from KingWorldNews:
On the heels of of the disclosure that China will buy oil from Iran using gold, legendary trader and investor, Jim Sinclair, told King World News that the massive paper gold shorts are now trapped and may see gold gap up to $3,000 if a vacuum in the physical market develops. Sinclair described this event as “historic.” But first, here is what Sinclair had to say about the recent trading action in gold: “You have seen in the last month, a phenomena. If you have eyes in your head, you have to know when the gold banks enter into the gold market, offering more for sale than would be mined in the next five years, they are not in there to sell anything. They are in there to manipulate the price.”
“Mr. Gold” Jim Sinclair Continues @ KingWorldNews
On the heels of of the disclosure that China will buy oil from Iran using gold, legendary trader and investor, Jim Sinclair, told King World News that the massive paper gold shorts are now trapped and may see gold gap up to $3,000 if a vacuum in the physical market develops. Sinclair described this event as “historic.” But first, here is what Sinclair had to say about the recent trading action in gold: “You have seen in the last month, a phenomena. If you have eyes in your head, you have to know when the gold banks enter into the gold market, offering more for sale than would be mined in the next five years, they are not in there to sell anything. They are in there to manipulate the price.”
“Mr. Gold” Jim Sinclair Continues @ KingWorldNews
Steve Keen On Europe's Delusion And Why The Entire World Is Turning Japanese
Economic Debunker Steve Keen is interviewed by outspoken Irish journalist Vincent Browne and no holds are barred as he describes the Maastricht Treaty as a suicide pact
of critically poor central-planning design of a supposed
market-economy, based on financial crises never occurring, locking
European governments into an austere path when stimulus is required. "Ultimately
the Euro has to fail and the longer we continue the farce of believing
we can make it function the larger the ultimate crash will be"
is how Keen portrays the situation and describes the foreign-exchange,
fiscal policy, and monetary policy shackles that have created and
exaggerated the situation. This leads into a longer discussion of the
state of the World and its inability to 'export into the ponzi' like
Japan could from 1990 to 2010 since the entire developed world is trying to do the same thing and "there is no ponzi scheme on Mars that we can export to"
leaving the globe without Japan's initial way out. The must-watch 10
minute interview goes on to discuss the endgame (a break in the
political compact based on austerity pressures and military or political
coups) as Keen sums up "it's amazing to see us repeating the same mistakes that were made during the 1930s but we are doing just that." ending with some potential solutions noting that there is no easy way out of this.Biderman Bets Against A Better Europe
"Europe is in big trouble, and the trouble is getting worse - much worse"
is how Charles Biderman begins his latest missive. The diatribe focuses
on the shortcomings of both the left (the existing political structure
of government-dominated economies) and the right (a German-style
austerity program of slashing spending and raising taxes) of inane
politicians in Europe as the two main issues of over-spending and
declining economic activity come home to roost. Starting from the Euro's
inception and its implicit permission to allow each country to borrow
as much as they want without regard to what was going on in their local
economy is just as pernicious as the cradle-to-grave welfare state that is the prevailing mantra "everyone deserves to be taken care of".
Therein lies the crux of the matter as borrowing (excessively) to
support the people's supposed 'deserved' welfare is viewed as
'just-and-fair' whereas in reality, simply put, "the economies of most of Europe do not work."
The Bay-Area bad-boy does offer reasoned solutions that offer hope for
growth as opposed to just austerity for the sake of it as, among other
things, he suggests eliminating red-tape to create a more entrepreneurial environment
but ultimately he sees the probability of this as low and suggests
being short via EUO (the double-levered Euro short) and EMZ (short
non-USD developed - mostly Europe - markets).Please consider making a small donation, to help cover some of the labor and costs to run this blog.
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In The Context Of What Jon Corzine Is Getting Away With
Dave in Denver at The Golden Truth - 3 hours ago
in his illegal plundering of $1.2 billion in customer assets, the fact that
the SEC is wasting its time suing Egan Jones - on the heels of EJ
downgrading the credit quality of the U.S. Government - this is just beyond
appalling: LINK
Notwithstanding the fact that this lawsuit is a massively frivolous waste
of Taxpayer money, it's emblematic of the fact that our system is
collapsing. Our Government is pathetic.
