12 January 2012
SilverDoctors: Consumer Comfort Highest in Six Months?
SilverDoctors: Consumer Comfort Highest in Six Months?: Sterling may be have a great time hanging out in Greece today eating his popcorn watching the Greece 1 year bond pass 400% . Meanwhile we...
Russian Move Against US Called “First Shot” Of World War III
By Sorcha Faal
A grim Ministry of Finance report prepared for Prime Minister Putin is warning today that the decision by Iran to cease taking US Dollars for its oil could very be the “first shot” fired in World War III, and one which Russia will be blamed for by the Obama regime.
According to this report, Iran swiftly countered planed US sanctions against its Central Bank yesterday by announcing that it will no longer accept the US Dollar as payment for its oil shipments to India, Japan and China, and further announced that bilateral trade between itself and Russia will, also, break from the US Dollar for settlement in favor of the Iranian Rial and Russian Rubles.
Euro Collapse Means Flight To Precious Metals For Investors
Posted by David Morgan on January 12, 2012
Tracy Weslosky: Happy New Year, David. It’s our first Currency Countdown for 2012, how are you today?
David Morgan: I’m well, thank you, Tracy.
Tracy Weslosky: Well let’s talk about what’s happening with the Euro. I’d like to start about the bonds and the impact from the collapse of the Euro. Where do you want to begin?
David Morgan: The overall conditions in Euro, in my view and many commentators is the Eurozone continues to deteriorate, and we’re in a situation where you just cannot get this group of individual countries banded together for political purposes on an economic basis that it is equal for everybody. It’s impossible, and the markets are bearing that out. So strength in one area, weakness in another, and that will continue. As the old adage goes, a chain is as strong as its weakest link. The weak links are several.
You’ve got Spain, Italy, Greece, and others, Ireland. And they’re basically in a depression, these countries. And there’s all kinds of people literally in the streets. So even though France might look good today, and Germany might look good today and the last week or so and there’s all kinds of commentary about resolution of problems and the ECB coming to the rescue. In my view it’s a smoke screen; things are deteriorating basically before our eyes.
Tracy Weslosky: Happy New Year, David. It’s our first Currency Countdown for 2012, how are you today?
David Morgan: I’m well, thank you, Tracy.
Tracy Weslosky: Well let’s talk about what’s happening with the Euro. I’d like to start about the bonds and the impact from the collapse of the Euro. Where do you want to begin?
David Morgan: The overall conditions in Euro, in my view and many commentators is the Eurozone continues to deteriorate, and we’re in a situation where you just cannot get this group of individual countries banded together for political purposes on an economic basis that it is equal for everybody. It’s impossible, and the markets are bearing that out. So strength in one area, weakness in another, and that will continue. As the old adage goes, a chain is as strong as its weakest link. The weak links are several.
You’ve got Spain, Italy, Greece, and others, Ireland. And they’re basically in a depression, these countries. And there’s all kinds of people literally in the streets. So even though France might look good today, and Germany might look good today and the last week or so and there’s all kinds of commentary about resolution of problems and the ECB coming to the rescue. In my view it’s a smoke screen; things are deteriorating basically before our eyes.
Gold Is Absolute Money!
By Richard Russell
The following is an excerpt from Richard Russell's Dow Theory Letters
For a decade I have been urging my subscribers to move into gold — either physical bullion or other wise. Now I am at it again: PLEASE MOVE INTO GOLD. Those who think gold has lapsed into a bear market simply do not know what they are talking about. Gold has simply been correcting in an on-going bull market.
This is a time when almost every central bank in the world is grinding out paper currency, grinding it out by the car-load. This is a time when people are searching for safety. People are frightened and confused. Where is the land of safety?
There is only one safe asset on the planet: that safe asset is gold. Uninformed people believe gold is just a commodity. Wrong, gold is absolute money. Gold alone is the world's only completely safe currency. Gold has no counter-party against it, and no central bank has ever found a way to create gold.
The following is an excerpt from Richard Russell's Dow Theory Letters
For a decade I have been urging my subscribers to move into gold — either physical bullion or other wise. Now I am at it again: PLEASE MOVE INTO GOLD. Those who think gold has lapsed into a bear market simply do not know what they are talking about. Gold has simply been correcting in an on-going bull market.
