Next Leg Of The Ponzi Revealed - Foreign Central Banks To Begin Buying US Stocks Outright Starting Today
We were speechless when we read this from Bloomberg...Photo Of Pipeline Fire And Map Of Awamiya Region
Another update from Arab Digest.WTI Passes $110
Update 1: WTI touches $110.55 before retracing to just under $110.Stops triggered following WTI crossing $110. SPR announcement due any minute? Also, we give a CME margin hike a probability of about 60% at this point.
Saudi Oil Pipelines Destroyed In Explosion, Sends Crude Soaring
Among the many factors responsible for the jump in WTI to just shy of
$109 over the past hour, and Brent to new records in various
currencies, is the following news reported so far only by Iranian PressTV: "An explosion has hit oil pipelines in the flashpoint Saudi Arabian city of Awamiyah in the kingdom’s oil-rich Eastern Province." And now back to your regularly scheduled deflation.
Credit System Subverted – Implosion Imminent With Trillion Euro Gamble
from GoldSilver.com:
On Wednesday, the second long-term refinancing operation (LTRO), sponsored by Mario Draghi’s European Central Bank, lent out a staggering €529 billion to faltering banks, which could put up almost any collateral to get these short term life rafts. Nearly 800 commercial banks took advantage of the ECB’s half trillion euro currency blast—taking the grand total of the European Central Bank’s LTRO program to over a trillion euros.
Ambrose Evans-Pritchard of the Telegraph quotes a few congratulatory bakers and academics, who make it seem as if Draghi’s central bank just saved the credit system and the entire universe:
Read More @ GoldSilver.com
EUR Brent Takes Out All Time Highs
The market has decided not to wait for the ruinous aftermath of Stanley Fischer's plan to print money and buy stocks to come to fruition. It is, in fact, frontrunning it by buying that which can not be printed, and is completely oblivious of such anachronisms as cash flows or dividends that will soon be thoroughly debased. EUR Brent just took out all time highs. European inflation to follow.
Mario Draghi Is Becoming Germany's Most Hated Man
Back in September, before the transition from then ECB head J.C. Trichet to current Goldman plant and uber printer Mario Draghi we asked whether "Trichet disgrace his already discredited central banker career by pushing a rate cut before he is swept out of the corner office by Mario Draghi, or will the former Goldmanite Italian become the most hated man in Germany soon, after he proceeds to ease, even as Germany still experiences Chinese inflationary re-exports. The answer will be all too clear in just a few months." Sure enough, following a whopping €1 trillion in incremental liquidity released by the ECB in the three shorts months since Draghi's ascension on November 1, all under the guise that the ECB is not printing when it most certainly is, albeit "hidden" by the idiotic claim that it accepts collateral for said printing (what collateral - Italian and Spanish bonds, which will become worthless the second even more printing is required in a few short months? This is run time collateral that can be issued "just in time" to convert it to even more cash as UniCredit did again today), the answer is becoming clear. Slowly but surely the realizing is dawning on Germany that while it was sleeping, perfectly confused by lies spoken in a soothing Italian accent that the ECB will not print, not only did Draghi reflate the ECB's balance sheet by an unprecedented amount in a very short time, in the process sending Brent in Euros to all time highs (wink, wink, inflation, as today's European CPI confirmed coming in at 2.7% or higher than estimated) but in the process putting the BUBA in jeopardy with nearly half a trillion in Eurosystem"receivables" which it will most likely never collect.Pictures From A French Mob - Watch As Sarkozy Bravely Retreats From Furious Frenchmen
Despite
groundless media reports that French president Sarkozy, who is up for
reelection in April, is gaining on his challenger Hollande who has
promised to undo virtually all the European fiscal pacts attained
through blood, sweat, tears and countless contradictory headlines (more here), it seems that Sarkozys' appreciation by his fellow citizens has hit rock bottom. As AP reports, "Several
hundred angry protesters have booed President Nicolas Sarkozy, forcing
him to take refuge in a cafe protected by riot police as he campaigned
in France's southwest Basque country." It appears that the
European discontent is finally seeping rather aggressively into the
core, and the political overhaul which many assume will take the Greek
model of bloodless technocratic coups by banker appointed puppets may
just not work too well elsewhere. In other news, the French now
surrender to the French.