Think about what Jon Corzine is getting away with when you read this
quote. And keep in mind that Obama is still happily spending the campaign
money Corzine raised for hi... more »
Europe advances with treasury bill auction success/all bourses in the green/open interest in silver continues to rise/gold and silver advance
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 6 hours ago
Good
evening Ladies and Gentlemen:
Gold closed up today to the tune of $11.10 to $1643.00 whereas silver
finished up 21 cents at $30.74.
Today we had the risk on trade as Europe rejoiced with the refinancing
of bills and bonds of less than 3 years and within the LTRO time arena.
However credit default swaps continue to rise as well as the stigma to
LTRO refinanced banks vs non LTRO banks. In
Gold chart and some comments
Trader Dan at Trader Dan's Market Views - 6 hours ago
Gold remains in a sideways trade above strong support emerging below $1630
and continuing down towards $1620 and below.
As suspected from the price action and the inability of the paper shorts to
break through this support, we learned that several foreign Central Banks
have been very active buyers of the metals on these breaks in price. I see
nothing on the horizon that would lead me to believe that anything has
changed in regards to these Central Banks and their desire to acquire gold
during these periodic bouts of weakness. I repeat for the sake of emphasis
- Central Banks do not... more »
US Leads Developed Nations In Percent of People In 'Low Wage Work'
Guest Post: Charles Krauthammer Mourns Over NASA Cuts, I Celebrate
Leading neoconservative (read “closet Trotskyite“)
commentator Charles Krauthammer’s latest Washington Post editorial
pays homage to the glory days of NASA and the retirement of the space
shuttle Discovery. Titled “Farewell, the New Frontier,”
the piece evokes mental images of Uncle Sam losing his international
prestige as President Obama scales down NASA’s space exploration
endeavors. Contrary to Krauthammer, NASA has never represented America’s collective vision of frontier exploration. It has been just another bureaucratic black hole for Washington to throw dollars
at in hopes of buying reelection. Because one of the main tenets of
economics is considering the unseen, then it can be assumed that space
exploration would very well be advanced far beyond what we see today if
it was left completely out of the hands of the state. If
Krauthammer truly wished the human race capable of traveling into the
new frontier of the stars, he would welcome NASA cuts rather than
lament. How ironic then is today's news of Planetary Resources as investor and avowed anarchist Doug Casey thoughtfully observes on the inefficiency of NASA: "We should have colonies on the moon by now, and more: We should be mining the asteroids and developing real estate on Mars."Apple Cash Hits $110 Billion, Up $12.6 Billion
Apple Beats, Guides Lower
And here they are:
APPLE 2Q REV. $39.19B, EST. $36.87B
APPLE 2Q EPS $12.30, EST. $10.02
APPLE SOLD 35.1 MILLION IPHONES IN QTR, EST. 31.2M
APPLE 2Q IPOD UNITS SOLD 7.7MLN , DOWN 15%
APPLE 2Q IPAD UNITS SOLD 11.8MLN
APPLE 2Q GROSS MARGIN 47.4%, EST. 42.8%
APPLE 2Q MACINTOSH UNITS SOLD 4MLN , UP 7%
APPLE 2Q EPS $12.30, EST. $10.02
APPLE SOLD 35.1 MILLION IPHONES IN QTR, EST. 31.2M
APPLE 2Q IPOD UNITS SOLD 7.7MLN , DOWN 15%
APPLE 2Q IPAD UNITS SOLD 11.8MLN
APPLE 2Q GROSS MARGIN 47.4%, EST. 42.8%
APPLE 2Q MACINTOSH UNITS SOLD 4MLN , UP 7%
But:
- APPLE SEES 3Q REV. ABOUT $34B, EST. $37.49B
- APPLE SEES 3Q EPS ABOUT $8.68, EST. $9.96
Now We Know Where All The Greek Bank Deposits Have Gone
Draining
your banking system dry of deposits and loans is no easy task (just
see chart below), and yet the Greeks sure have succeeded. There was
only one open question: where did all this money go. Now we know.The New European Normal... Is Squiggly
Eurostat
just updated their statistics for government debt to GDP for 2011, so
here is an updated graph over Belgium, Italy, Greece, Portugal,
Ireland, Spain, France, UK, Netherlands, Germany and Sweden and the
development of their gross government debt to GDP from 1996 to 2011. Countries
not matching the new Merkozy-limit of a maximum of 3% budget deficit
were Greece, Ireland, Portugal, Spain and... France. But we can
forget the old euro convergence criteria of 2% deficit and at most 60%
debt to GDP as instead of working back to the green 'safe' quadrant, the
PIGS are heading in the exact opposite direction missing both deficit
and debt convergence criteria.SEC Emerges From Carbonite Deep Freeze, Sues Egan-Jones
Just in case one is wondering what is a greater crime in America:
vaporizing $1.5 billion in client money or having the temerity to
downgrade the US (twice), JP Morgan and Morgan Stanley, here is the SEC
with the answer:
- SEC SUES EGAN-JONES, SEAN EGAN ON ALLEGED MISREPRESENTATIONS
Somewhere Jon Corzine is cackling like a mad cow.