This is a time when almost every central bank in the world is grinding out paper currency, grinding it out by the car-load. This is a time when people are searching for safety. People are frightened and confused. Where is the land of safety?
There is only one safe asset on the planet: that safe asset is gold. Uninformed people believe gold is just a commodity. Wrong, gold is absolute money. Gold alone is the world's only completely safe currency. Gold has no counter-party against it, and no central bank has ever found a way to create gold.
Cashless Society: India Implements First Biometric ID Program for all of its 1.2 Billion Residents
Brandon Turbeville
Infowars.com
January 12, 2012
"Over the past few months, I have written several articles dealing with the coming cashless society and the developing technological control grid. I also have written about the surge of government attempts to gain access to and force the use of biometric data for the purposes of identification, tracking, tracing, and surveillance.<
Unfortunately, the reactions I receive from the general public are almost always the same. While some recognize the danger, most simply deny that governments have the capability or even the desire to create a system in which the population is constantly monitored by virtue of their most private and even biological information. Others, either gripped by apathy or ignorance, cannot believe that the gadgets given to them from the massive tech corporations are designed for anything other than their entertainment and enjoyment."
Infowars.com
January 12, 2012
"Over the past few months, I have written several articles dealing with the coming cashless society and the developing technological control grid. I also have written about the surge of government attempts to gain access to and force the use of biometric data for the purposes of identification, tracking, tracing, and surveillance.<
Unfortunately, the reactions I receive from the general public are almost always the same. While some recognize the danger, most simply deny that governments have the capability or even the desire to create a system in which the population is constantly monitored by virtue of their most private and even biological information. Others, either gripped by apathy or ignorance, cannot believe that the gadgets given to them from the massive tech corporations are designed for anything other than their entertainment and enjoyment."
Central Banks 'Printing Money Like Gangbusters': Gross
By: Margo D. Beller
Special to CNBC.com
Published: Wednesday, 11 Jan 2012 | 5:13 PM ET
The world's central banks are "printing money like gangbusters," which could revive the threat of inflation [cnbc explains] , Pimco founder Bill Gross told CNBC Wednesday.
By putting "hundreds of billions" in currency in circulation, the central banks "can produce reflation—that's why we’re seeing the pop in oil, gold" and other commodities, he said in a live interview.
Special to CNBC.com
Published: Wednesday, 11 Jan 2012 | 5:13 PM ET
The world's central banks are "printing money like gangbusters," which could revive the threat of inflation [cnbc explains] , Pimco founder Bill Gross told CNBC Wednesday.
By putting "hundreds of billions" in currency in circulation, the central banks "can produce reflation—that's why we’re seeing the pop in oil, gold" and other commodities, he said in a live interview.
German exports fall/Rumours of French downgrade/Huge gold imports into China/ ECB deposits of Euros at record levels again.
Wednesday, January 11, 2012
Good evening Ladies and Gentlemen:
Gold closed up by $8.20 to 1639.20. Silver rose by 8 cents to $29.86. Since the gold shares have languished all day today, it is almost a certainty and the bankers will raid tomorrow. I urge you to please to do play with these crooks. There are many facilities available to buy the physical precious metals. The leverage business is now out so the only way you will win is to buy physical gold and silver and be thankful that you paid below the real price of these metals.
Before heading over the comex, the rumours of the street was an imminent French downgrading of their coveted AAA rating:
(courtesy GATA)
"Major banks advising clients that France has been put on 12hr notice regarding its AAA rating"
09:49 French Treasury source says France has not been informed of any imminent decision regarding its credit rating -- Reuters
* There have been rumors, again, that a sovereign rating downgrade for France is coming and today's version of the rumor indicated France had been given 12 hours notice
* €/$ 1.2700
Let us head over to the comex and assess trading, inventory movements and amounts of metal standing for delivery.
