28 February 2012
SilverDoctors: Iran Just Asked for Libya Treatment: Publicly Stat...
SilverDoctors: Iran Just Asked for Libya Treatment: Publicly Stat...: Apparently not learning from the situation in Libya 12 months ago, Iran today publicly declared it will gladly accept gold as payment for it...
Is Gold Money? Iran Says Yes
By Andrey Dashkov and Louis James
Economic crises signal that the current system isn't working as expected and needs improvement. When it comes to monetary systems, questioning their fundamentals can lead to doubts about whether the preferred medium of exchange will continue to be preferred for long. The large-scale whirlwind of economic trouble around the globe has pushed some to rethink the role of gold in the economy – and to actually move toward bringing it back.
A month ago, a rumor that India is going to pay in gold for oil imported from sanction-struck Iran sent shockwaves through the markets. It was no small deal, both in principle and volume: India is one of Iran's largest oil buyers, responsible for about 22 percent of total exports and worth about US$12 billion per year. China is next with 13 percent, and Japan is third with about ten. All of them are having a hard time dealing with Iranian oil imports, as the country is under sanctions caused by Western fears regarding its nuclear program.
Then Israeli news site DEBKAfile claimed exclusive knowledge of a possible workaround between India and Iran: settling the purchases in gold. Indian government officials refused to comment, which added to the speculation.
On the surface, the arrangement looked like a great way to settle the purchases via a stable medium: Iranian currency, the rial, is not widely used outside its border, and gold's inherent anonymity would have provided a perfect way to avoid unnecessary attention from the global community. Ironically, it was precisely the fact that the settlement was planned in gold that attracted so much attention.
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Economic crises signal that the current system isn't working as expected and needs improvement. When it comes to monetary systems, questioning their fundamentals can lead to doubts about whether the preferred medium of exchange will continue to be preferred for long. The large-scale whirlwind of economic trouble around the globe has pushed some to rethink the role of gold in the economy – and to actually move toward bringing it back.
A month ago, a rumor that India is going to pay in gold for oil imported from sanction-struck Iran sent shockwaves through the markets. It was no small deal, both in principle and volume: India is one of Iran's largest oil buyers, responsible for about 22 percent of total exports and worth about US$12 billion per year. China is next with 13 percent, and Japan is third with about ten. All of them are having a hard time dealing with Iranian oil imports, as the country is under sanctions caused by Western fears regarding its nuclear program.
Then Israeli news site DEBKAfile claimed exclusive knowledge of a possible workaround between India and Iran: settling the purchases in gold. Indian government officials refused to comment, which added to the speculation.
On the surface, the arrangement looked like a great way to settle the purchases via a stable medium: Iranian currency, the rial, is not widely used outside its border, and gold's inherent anonymity would have provided a perfect way to avoid unnecessary attention from the global community. Ironically, it was precisely the fact that the settlement was planned in gold that attracted so much attention.
MORE
Iran’s gold, currency reserves at $110 billion
The value of Iran’s gold and foreign currency reserves rose by $30 billion, hitting $110 billion in 2011, Fars news agency reported yesterday.
Iran ranks 22nd among 175 countries of the world in terms of the gold and foreign currency reserves, the report added.
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Iran ranks 22nd among 175 countries of the world in terms of the gold and foreign currency reserves, the report added.
MORE
SilverDoctors: Silver Busts $35.60 Hard Cap, Blasts Through $36
SilverDoctors: Silver Busts $35.60 Hard Cap, Blasts Through $36: After being capped in a tight range at $35.60 throughout the London session- a level at which the cartel has capped silver since last Friday...
Keiser Report - Episode 255
Max Keiser and co-host Stacy Herbert discuss “no wrongdoing” settlements, defrauding school children and a morbidly obese, bedridden Volcker Ryle. In the second half of the show, Max talks to Karl Denninger of the Market-Ticker.org about rigging Libor, ruining Volcker and shorting Facebook.