Mad Cow Slaughters Cattle Bulls As Animal Spirits Doused
UPDATE: via Bloomberg:
*MEAT FROM ANIMAL DID NOT ENTER FOOD CHAIN, USDA SAYS
*COW WITH MAD-COW DISEASE CONFIRMED IN CALIFORNIA, USDA SAYS
Rumors of the return of bovine spongiform encephalopathy - or mad cow disease - in the US as the USDA conducts a conference to discuss the potential find of an infected animal has sent Live and Feeder Cattle futures limit-down and back to almost 8 month lows prices. The find has been confirmed, according to The Farmer-Stockman. Now, where is that zombie survival chart?
by Rick Ackerman, Rick Ackerman.com:
An amusing coincidence: I was posting to the Rick’s Picks forum a
moment ago about how exchange trading has come to resemble a sleazy
carnival operation, and lo, the E-Mini S&Ps have shot up six points
in mere seconds. This was an after-hours move – the best time to stage
these heists, since there is little legitimate buying or selling to get
in the way of the perpetrators. I don’t wish to insult carny operators
by comparing them to exchange dealers and market makers, by the way,
since the guys and gals who work the midway at least come face to face
with the rubes they are ripping off. Not in the world of electronic
trading, though. The pros who are doing the fleecing operate under a
veil of secrecy that can be lifted only by securities regulators or the
FBI.
Read More @ RickAckerman.com
An amusing coincidence: I was posting to the Rick’s Picks forum a
moment ago about how exchange trading has come to resemble a sleazy
carnival operation, and lo, the E-Mini S&Ps have shot up six points
in mere seconds. This was an after-hours move – the best time to stage
these heists, since there is little legitimate buying or selling to get
in the way of the perpetrators. I don’t wish to insult carny operators
by comparing them to exchange dealers and market makers, by the way,
since the guys and gals who work the midway at least come face to face
with the rubes they are ripping off. Not in the world of electronic
trading, though. The pros who are doing the fleecing operate under a
veil of secrecy that can be lifted only by securities regulators or the
FBI. Read More @ RickAckerman.com
by James O’Toole, CNN Money:
Another Federal Reserve official is speaking out against Too Big to Fail policies.
Investigators probing the collapse of bankrupt brokerage MF Global
said Tuesday that they have located the $1.6 billion in customer money
that had gone missing from the firm.
But just how much of those funds can be returned to the firm’s clients, and who will be held responsible for their misappropriation, remains to be seen.
James Giddens, the trustee overseeing the liquidation of MF Global Inc, told the Senate Banking Committee on Tuesday that his team’s analysis of how the money went missing “is substantially concluded.”
“We can trace where the cash and securities in the firm went, and that we’ve done,” Giddens said.
Read More @ Money.CNN.com
Another Federal Reserve official is speaking out against Too Big to Fail policies.
Investigators probing the collapse of bankrupt brokerage MF Global
said Tuesday that they have located the $1.6 billion in customer money
that had gone missing from the firm. But just how much of those funds can be returned to the firm’s clients, and who will be held responsible for their misappropriation, remains to be seen.
James Giddens, the trustee overseeing the liquidation of MF Global Inc, told the Senate Banking Committee on Tuesday that his team’s analysis of how the money went missing “is substantially concluded.”
“We can trace where the cash and securities in the firm went, and that we’ve done,” Giddens said.