The total gold comex rose by 3879 contracts as gold rose by almost $24.00 yesterday. The bankers no doubt supplied much of the paper gold. The front options expiry month of January mysteriously saw its OI rise from 16 to 30 for a gain of 14 contracts despite one delivery notice yesterday. Thus we gained 15 contracts or 1500 oz of gold standing. The next big delivery month is February and here the OI fell from 203,070 to 193,494 as those that needed to roll, did so. The estimated volume today was very low at 125,399. The confirmed volume yesterday was pretty good at 205,864.
The total silver comex OI continues in its narrow channel path. Today the OI rests at 104,345 a drop of exactly 400 contracts from yesterday. The front options expiry month of silver also saw its OI rise from 57 to 83 for a gain of 26 contracts despite a delivery of 42 contracts yesterday. We thus had a huge 68 contract increase in additional silver standing or 340,000 oz. The next big delivery month is March and here the OI fell by around 500 contracts to 56,387. The estimated volume today was a touch higher than normal at 37,257. The confirmed volume yesterday came in at 43,989. The volumes in the silver comex have been noticeably weaker these past several weeks.
Exclusive Interview – James Turk: “There’s Physical Gold and Paper Gold–The Closer You Are to Physical the Higher the Price”
January 11, 2012 | By Tekoa Da Silva
"On the value of the precious metals and expectations for 2012 James commented, “With regard to gold and silver themselves, I think we’ve seen the low for the year. I think we’re going to clear $2,000oz. on gold before too long and I think $100 silver is quite reasonable. Something over $2,000oz. this year seems likely, and something over $50oz. perhaps as high as $100 per oz. on silver seems to me the most reasonable course...The mining stocks are still on the runway [ready for takeoff]. The runway is this trading range they’ve been in for the last couple years now…Eventually they’re going to break out of these trading ranges to the upside, and they’re going to take off. Hopefully it’s going to be the first quarter of this year because I’m expecting much higher prices on both gold and silver as we work our way to the end of the first quarter.”"
"On the value of the precious metals and expectations for 2012 James commented, “With regard to gold and silver themselves, I think we’ve seen the low for the year. I think we’re going to clear $2,000oz. on gold before too long and I think $100 silver is quite reasonable. Something over $2,000oz. this year seems likely, and something over $50oz. perhaps as high as $100 per oz. on silver seems to me the most reasonable course...The mining stocks are still on the runway [ready for takeoff]. The runway is this trading range they’ve been in for the last couple years now…Eventually they’re going to break out of these trading ranges to the upside, and they’re going to take off. Hopefully it’s going to be the first quarter of this year because I’m expecting much higher prices on both gold and silver as we work our way to the end of the first quarter.”"
Turkey halts Iranian arms corridor to Syria, balks at nuclear Iran
DEBKAfile Exclusive Report January 12, 2012, 10:46 AM (GMT+02:00)
When IDF Military Intelligence chief Maj.-Gen. Aviv Kochavi accused Iran and Hizballah Wednesday, Jan. 11of directly helping Bashar Assad repress the uprising against him with arms, Turkey had just taken a stand against the Iranian corridor running weapons to Syria via its territory, debkafile's military sources report.
Earlier this week, Ankara reported halting five Iranian trucks loaded with weapons for Syria at the Killis Turkish-Syrian border crossing and impounding its freight. According to our intelligence sources, the Iranian convoy was not really stopped at Killis but at the eastern Turkish Dobubayazit border crossing with Iran, near Mount Ararat. This supply route for Syria had been going strong for months. Ankara's decision to suspend it has reduced its volume by 60 percent.
When IDF Military Intelligence chief Maj.-Gen. Aviv Kochavi accused Iran and Hizballah Wednesday, Jan. 11of directly helping Bashar Assad repress the uprising against him with arms, Turkey had just taken a stand against the Iranian corridor running weapons to Syria via its territory, debkafile's military sources report.
Earlier this week, Ankara reported halting five Iranian trucks loaded with weapons for Syria at the Killis Turkish-Syrian border crossing and impounding its freight. According to our intelligence sources, the Iranian convoy was not really stopped at Killis but at the eastern Turkish Dobubayazit border crossing with Iran, near Mount Ararat. This supply route for Syria had been going strong for months. Ankara's decision to suspend it has reduced its volume by 60 percent.
