Gold, Silver Surge At Open Of Electronic Trading

Submitted by Tyler Durden on 03/13/2011 17:14 -0500

As the dollar plunges (supposedly on news of that Frankenstein of a Euro treaty announced on Saturday morning and on capital repatriation in Japan) the real reason for the plunge can be found in the action of the precious metals, where both gold and silver are about to take out period highs on more imminent global fiat dilution. 

Guest Post: A Comeback For Gold-Backed Money?

Submitted by Tyler Durden on 03/13/2011 14:15 -0500

No one can predict exactly how this will all shake out, but Doug Casey has long said that a return to a gold standard, or some modern equivalent, is almost inevitable. That’s because, for the reasons Aristotle outlined 2,000 years ago (it’s durable, divisible, consistent, convenient, and has intrinsic value), gold is hands-down the world’s best money. Now, Gresham’s Law tells us that bad money drives out good, but that’s only true when legal tender laws hold sway (incentivizing people to hoard what’s perceived to be “good” money and spend the “bad” money as fast as they can). When people give up on the local legal tender, Gresham’s Law goes into reverse, and good money chases out bad. The dollarization of third-world economies is an example of this, the dollar being perceived as being good when compared to many shakier currencies.

Operation LeakS Bank Of America Fraud Disclosure To Hit At Midnight Eastern, 5 AM GMT

Submitted by Tyler Durden on 03/13/2011 16:32 -0500

Kyodo Reports Cooling System At Third Nuclear Power Plant Fails

Submitted by Tyler Durden on 03/13/2011 11:23 -0500

Breaking news from Kyodo: the cooling system at Tokai, a third nuclear power plant now said to have cooling failures, has stopped according to the fire department. Tokai was Japan's first nuclear power plant. The plant has two reactors: a 1965 built Magnox-type 166MW, and a 1978 built Boiling Water Reactor generating 1100MW. As Wikileaks reports: "This Boiling Water Reactor  was the first nuclear reactor built in Japan to produce over 1000 MW of electricity. By some formalities in the paperwork, the unit is technically separate from the rest of the nuclear facilities at Tokai-mura, but it is managed with the rest of them and even shares the same front gate. The power produced at the unit is sold by both the Tokyo Electric Company and the Tohoku Electric Company." SkyNews adds that the cooling has failed at the bigger, BWR reactor.

Follow The Latest News From Japan With This NHK Live Video Feed

Submitted by Tyler Durden on 03/13/2011 12:13 -0500

For all who want to be up to speed with all the latest developments out of Japan, below we provide our readers with a live feed from the NHK, or the Japan Broadcasting Corporation. 

 

 

 

 

A Look At The Known Economic Events In The Upcoming Week

Submitted by Tyler Durden on 03/13/2011 14:42 -0500

While nobody has any idea just what lies in store in the coming week which is expected to be abnormally volatile, here is a summary of the key economic events from Goldman's FX desk. "It all came at once last week with the major drivers of market price action rolling across the newswires on Friday. Front, back and centre stage was dominated by the still unfolding tragedy in Japan. First and foremost our thoughts are with those affected by the situation. In terms of asset markets, it is tough to draw concrete conclusions until we have a greater handle on the monetary cost of the disaster which is likely to run into trillions of Yen. There are also many potentially offsetting economic forces at work after a natural disaster, which we will try to assess in coming days and weeks." The Eurozone summit arguably produced a positive surprise in that steps have been taken to a final political deal at the European council meeting of 24/25 March...The week ahead will continue to focus on developments in Japan and the Middle East and any further political commentary associated with the European summit. The BoJ has shortened its monetary policy meeting to one day on Monday. In addition to pledges to provide ongoing liquidity and the maintenance of financial stability, the BoJ may decide to extend the QE proposals from September in order to shore up confidence 

 

 

 

King World News interviews with Rickards, Sinclair, and McEwen