Read More @ Money.CNN.com
from The American Dream:
Did you know that the UN has a plan for running the world and it is
right out in the open? It is called “sustainable development”, but it
is far more comprehensive than it sounds. The truth is that the UN plan
for running the world would dramatically alter nearly all forms of
human activity. A 204 page report on “sustainable development” entitled
“Working Towards a Balanced and Inclusive Green Economy, A United
Nations System-Wide Perspective” has been published in advance of the
upcoming Rio + 20 United Nations Conference on Sustainable Development
in Rio de Janeiro. You can read the full report right here.
It envisions a vast system of global carbon taxes, massive global
safety nets and the implementation of a one world green economy. Many
of those that are pushing “sustainable development” on a global level
believe that they are doing it for the good of the planet. In fact, the
204 page report mentioned above even says that the transition “to a
green economy requires a fundamental shift in the way we think and act”
but that it will be worth it in the end. What people need to understand
is that throughout modern history tyranny has almost always been
initially introduced by people that believed that they had “good
intentions”. No matter how much friendly language the UN uses in their
reports, the truth is that what they are promoting is an insidious
agenda of absolute tyranny on a global scale.
Read More @ EndOfTheAmericanDream.com
Did you know that the UN has a plan for running the world and it is
right out in the open? It is called “sustainable development”, but it
is far more comprehensive than it sounds. The truth is that the UN plan
for running the world would dramatically alter nearly all forms of
human activity. A 204 page report on “sustainable development” entitled
“Working Towards a Balanced and Inclusive Green Economy, A United
Nations System-Wide Perspective” has been published in advance of the
upcoming Rio + 20 United Nations Conference on Sustainable Development
in Rio de Janeiro. You can read the full report right here.
It envisions a vast system of global carbon taxes, massive global
safety nets and the implementation of a one world green economy. Many
of those that are pushing “sustainable development” on a global level
believe that they are doing it for the good of the planet. In fact, the
204 page report mentioned above even says that the transition “to a
green economy requires a fundamental shift in the way we think and act”
but that it will be worth it in the end. What people need to understand
is that throughout modern history tyranny has almost always been
initially introduced by people that believed that they had “good
intentions”. No matter how much friendly language the UN uses in their
reports, the truth is that what they are promoting is an insidious
agenda of absolute tyranny on a global scale.Read More @ EndOfTheAmericanDream.com
Lew Rockwell: The Government is A Gang of Thieves at Large!
from KingWorldNews:
With continued volatility in gold and silver, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN that we are about to see massive QE from Asia. He also said investors should expect the rest of the central banks around the world to follow suit because none of them wants a strong currency. Here is what Caesar had to say about the situation: “Well, the actual gold price is holding up quite well. The backdrop for gold is solid. As an example, in Japan they have a meeting on Friday, the Bank of Japan does, and it seems they are setting themselves up for a stunning, major, new accommodative move.”
Caeser Bryan Continues @ KingWorldNews
With continued volatility in gold and silver, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Caesar told KWN that we are about to see massive QE from Asia. He also said investors should expect the rest of the central banks around the world to follow suit because none of them wants a strong currency. Here is what Caesar had to say about the situation: “Well, the actual gold price is holding up quite well. The backdrop for gold is solid. As an example, in Japan they have a meeting on Friday, the Bank of Japan does, and it seems they are setting themselves up for a stunning, major, new accommodative move.”
Caeser Bryan Continues @ KingWorldNews
from Kerry Lutz.com:
“Ranting” Andy
Hoffman is back for our Monday afternoon get together. He believes the
international crisis has entered a new phase. No matter how
the politicians try to use inflated GDP numbers, uninflated-inflation
numbers, or many other statistics, global economic activity is declining
and people around the globe are getting more poor. China’s on the
precipice as is most of Europe and eventually the US. Manipulated
markets are not healthy markets, and there’s nothing real about any
public market in the world. Therefore, get ready! Get your plans in
place and sit back, wait for the inevitable. It will be here sooner than
you ever thought possible.