French Resignation to Losing AAA Shifts Focus to Size of Cut: Euro Credit
By Mark Deen - Jan 12, 2012 1:03 PM GMT+0100
After weeks of handwringing about a possible loss of France’s top credit rating, President Nicolas Sarkozy now gives a Gallic shrug.
Investors are interpreting the insouciance -- with Sarkozy saying that losing the AAA rating isn’t “insurmountable” -- to mean that France has accepted the inevitable. The question now is whether Standard & Poor’s will follow through with a threat of a two-level cut.
Sarkozy’s shift, intended to ready voters for the blow ahead of April’s presidential elections, contributed to the increase in the premium France pays over Germany to borrow for 10 years. Since Dec. 5, when S&P said that it may downgrade 15 euro nations amid a deepening regional debt crisis, the spread has widened by 32 percent to 122 basis points.
“They’re preparing the ground for something they see as inevitable,” said Nicola Marinelli, who manages $150 million at Glendevon King Asset Management in London. “The market is expecting France to be a strong AA; expecting it to be AA+. If any rating change goes lower than that the spread with Germany can widen further.”
France, Europe’s second-largest economy and the No. 2 backer of the region’s rescue fund after Germany, was singled out among the six euro-region holders of the top AAA rating by S&P as the one that risked a two-level lowering of its credit rating. The country’s downgrade would affect the rating of the European Financial Stability Fund, making the bailout of the region’s troubled economies more expensive.
After weeks of handwringing about a possible loss of France’s top credit rating, President Nicolas Sarkozy now gives a Gallic shrug.
Investors are interpreting the insouciance -- with Sarkozy saying that losing the AAA rating isn’t “insurmountable” -- to mean that France has accepted the inevitable. The question now is whether Standard & Poor’s will follow through with a threat of a two-level cut.
Sarkozy’s shift, intended to ready voters for the blow ahead of April’s presidential elections, contributed to the increase in the premium France pays over Germany to borrow for 10 years. Since Dec. 5, when S&P said that it may downgrade 15 euro nations amid a deepening regional debt crisis, the spread has widened by 32 percent to 122 basis points.
“They’re preparing the ground for something they see as inevitable,” said Nicola Marinelli, who manages $150 million at Glendevon King Asset Management in London. “The market is expecting France to be a strong AA; expecting it to be AA+. If any rating change goes lower than that the spread with Germany can widen further.”
France, Europe’s second-largest economy and the No. 2 backer of the region’s rescue fund after Germany, was singled out among the six euro-region holders of the top AAA rating by S&P as the one that risked a two-level lowering of its credit rating. The country’s downgrade would affect the rating of the European Financial Stability Fund, making the bailout of the region’s troubled economies more expensive.
China Gets Cheaper Iran Oil
By Indira A.R. Lakshmanan and Gopal Ratnam - Jan 12, 2012 4:20 AM GMT+0100
China stands to be the biggest beneficiary of U.S. and European plans for sanctions on Iran’s oil sales in an effort to pressure the regime to abandon its nuclear program.
As European Union members negotiate an Iranian oil embargo and the U.S. begins work on imposing sanctions to complicate global payments for Iranian oil, Chinese refiners already may be taking advantage of the mounting pressure. China is demanding discounts and better terms on Iranian crude, oil analysts and sanctions advocates said in interviews.
“The sanctions against Iran strengthen the Chinese hand at the negotiating table,” Michael Wittner, head of oil-market research for Societe Generale SA in New York, said in a phone interview. Chinese refiners are likely to win discounts on Iranian crude contracts as buyers from other nations halt or reduce their purchases of Iranian oil to avoid being penalized by U.S. and European sanctions, he said.
China stands to be the biggest beneficiary of U.S. and European plans for sanctions on Iran’s oil sales in an effort to pressure the regime to abandon its nuclear program.
As European Union members negotiate an Iranian oil embargo and the U.S. begins work on imposing sanctions to complicate global payments for Iranian oil, Chinese refiners already may be taking advantage of the mounting pressure. China is demanding discounts and better terms on Iranian crude, oil analysts and sanctions advocates said in interviews.