Today
25 year veteran Gabelli Gold Fund manager, Caesar Bryan, told King
World News that yesterday’s selling in the gold market raises some
serious red flags. Gabelli & Company has over $31 billion under
management and Caesar Bryan has managed the gold fund since its
inception in 1994. Caesar also said the activity was very suspicious
because the selling was not designed to maximize revenue. Here is what
Bryan had to say about the situation: “What we saw yesterday in the
gold market was very large volume just pounding the market lower and it
raises the question, is this a seller who is trying to maximize his
revenues? The answer is, maybe not because it was very sudden and the
volume appeared to be very large.”
Caesar Bryan continues: Read More @ KingWorldNews.com
Caesar Bryan continues: Read More @ KingWorldNews.com
by Steve Watson, InfoWars.com
GOP presidential candidate Ron Paul and his supporters have long complained that the establishment media deliberately operates a blackout when it comes to Paul’s campaign, a claim that has been verified time and time again.
Now yet more evidence has emerged that highlights the level to which the media is purposefully sidelining the Libertarian Congressman.
As Dylan Byers of Politico reports, NBC News is the only media organization that still has a reporter covering Ron Paul full-time.
With only four candidates remaining in the race for the GOP nomination, with Super Tuesday looming, and with the Republican national convention just six months away, you would think that mainstream media organizations would have dispatched at least one reporter to cover each of the candidates campaigns.
Read More @ InfoWars.com
[Ed. Note: Related.]
from GoldAlert.com:
COMEX gold futures continued to tumble in late morning trading, with the April contract plummeting as much as $80.00, or 4.5%, to $1,708.40 per ounce.
The decline coincided with a rally in the U.S. dollar after Fed Chairman Ben Bernanke’s testimony to Congress showed that the central bank is not close to embarking on further monetary easing.
Today’s drop in gold futures marked the yellow metal’s worst day since September 23, 2011 – when it tumbled 4.7%.
Commenting on the sell-off, CIBC World Markets wrote in a note to clients that “Gold – looks like a large seller of gold in the market. a 10k contract traded, down ticked the price by $40/oz. roughly 200k contracts trade per day, but unusual to see such a large single trade. not likely due to contract expiry either. That transaction represents 1mln oz of gold.”
Original Source @ GoldAlert.com
by David Schectman, MilesFranklin.com:
Take a look at the 6-Month Gold Chart:
As you can see, all of the gains since January 24th were erased in a matter of a few hours.
Welcome to the World of Gold (and Silver). Every dollar gained is a struggle with gains virtually never allowed to exceed 2% in any given day, or around $35. Gains of half that much are much more common. Then, the bullion banks flex their muscles, pull all of their bids and flood the market with sell orders and the result is perfectly pictured above, what is commonly referred to as a “waterfall” decline. The market has just met a “not-for-profit-seller.”
Original Source @ MilesFranklin.com
Take a look at the 6-Month Gold Chart:
As you can see, all of the gains since January 24th were erased in a matter of a few hours.
Welcome to the World of Gold (and Silver). Every dollar gained is a struggle with gains virtually never allowed to exceed 2% in any given day, or around $35. Gains of half that much are much more common. Then, the bullion banks flex their muscles, pull all of their bids and flood the market with sell orders and the result is perfectly pictured above, what is commonly referred to as a “waterfall” decline. The market has just met a “not-for-profit-seller.”
Original Source @ MilesFranklin.com
Gold holds at support near $1700
Trader Dan at Trader Dan's Market Views - 6 minutes ago
Gold thus far is holding quite well on the technical price charts as the
$100 break in price has apparently revived the huge physical market buyers
who are seeing value in the metal near the $1700 level.
A closing push through $1725 would be constructive and would set the market
up for another test of the resistance barrier near the $1750 level, which
held the market in check prior to last week's breakout.
Considering the spanking that this market received yesterday, it is showing
very good resilience.