Click here to listen to Kerry Lutz and Ranting Andy
Read More @ FinancialSurvivalNetwork.com
“Ranting” Andy
Hoffman is back for our Monday afternoon get together. He believes the
international crisis has entered a new phase. No matter how
the politicians try to use inflated GDP numbers, uninflated-inflation
numbers, or many other statistics, global economic activity is declining
and people around the globe are getting more poor. China’s on the
precipice as is most of Europe and eventually the US. Manipulated
markets are not healthy markets, and there’s nothing real about any
public market in the world. Therefore, get ready! Get your plans in
place and sit back, wait for the inevitable. It will be here sooner than
you ever thought possible.Click here to listen to Kerry Lutz and Ranting Andy
Read More @ FinancialSurvivalNetwork.com
by Detlev Schlichter, Whiskey and Gunpowder:
I hate to give personal investment advice. So please do me a favour and do not treat the following as investment advice. I am expressing my personal opinion here. I do so with honesty and conviction, without a personal agenda – I am not trying to sell you anything.
Nobody knows what the future will bring. I don’t know what will happen to the gold price in the next week, the next month or for the rest of this year. I don’t even know what 2013 will bring. But please remember, neither do all the ‘experts’ out there who are much less squeamish about giving investment advice than I am.
When you invest your wealth you are alone. You have to make up your own mind. And accept the consequences of your decisions.
Read More @ WhiskeyAndGunpowder.com
I hate to give personal investment advice. So please do me a favour and do not treat the following as investment advice. I am expressing my personal opinion here. I do so with honesty and conviction, without a personal agenda – I am not trying to sell you anything.
Nobody knows what the future will bring. I don’t know what will happen to the gold price in the next week, the next month or for the rest of this year. I don’t even know what 2013 will bring. But please remember, neither do all the ‘experts’ out there who are much less squeamish about giving investment advice than I am.
When you invest your wealth you are alone. You have to make up your own mind. And accept the consequences of your decisions.
Read More @ WhiskeyAndGunpowder.com
by M.N. Gordon, The Intel Hub:
Stocks had a rough go of it yesterday. After recouping some of the day’s early losses the DOW ended the day with a 102 point loss. One headline said it was Europe’s fault. Another said it was Wal-Mart bribery in Mexico.
Here at the Economic Prism we don’t know what the reason was…we just hope no one lost an ear over it. That does happen from time to time, you know.
Take Jerry Lee Ries of Los Angeles. On the night of April 11, Ries and another man met near Parking Structure 10 in Santa Monica to conduct a business transaction. Ries was, no doubt, clarifying the finer points of his program of debt collection when he pulled out a knife and sliced the man’s ear off.
The victim apparently owed Reis $400, but was only able to produce $360. Then, wouldn’t you know it, Ries didn’t even keep the ear he took as collateral for the $40…he tossed it in a street corner trash can.
Read More @ TheIntelHub.com
Stocks had a rough go of it yesterday. After recouping some of the day’s early losses the DOW ended the day with a 102 point loss. One headline said it was Europe’s fault. Another said it was Wal-Mart bribery in Mexico.
Here at the Economic Prism we don’t know what the reason was…we just hope no one lost an ear over it. That does happen from time to time, you know.
Take Jerry Lee Ries of Los Angeles. On the night of April 11, Ries and another man met near Parking Structure 10 in Santa Monica to conduct a business transaction. Ries was, no doubt, clarifying the finer points of his program of debt collection when he pulled out a knife and sliced the man’s ear off.
The victim apparently owed Reis $400, but was only able to produce $360. Then, wouldn’t you know it, Ries didn’t even keep the ear he took as collateral for the $40…he tossed it in a street corner trash can.
Read More @ TheIntelHub.com
from Jesse’s Café Américain:
“I don’t think this has any practical implications,” says David Rapach,
associate professor of economics at St. Louis University. “This could be
a combination of nostalgia toward both states’ rights and the gold
standard, but we moved away from those types of models for good
reasons.”
Perhaps the good professor has never heard of Gresham’s Law, or seen The Hunger Games. But it does fit my model that most economists’ understanding of current economic events has a lag of about ten years. That is why so many of them missed the build up to the financial collapse.
Read More @ JessesCrossRoadsCafe.Blogspot.com
“I don’t think this has any practical implications,” says David Rapach,associate professor of economics at St. Louis University. “This could be
a combination of nostalgia toward both states’ rights and the gold
standard, but we moved away from those types of models for good
reasons.”
Perhaps the good professor has never heard of Gresham’s Law, or seen The Hunger Games. But it does fit my model that most economists’ understanding of current economic events has a lag of about ten years. That is why so many of them missed the build up to the financial collapse.
Read More @ JessesCrossRoadsCafe.Blogspot.com
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