“The sanctions against Iran strengthen the Chinese hand at the negotiating table,” Michael Wittner, head of oil-market research for Societe Generale SA in New York, said in a phone interview. Chinese refiners are likely to win discounts on Iranian crude contracts as buyers from other nations halt or reduce their purchases of Iranian oil to avoid being penalized by U.S. and European sanctions, he said.
Abu Dhabi Islamic Bank introduces Capital Protected Gold Notes
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Thu January 12, 2012 12:46 pm
UAE. As part of Abu Dhabi Islamic Bank’s (ADIB) customer-centric strategy to present customized and targeted products and services, the bank today announced the launch of its Capital Protected Gold Notes that can be combined with a selection of mutual funds.
Depending on the risk tolerance and profile of investors, they can choose one of three investment options. The 80% Capital Protected Gold Note, the 98% Capital Protected Gold Note or the combination of the 98% Gold Note with selected mutual funds. Investors have the option of investing in whichever note best suits their risk tolerance and investment objectives.
Posted: Thu January 12, 2012 12:46 pm
UAE. As part of Abu Dhabi Islamic Bank’s (ADIB) customer-centric strategy to present customized and targeted products and services, the bank today announced the launch of its Capital Protected Gold Notes that can be combined with a selection of mutual funds.
Depending on the risk tolerance and profile of investors, they can choose one of three investment options. The 80% Capital Protected Gold Note, the 98% Capital Protected Gold Note or the combination of the 98% Gold Note with selected mutual funds. Investors have the option of investing in whichever note best suits their risk tolerance and investment objectives.
Gold jumps above $1,650 uncertainty continues to cap gains
Author: Jan Harvey (Reuters)
Posted: Thursday , 12 Jan 2012
While a stronger euro, on the back of a successful Spanish bond sale, helped boost the yellow metal, an upcoming ECB interest rate decision curbed investor enthusiasm
Posted: Thursday , 12 Jan 2012
While a stronger euro, on the back of a successful Spanish bond sale, helped boost the yellow metal, an upcoming ECB interest rate decision curbed investor enthusiasm
BofA Is Suing A Florida Couple Over A Mortgage Typo They Never Even Made
Mandi Woodruff | Jan. 12, 2012, 11:14 AM
For an institution that's had its fair share of PR pitfalls, Bank of America certainly hasn't been doing itself any favors lately.
Now a Bloomington, Fla. couple is crying foul over the lender's decision to sue them over a home they purchased – in full – nearly a decade before.
Barbara and Rick Borchers told Tampa Bay Online they thought it was somebody's idea of a joke when they were served with the lawsuit.
"Everyone I tell says, 'That's impossible, it's a scam, somebody is pulling your leg,'" Barbara Borchers said.
But Bank of America wasn't kidding around. It turns out an error made by the title company the couple hired to close the sale back in 2003 was blocking it from foreclosing on the current owner.
For an institution that's had its fair share of PR pitfalls, Bank of America certainly hasn't been doing itself any favors lately.
Now a Bloomington, Fla. couple is crying foul over the lender's decision to sue them over a home they purchased – in full – nearly a decade before.
Barbara and Rick Borchers told Tampa Bay Online they thought it was somebody's idea of a joke when they were served with the lawsuit.
"Everyone I tell says, 'That's impossible, it's a scam, somebody is pulling your leg,'" Barbara Borchers said.
But Bank of America wasn't kidding around. It turns out an error made by the title company the couple hired to close the sale back in 2003 was blocking it from foreclosing on the current owner.
Gold Price: Beware! Government Spooks Infest Gold Market
Posted by Dominique de Kevelioc de Bailleul on Jan 11, 2012
Today’s revelation of China’s surge in gold imports in the month of November from its principal gold dealer, Hong Kong, exposes Western financial media for the umpteenth time for its blatant propaganda (at the behest of central bankers) against one of the only assets that will protect wealth during these most turbulent times. Sign-up for my 100% FREE Alerts
“Mainland China’s imports from Hong Kong surged to 102,779kg/oz from 86,299kg/oz in October,” stated bullion advisory group, GoldCore. “This is a 20% increase from the already high number seen in October and a 483% y/y increase.”