Silver back to knocking on the door of chart resistance again
Trader Dan at Trader Dan's Market Views - 12 minutes ago
This is a rather remarkable price chart and what can only be called
remarkable price action on display. As you all know by now, silver was
absolutely obliterated yesterday resulting in the total erasure of the huge
breakout rally from Tuesday. Such occurrences are very uncommon from a
purely technical analysis perspective. More often than not, such a breakout
will see some initial profit taking followed by another burst of buying as
momentum based buying kicks into high gear.
To witness a market completely undo such a breakout on massive volume and
then to experience only minor add... more »
Nothing Is But What Is Not*
Dave in Denver at The Golden Truth - 2 hours ago
*The events my old colleague and I talked about back in 2002 that we
anticipated that would blow our minds are happening now. ISDA - controlled
by the issuing banks - has determined that the Greek bond deal has not
resulted in an even of default event though the new bonds being issued will
result in about a 35% recovery rate - initially. When Greece hits the wall
again these bonds will be worthless. And the corruption, fraud and crime
at MF Global will go unprosecuted. Jon Corzine will walk away with little
more than slight embarrassment. In fact, at Wall Street "elitist" cock... more »
Anti-rail
protesters clashed with police on Wednesday in northern Italy as they
demonstrated against a high-speed rail link between Lyon in France and
Turin.
The clash broke out when police evicted protesters who for two days had blocked a stretch of highway between Turin and Bardonecchia.
As police cleared their barricades, protesters set fire to tyres and threw rocks at police, who responded by launching tear-gas grenades.
The clash broke out when police evicted protesters who for two days had blocked a stretch of highway between Turin and Bardonecchia.
As police cleared their barricades, protesters set fire to tyres and threw rocks at police, who responded by launching tear-gas grenades.
I would imagine that most of you have already spent time last
evening and today, digesting and learning from all of the information
regarding the events of yesterday. Frankly, I have neither the time nor
inclination to give you a full rehash of the events. So, for the sake of
brevity, let’s get right to it.
First of all, if you haven’t yet listened to Santa’s interview with Eric King yesterday, please do so now! Click the link below and keep the audio running while you examine the rest of this post. Be sure you listen to the entire thing. The last 3 minutes are extremely important!
Read More @ TFMetalsReport.com
Please consider making a small donation, to help cover some of the labor and costs to run this blog.
First of all, if you haven’t yet listened to Santa’s interview with Eric King yesterday, please do so now! Click the link below and keep the audio running while you examine the rest of this post. Be sure you listen to the entire thing. The last 3 minutes are extremely important!
Read More @ TFMetalsReport.com
by Axel G Merk, FinancialSense.com:
The road to hell is paved with good intentions. According to some estimates, Germany will contribute approximately 28% of the €130 billion (approx. US$170 billion) bailout recently agreed for Greece; yet, rather than expressing their gratitude, protestors on the streets in Athens burn German flags. While some are celebrating that Greece is – at least for now – not falling into chaos, we are rather concerned about major shifts in European policy making that have unfolded in recent months. Where there is a crisis, there may be opportunities – but not necessarily in the places one might expect.
The exposure of financial institutions towards Greek debt. A lot of
progress has been made in making the European banking system more
robust; the envisioned 53% write-down of Greek debt is priced into
markets already. Concerns regarding outright exposure to Greece have
abated. Rather, concerns linger about the inter-dependency across
financial institutions, the potential “contagion” as other countries –
and thus financial institutions across Europe and beyond – may be
considered at increased risk of default.
Read More @ FinancialSense.com
The road to hell is paved with good intentions. According to some estimates, Germany will contribute approximately 28% of the €130 billion (approx. US$170 billion) bailout recently agreed for Greece; yet, rather than expressing their gratitude, protestors on the streets in Athens burn German flags. While some are celebrating that Greece is – at least for now – not falling into chaos, we are rather concerned about major shifts in European policy making that have unfolded in recent months. Where there is a crisis, there may be opportunities – but not necessarily in the places one might expect.
by Chris Powell, GATA:
Dear Friend of GATA and Gold:
At a hearing today of the U.S. House Committee on Financial Services, Rep. Ron Paul did an entertaining job of berating Federal Reserve Chairman Ben Bernanke about the Fed’s long debasement of the dollar. Video of Paul’s comments has been posted at GoldSeek’s companion Internet site, SilverSeek, here –
http://www.silverseek.com/article/ron-paul-assaults-ben-bernanke-paralle…
– and Forbes’ Agustino Fontevecchia produced a fair and complete written account, which is appended.