G20 meeting a complete failure/gold and silver/Greece in Selective Default S and P/
Good evening Ladies and Gentlemen:
Gold closed down $1.50 to finish the comex session at $1773.60 (1:30 pm est). Silver on the other hand rose by 19 cents to close at $35.52. Europe got a jolt as the G20 completely snubbed advances by Europe for bailout help. The LTRO refinancing begins its bidding tomorrow with results on Wednesday. The German government approved the financing for Greece but it really wants this Hellenic nation to leave the Euro group and initiate its own currency, the drachma. These topics will be discussed in the body of my commentary.
Let us head over to the comex and assess trading.
The total gold comex OI fell by 2353 contracts due to the raid on Friday. The new OI for today rests at
467,902 contracts whereas the Friday reading was 470,255. The raid did not have its desired results for our bankers and thus another attempted raid today. The front delivery month of February is almost coming to a close. The OI rests tonight at 152 a fall of 107 contracts from Friday's level of 259. We had 95 notices filed on Friday so we lost another 12 contracts to cash settlements or 1200 oz. The next delivery month is April and here the OI fell by 2599 contracts to 261,656. The estimated volume was very weak today at 129,262 compared with the confirmed volume on Friday reaching 164,537.
The total silver comex continues to defy gravity. It rose again by 2330 contracts despite the raid on Friday.
This no doubt is causing our bankers much grief as they desperately try and shake these silver leaves from the tree but each passing day the longs look more resolute in their conviction. The front non delivery month of February saw its OI rise by 10 contracts from 175 to 185 despite no delivery notices on Friday afternoon. We thus gained another 50,000 oz of silver standing. First day notice begins on Wednesday and on Tuesday night we will see how many notices have been filed. On Wednesday night, I will get a good glimpse as to how much metal may stand.
Surprisingly, the drop in OI for March was tiny falling only 1233 contracts to 20,160 from Friday's level of 21,393. Usually the contraction prior to first day notice is around 4000 contracts per day. The estimated
volume today was humongous at 108,398 but that certainly did not translate into a drop in March and a rise in May. For comparison, the May OI registered 49,048 contracts today whereas the reading on Friday was 49,471. Something serious is happening at the silver comex.
With gold and silver hit again in the access market today plus the lousy trading of our gold./silver equities means another round of raids tomorrow. The bums will always raid after options are exercised but before first day notice as they try and discourage players from taking delivery of physical metals. The bankers must conserve as much metal as they can.
MORE
Gold closed down $1.50 to finish the comex session at $1773.60 (1:30 pm est). Silver on the other hand rose by 19 cents to close at $35.52. Europe got a jolt as the G20 completely snubbed advances by Europe for bailout help. The LTRO refinancing begins its bidding tomorrow with results on Wednesday. The German government approved the financing for Greece but it really wants this Hellenic nation to leave the Euro group and initiate its own currency, the drachma. These topics will be discussed in the body of my commentary.
Let us head over to the comex and assess trading.
The total gold comex OI fell by 2353 contracts due to the raid on Friday. The new OI for today rests at
467,902 contracts whereas the Friday reading was 470,255. The raid did not have its desired results for our bankers and thus another attempted raid today. The front delivery month of February is almost coming to a close. The OI rests tonight at 152 a fall of 107 contracts from Friday's level of 259. We had 95 notices filed on Friday so we lost another 12 contracts to cash settlements or 1200 oz. The next delivery month is April and here the OI fell by 2599 contracts to 261,656. The estimated volume was very weak today at 129,262 compared with the confirmed volume on Friday reaching 164,537.
The total silver comex continues to defy gravity. It rose again by 2330 contracts despite the raid on Friday.
This no doubt is causing our bankers much grief as they desperately try and shake these silver leaves from the tree but each passing day the longs look more resolute in their conviction. The front non delivery month of February saw its OI rise by 10 contracts from 175 to 185 despite no delivery notices on Friday afternoon. We thus gained another 50,000 oz of silver standing. First day notice begins on Wednesday and on Tuesday night we will see how many notices have been filed. On Wednesday night, I will get a good glimpse as to how much metal may stand.
Surprisingly, the drop in OI for March was tiny falling only 1233 contracts to 20,160 from Friday's level of 21,393. Usually the contraction prior to first day notice is around 4000 contracts per day. The estimated
volume today was humongous at 108,398 but that certainly did not translate into a drop in March and a rise in May. For comparison, the May OI registered 49,048 contracts today whereas the reading on Friday was 49,471. Something serious is happening at the silver comex.