See zerohedge.com for the full article from GoldCore.
Note: see the staggering trend of Beijing gold purchases in the Reuter’s chart, below, halfway through the article.
While a media blitz campaign waged against the gold market kicks into full gear, the Chinese buy tons.
And let’s not forget India, the country that, last year, bought more gold than Switzerland claims it stores with the SNB, which is approximately 1,000 tons.
“Gold traders in India, the world’s biggest buyer of bullion, stepped up buying for the upcoming wedding season, as gold prices stayed near the week’s trough, giving silver a boost,” India’s Economic Times stated on Jan. 11.
The two largest bulk buyers of gold are stepping up with increasingly larger orders as the spot price retreats, but the U.S. and UK media tell readers the gold bull market is over—or that gold should be seriously questioned as to its validity for wealth protection during the biggest financial crisis since the 1930s.
Today’s revelation of China’s surge in gold imports in the month of November from its principal gold dealer, Hong Kong, exposes Western financial media for the umpteenth time for its blatant propaganda (at the behest of central bankers) against one of the only assets that will protect wealth during these most turbulent times. Sign-up for my 100% FREE Alerts
“Mainland China’s imports from Hong Kong surged to 102,779kg/oz from 86,299kg/oz in October,” stated bullion advisory group, GoldCore. “This is a 20% increase from the already high number seen in October and a 483% y/y increase.”
See zerohedge.com for the full article from GoldCore.
Note: see the staggering trend of Beijing gold purchases in the Reuter’s chart, below, halfway through the article.
While a media blitz campaign waged against the gold market kicks into full gear, the Chinese buy tons.
And let’s not forget India, the country that, last year, bought more gold than Switzerland claims it stores with the SNB, which is approximately 1,000 tons.
“Gold traders in India, the world’s biggest buyer of bullion, stepped up buying for the upcoming wedding season, as gold prices stayed near the week’s trough, giving silver a boost,” India’s Economic Times stated on Jan. 11.
The two largest bulk buyers of gold are stepping up with increasingly larger orders as the spot price retreats, but the U.S. and UK media tell readers the gold bull market is over—or that gold should be seriously questioned as to its validity for wealth protection during the biggest financial crisis since the 1930s.
Silver Coin Sales May Signal Bear-Market End: Chart of the Day
By Maria Kolesnikova
Jan. 12 (Bloomberg) -- The surge in the U.S. Mint’s sales of American Eagle silver coins in January may signal an end to the bear market in the metal.
The CHART OF THE DAY shows the Mint sold 4.26 million ounces of the coins to authorized purchasers Jan. 3 through Jan. 10. At this pace, full-month deliveries may reach 14.2 million ounces, more than twice the record 6.422 million ounces sold in January 2011.
Silver futures fell 48 percent from April to December, more than double the 20 percent drop associated with the start of a bear market. Prices are up 6.9 percent this year. Silver may rise as high as $42.20 an ounce this year, according to the median of 41 analyst estimates in a Bloomberg survey last month.
Jan. 12 (Bloomberg) -- The surge in the U.S. Mint’s sales of American Eagle silver coins in January may signal an end to the bear market in the metal.
The CHART OF THE DAY shows the Mint sold 4.26 million ounces of the coins to authorized purchasers Jan. 3 through Jan. 10. At this pace, full-month deliveries may reach 14.2 million ounces, more than twice the record 6.422 million ounces sold in January 2011.
Silver futures fell 48 percent from April to December, more than double the 20 percent drop associated with the start of a bear market. Prices are up 6.9 percent this year. Silver may rise as high as $42.20 an ounce this year, according to the median of 41 analyst estimates in a Bloomberg survey last month.
Gold extends gains after ECB, lower dollar
By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures rose Thursday, on track for a third session of gains as a trickle of safe-haven flows returned to the market after the European Central Bank warned of “substantial” downside risks for the euro zone’s outlook and the dollar traded lower.
SAN FRANCISCO (MarketWatch) — Gold futures rose Thursday, on track for a third session of gains as a trickle of safe-haven flows returned to the market after the European Central Bank warned of “substantial” downside risks for the euro zone’s outlook and the dollar traded lower.
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