But as much as advocates of free markets in the monetary metals may have enjoyed the proceedings, to GATA they were another waste of the most precious opportunity — the opportunity to pry gold information out of the Fed or to show the Fed concealing its most sensitive secrets.
Read More @ GATA.org
Dear Friend of GATA and Gold:
At a hearing today of the U.S. House Committee on Financial Services, Rep. Ron Paul did an entertaining job of berating Federal Reserve Chairman Ben Bernanke about the Fed’s long debasement of the dollar. Video of Paul’s comments has been posted at GoldSeek’s companion Internet site, SilverSeek, here –
http://www.silverseek.com/article/ron-paul-assaults-ben-bernanke-paralle…
– and Forbes’ Agustino Fontevecchia produced a fair and complete written account, which is appended.
But as much as advocates of free markets in the monetary metals may have enjoyed the proceedings, to GATA they were another waste of the most precious opportunity — the opportunity to pry gold information out of the Fed or to show the Fed concealing its most sensitive secrets.
Read More @ GATA.org
by Graham Summers, GainsPainsCapital.com:
Why is the financial world so messed up? Because it’s run by Central Bankers. And those folks view money very differently from the businesspeople who actually create businesses, jobs, and wealth.
For your average Central Banker, the professional relationship between money and risk is a distant one. This has much to do with the fact that your average Central Banker is an academic, someone whose income has been fixed based on his or her status at a particular academic institution (tenure vs. non-tenured).
Consequently, there is virtually no direct correlation between a salary increase and risk-taking or innovation. In academia, politics and the number of one’s publications (which is also a highly political process) are what determine one’s income, status, and power.
Read More @ GainsPainsCapital.com
Dear CIGAs,
What happened to gold on 29 February 2012? The precious metal dropped from $1792 to a low of $1686 in one day!
How does this shape up with our Elliott Wave expectations?
The answer is that the market is tracking well in line with expectations. Before dealing with the current move, it is an idea to go over what our expectations are. What we know so far is that Intermediate Wave III started at $1523 and that we have a target of $4,500 for the end of Wave III. We also know that Wave III will consist of five regular waves which we will label 1 2 3 4 and 5. Regular waves 2 and 4 will be the anticipated 13% downward corrections described in my speech to the Sydney Gold Symposium. Link at: http://www.jsmineset.com/2011/11/14/keynote-speech-at-sydney-gold-symposium-14-15-november-2011-by-alf-field/
Regular wave 1 will consist of 5 minor waves which we label (i) (ii) (iii) (iv) and (v). Waves (ii) and (iv) will be downward corrective waves one degree small than the regular waves. Thus they should be about half the magnitude of the 13% of the regular sized declines, say about 6%.
Minor wave (i) should consist of five minuette waves which we can label i ii iii iv and v. Again the minuette waves ii and iv will be downward corrective waves about half the size of the minor wave corrections of 6%. Thus the minuette corrections should be approximately 3%.
The following is the analysis of minor wave (i) showing the five minuette waves:
i 1523 to 1665 +142 +9%
ii 1665 to 1620 – 45 -2.7%
iii 1620 to 1765 +145 +9%
iv 1765 to 1706 – 59 -3.3%
v 1706 to 1792 + 86 +5%
(i) 1523 to 1792 +269 +17.7%
The two corrective waves are approximately 3% as expected. Waves i and iii are equal at 9% while wave v is almost exactly 61.8% of waves i and iii. This wave count is as perfect as one could wish for. Thus we can conclude that minor wave (i) was completed at $1792.
As described above, minor wave (ii) should be a correction of approximately 6%, but could range from 5% to 8%. A decline of 6% from the $1792 peak gives a target of $1685. In after hours trading yesterday gold reached $1686.