With gold and silver hit again in the access market today plus the lousy trading of our gold./silver equities means another round of raids tomorrow. The bums will always raid after options are exercised but before first day notice as they try and discourage players from taking delivery of physical metals. The bankers must conserve as much metal as they can.
MORE
Russia upgrades Syria-based electronic station to warn Iran of US/Israeli attack
DEBKAfile Special Report February 27, 2012, 11:09 AM (GMT+02:00)
The Russians have upgraded their Jabal Al Harrah electronic and surveillance station south of Damascus opposite Israel’s Sea of Galilee, adding resources especially tailored to give Tehran early warning of an oncoming US or Israeli attack, debkafile’s US military sources report.
Before it was boosted by extra advanced technology and manpower, the station covered civilian and military movements in northern Israel up to Tel Aviv, northern Jordan and western Iraq. Today, its range extends to all parts of Israel and Jordan, the Gulf of Aqaba and northern Saudi Arabia.
Part two of Moscow’s project for extending the range of its Middle East ears and eyes consisted of upgrading the Russian-equipped Syrian radar stationed on Lebanon’s Mount Sannine and connecting it to the Jabal Al Harrah facility in Syria. Russian technicians have completed this project too. Russia is now able to additionally track US and Israeli naval and aerial movements in the Eastern Mediterranean up to and including Cyprus and Greece.
MORE
The Russians have upgraded their Jabal Al Harrah electronic and surveillance station south of Damascus opposite Israel’s Sea of Galilee, adding resources especially tailored to give Tehran early warning of an oncoming US or Israeli attack, debkafile’s US military sources report.
Before it was boosted by extra advanced technology and manpower, the station covered civilian and military movements in northern Israel up to Tel Aviv, northern Jordan and western Iraq. Today, its range extends to all parts of Israel and Jordan, the Gulf of Aqaba and northern Saudi Arabia.
Part two of Moscow’s project for extending the range of its Middle East ears and eyes consisted of upgrading the Russian-equipped Syrian radar stationed on Lebanon’s Mount Sannine and connecting it to the Jabal Al Harrah facility in Syria. Russian technicians have completed this project too. Russia is now able to additionally track US and Israeli naval and aerial movements in the Eastern Mediterranean up to and including Cyprus and Greece.
MORE
SilverDoctors: COMEX Warehouse Silver Inventory Update 2/27/12
SilverDoctors: COMEX Warehouse Silver Inventory Update 2/27/12: We have 5 silver inventory movements to report from Friday's trading action, including a nearly 600,000 ounce deposit into Brink's reg...
SilverDoctors: S&P Downgrades Greece to SD (Selective Default)
SilverDoctors: S&P Downgrades Greece to SD (Selective Default): As anticipated and telegraphed over the past week, S&P has lowered the boom on the Hellenic Republic of Greece, downgrading both it's long-t...
SilverDoctors: Greek 1 Year Bond Hits New Record of 821%!!
SilverDoctors: Greek 1 Year Bond Hits New Record of 821%!!: With the German Bundestag voting this morning to approve the 2nd Greek bailout, you would think that everything would be hunky-dory w/r/t Gr...
Richard Russell - Gold to Take Out $1,800 as Tangibles Soar
With many high net worth individuals continuing to exit paper money, today the Godfather of newsletter writers, Richard Russell, had this to say about gold, fine jewelry, fine art, the economy and more: “What we're seeing now is flagrant divergence in the D-J Averages with volume sinking precipitously. This is a dangerous situation -- acute divergence in the Averages on sinking volume -- not good, not good at all. I feel that low volume in this case is highly significant. It's as though the very heart of the market is whispering ‘caution,’ as the smart money pulls back on its buying. It's notable that volume picks up on days when the market is down (a sign of institutional selling).”
Richard Russell continues:
“I've been reading two issues of my favorite magazine -- The Economist. They read like doomsday editions. Car makers in Europe (Germany is an exception) are doing poorly. The electronics business in Japan is lousy. Taxis in NYC are having a hard time -- a medallion in the City cost over a million bucks! The pharmaceutical industry is seeing hard times. Britain is nearly in depression. The Greek mess is still far from settled.
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