Wednesday, February 23, 2011

Eric Sprott: "There Is No More Silver Left"



Eric Sprott made an appearance at Casey Research Gold and Resource Summit where in addition to providing a succinct summary of all his monthly letters from the past year, whose forecasts are all gradually panning out, he spoke about the prospects for gold, and particularly silver. We will leave it to readers to parse through the brief must watch clip, but here is the punchling for those wondering why increasingly more distributors are reporting indefinite lack of physical silver inventory: "There's $22 billion of silver available in the world, of which the ETFs already own half, and between you guys and us we probably own the other half... Which means there's nothing left."


And So Gold Is Under $10 From All Time Highs



Remember when all "experts", pundits, and all other idiot verietals couldn't shut up how gold was going to triple digits imminently? Yes, neither do we.

 

 

Gaddafi Son Says Army Will Protect Oil Infrastructure, Blames Al-Qaeda For Carpet Bombing As 10,000 Now Reported Dead


And so we go from one lunatic to another. In an "exclusive interview" with the FT, Muammar Gadaffi's son, al-Saadi, told the newspaper, whose parent Pearson PLC is 3% owner by the Libyan Sovereign Wealth Fund, "made it clear that he believed any such new regime would still include his father. “My father would stay as the big father who advises,” he told the Financial Times, adding that direct administrative powers should be handed over to a new generation." And further confirming the soon to be deposed ruler's break with reality, were accusations that the reason why the Libyan airforce has been shooting at protestors over the past week, was to protect the country from "thousands of al-Qaeda" infiltrators who had taken over the eastern part of the country. Touching on a topic discussed yesterday, namely that the Gaddafi regime may engage in sabotage against its oil industry, al-Saadi “said that the army would be sent to guard facilities if necessary. The army is still very strong,” he said. “If we hear anything, we will send some battalions. When people see the army, they will be afraid.” In other words, expect to hear news of major disruptions in the country's oil infrastructure which will promptly be blamed on al-Qaeda by the Gaddafis. And going back to reality, we read that the death toll in Libya has surpassed 10,000 people.



Very Weak 5 Year Auction Raises Speculation That Neither US Dollar Nor Treasurys Are Flight To Safety Any Longer

 

And Wow: Fed's Hoenig Says United States Has "Deeply Undermined Free-Market Capitalism"






  • HOENIG SAYS U.S. HAS `DEEPLY' UNDERMINED FREE-MARKET CAPITALISM




  • HOENIG WARNS OF ESCALATING SERIES OF CRISES WITH RISING COSTS




  • HOENIG: LARGE FINANCIAL FIRMS CAN EXPECT BAILOUTS IN FUTURE




  • HOENIG SAYS BIG FINANCIAL FIRMS MUST NOT HOLD ECONOMY `HOSTAGE'




  • HOENIG:BIG FIRMS `HAVE SIGNIFICANT INCENTIVES' TO INCREASE RISK




  • HOENIG: TOO-BIG-TO-FAIL FIRMS POSE `GREATEST RISK' TO ECONOMY




  • HOENIG: LARGE FIRMS WERE `GAMING' CAPITAL STANDARDS PRE-CRISIS




  • HOENIG SAYS BIG FINANCIAL FIRMS ENJOY `HUGE' FUNDING ADVANTAGE




  • Geithner Says Not To Worry About Surging Oil Prices: "Central Banks Have A Lot Of Experience In Managing These Things"


    You really can't make this shit up: "The economy is in a much stronger position to handle” rising oil prices, Tim Geithner said today during a Bloomberg Breakfast in Washington. “Central banks have a lot of experience in managing these things." We are, all of us, now doomed. 





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