The Comex chart, however, shows a low point of $1696.
It is possible that the entire correction in minor wave (ii) occurred in one day. A rally followed by a further decline to test the $1685 area is a more likely outcome. An 8% decline would bring the $1650 area into play. If gold drops below this level we will have to consider other possibilities.
Once the bottom of minor wave (ii) is in place in a convincing fashion it will be possible to make some more accurate longer term gold price forecasts.
Alf Field
1 March 2012
Comments to ajfield@attglobal.net
Jim Sinclair’s Commentary
The following article is translated from German. The original can be found here.
Japan helps in the "Euro-rescue" from? February 28th, 2012 Comments Off
It condensed the evidence that weakens the Bank of Japan intervention currency trading the yen and the euro strengthens. These "secret manipulations that are carried out through intermediaries facilitate insider trading."
Lars sound
The central bank’s policy, it is such a thing: one does not know anything specific. Rarely leave the state banks the way of concealment, and notes how Chris Powell of GATA ". Even tell if it the truth, this is far from the whole truth" The truth would often "that their secret manipulations, the above intermediary are performed to facilitate insider trading. "
In this context, Powell drew attention to a brief article of the U.S. economist Warren Mosler, who is indirectly related keys, if it comes, that Japan would guarantee the financial bailouts for Europe.
So there Mosler points out that "perhaps the Bank of Japan announced their member banks a sign to buy debt of euro members, which are denominated in euros, and to keep the exchange rate risk in their books with the knowledge that the government policy to the yen weak guarantee to keep the banks and a foreign exchange gain is. "
Recently, Javier E. David had the Wall Street Journal in an article titled "Japan’s Secret Yen Intervention Could Be Template For Future" written that the Japanese central bank covered through intermediary commercial banks in the foreign exchange market only to bring about a yen depreciation – see:
http://online.wsj.com/article/BT-CO-20120207-719675.html .
Accordingly, the Bank of Japan had "secretly for a few days in November yen sold" to bring about a relative strength of the yen exchange rate. These fits what LarsSchall.com on 19 March 2011 reported that the name was New York Fed, which operates as an agent of the U.S. Treasury on foreign exchange transactions, intervened in the currency trading in order to weaken the yen – see:
http://www.larsschall.com/2011/03/19/ny-fed-greift-im-devisenmarkt-ein/ .
Mosler, writes that the covert purchase of euro debt securities at the prior sale of yen Japanese currency has weakened against the euro – see:
In a 24-page brochure from the year 2008, in Basel, Switzerland-based bank offered for International Settlements, which partly privately owned "central bank of central banks", incidentally, on page 17 special services, "Gold & Forex Services – Intervention" – see :
http://www.gata.org/files/BISAdvertisesGoldInterventions.pdf .
Why is the financial world so messed up? Because it’s run by Central Bankers. And those folks view money very differently from the businesspeople who actually create businesses, jobs, and wealth.
For your average Central Banker, the professional relationship between money and risk is a distant one. This has much to do with the fact that your average Central Banker is an academic, someone whose income has been fixed based on his or her status at a particular academic institution (tenure vs. non-tenured).
Consequently, there is virtually no direct correlation between a salary increase and risk-taking or innovation. In academia, politics and the number of one’s publications (which is also a highly political process) are what determine one’s income, status, and power.
Read More @ GainsPainsCapital.com
Dear CIGAs,
What happened to gold on 29 February 2012? The precious metal dropped from $1792 to a low of $1686 in one day!
How does this shape up with our Elliott Wave expectations?
The answer is that the market is tracking well in line with expectations. Before dealing with the current move, it is an idea to go over what our expectations are. What we know so far is that Intermediate Wave III started at $1523 and that we have a target of $4,500 for the end of Wave III. We also know that Wave III will consist of five regular waves which we will label 1 2 3 4 and 5. Regular waves 2 and 4 will be the anticipated 13% downward corrections described in my speech to the Sydney Gold Symposium. Link at: http://www.jsmineset.com/2011/11/14/keynote-speech-at-sydney-gold-symposium-14-15-november-2011-by-alf-field/
Regular wave 1 will consist of 5 minor waves which we label (i) (ii) (iii) (iv) and (v). Waves (ii) and (iv) will be downward corrective waves one degree small than the regular waves. Thus they should be about half the magnitude of the 13% of the regular sized declines, say about 6%.
