the Shanghai Cooperation Organization (SCO) meeting.
"Since then, we have acted on this basis and a part of our interactions is done in Ruble now," Sajjadi stated, adding that many Iranian traders are using Ruble for their trade deals.
Speaking to FNA, Tehran's Ambassador to Moscow Seyed Reza Sajjadi said that the proposal for replacing US Dollar with Ruble and Rial was raised by Russian President Dmitry Medvedev in a meeting with his Iranian counterpart Mahmoud Ahmadinejad in Astana on the sidelines of the Shanghai Cooperation Organization (SCO) meeting.
"Since then, we have acted on this basis and a part of our interactions is done in Ruble now," Sajjadi stated, adding that many Iranian traders are using Ruble for their trade deals.
SilverDoctors: As Default Nears, Italy Begins Capital Controls
SilverDoctors: As Default Nears, Italy Begins Capital Controls: New Italian PM Mario Monti has mandated a cap on cash transactions in Italy of 1,000 euros, and reportedly wishes to gradually reduce this t...
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