Minor wave (i) should consist of five minuette waves which we can label i ii iii iv and v. Again the minuette waves ii and iv will be downward corrective waves about half the size of the minor wave corrections of 6%. Thus the minuette corrections should be approximately 3%.
The following is the analysis of minor wave (i) showing the five minuette waves:
i 1523 to 1665 +142 +9%
ii 1665 to 1620 – 45 -2.7%
iii 1620 to 1765 +145 +9%
iv 1765 to 1706 – 59 -3.3%
v 1706 to 1792 + 86 +5%
(i) 1523 to 1792 +269 +17.7%
The two corrective waves are approximately 3% as expected. Waves i and iii are equal at 9% while wave v is almost exactly 61.8% of waves i and iii. This wave count is as perfect as one could wish for. Thus we can conclude that minor wave (i) was completed at $1792.
As described above, minor wave (ii) should be a correction of approximately 6%, but could range from 5% to 8%. A decline of 6% from the $1792 peak gives a target of $1685. In after hours trading yesterday gold reached $1686.
The Comex chart, however, shows a low point of $1696.
It is possible that the entire correction in minor wave (ii) occurred in one day. A rally followed by a further decline to test the $1685 area is a more likely outcome. An 8% decline would bring the $1650 area into play. If gold drops below this level we will have to consider other possibilities.
Once the bottom of minor wave (ii) is in place in a convincing fashion it will be possible to make some more accurate longer term gold price forecasts.
Alf Field
1 March 2012
Comments to ajfield@attglobal.net
Jim Sinclair’s Commentary
The following article is translated from German. The original can be found here.
Japan helps in the "Euro-rescue" from? February 28th, 2012 Comments Off
It condensed the evidence that weakens the Bank of Japan intervention currency trading the yen and the euro strengthens. These "secret manipulations that are carried out through intermediaries facilitate insider trading."
Lars sound
The central bank’s policy, it is such a thing: one does not know anything specific. Rarely leave the state banks the way of concealment, and notes how Chris Powell of GATA ". Even tell if it the truth, this is far from the whole truth" The truth would often "that their secret manipulations, the above intermediary are performed to facilitate insider trading. "
In this context, Powell drew attention to a brief article of the U.S. economist Warren Mosler, who is indirectly related keys, if it comes, that Japan would guarantee the financial bailouts for Europe.
So there Mosler points out that "perhaps the Bank of Japan announced their member banks a sign to buy debt of euro members, which are denominated in euros, and to keep the exchange rate risk in their books with the knowledge that the government policy to the yen weak guarantee to keep the banks and a foreign exchange gain is. "
Recently, Javier E. David had the Wall Street Journal in an article titled "Japan’s Secret Yen Intervention Could Be Template For Future" written that the Japanese central bank covered through intermediary commercial banks in the foreign exchange market only to bring about a yen depreciation – see:
http://online.wsj.com/article/BT-CO-20120207-719675.html .
Accordingly, the Bank of Japan had "secretly for a few days in November yen sold" to bring about a relative strength of the yen exchange rate. These fits what LarsSchall.com on 19 March 2011 reported that the name was New York Fed, which operates as an agent of the U.S. Treasury on foreign exchange transactions, intervened in the currency trading in order to weaken the yen – see:
http://www.larsschall.com/2011/03/19/ny-fed-greift-im-devisenmarkt-ein/ .
Mosler, writes that the covert purchase of euro debt securities at the prior sale of yen Japanese currency has weakened against the euro – see:
In a 24-page brochure from the year 2008, in Basel, Switzerland-based bank offered for International Settlements, which partly privately owned "central bank of central banks", incidentally, on page 17 special services, "Gold & Forex Services – Intervention" – see :
http://www.gata.org/files/BISAdvertisesGoldInterventions.pdf .
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