Hollande Goes The "Full Obama" As The Second Great October Socialist Revolution Takes Place In June

With every passing day, we learn that those pesky socialists in charge of the "Evil Empire" were right all along:

• HOLLANDE SAYS THOSE WHO BENEFITTED MOST IN PAST 5 YRS WILL PAY
• HOLLANDE CALLS ON `PATRIOTIC' FROM WHO EARNED MOST TO CONTRIBUTE

In other words, Obama's "Fairness Doctrine" has just gone airborne. And judging by history is very contagious. Only this time the "other people's money" has run out as the ECB showed us this morning

Watch Greece Take On Germany Live (With The Same Winning Odds As Staying In Euro)

Today's EURO 2012 quarter-final between the diminutive (in stature and in economic might) Greeks, who surprisingly made it to the knock-out rounds - 'giant-killing' Russia on the way, and the hulking football genii Germans, promises to be as packed with prowess as it is punch. Don't write Greece off too soon though as they won the whole thing in 2004, and we can only imagine there is more than a little 'payback' in mind as they walk onto the field today. While we assume the entertainment will be a little less comedic than Monty Python's famous Philosophy International between the two nations, it is must-see viewing if for nothing else to watch Frau Merkel's face as she ducks and weaves the crowd's abuse. Will there be a little friendly wager between Samaras and Merkel? Santorini perhaps in exchange for four-more-years? ESPN3 Live Stream link below. Odds are that Germany wins 2-0 (with 33-to-1 odds on a 5-0 win) as the Greek defense won't cope with Klose first to score. For the long-shot, the odds of a Greek win is 9-to-1 - about the same chance they have of staying in the Euro.

Gold As A Store Of Value

For those with doubts after a nine-month correction in gold (and especially over the last few days), Brent Johnson of Santiago Capital reminds us that 'nothing has changed'. Starting from the three propositions that: 1) Money is extremely misunderstood; 2) 'Fiat' money is a poor store of value; and 3) Gold is an excellent store of value, Johnson provides, in a little under 10 minutes, a succinct summary of all the reasons to remain long the shiny yellow stuff. As it reverts to being 'the most marketable commodity' once again, with the 'good-as-gold' USD continuing to lose its purchasing power over time, Johnson provides some thoughts on the periods of deflation and how gold plays into that end-game: "If gold were not a good store of value, why do all the central banks of the world store it and hold on to it - even when crises abound?"

 

Spain And The Citi: Here Is What Happens Next In The Country With All The Pain

While this morning saw a rumor of junior bank bondholder haircuts (and burden-sharing) rapidly denied by Spain's de Guindos, it appears the country's smarter individuals are realizing that perhaps a 'bail-in' (a la Citigroup in 2009) is the better way to go than an unending 'bailout' when it comes to the problem banking system. The bigger issue is not the insufficiency of the loan but the fact that such a relatively small loan was impossible for the sovereign to raise itself as no private investors believe their solvency - implying Spain has reached its debt saturation point. Neither government nor taxpayers can afford to take on more debt (which is what the bailout is). The solution, a precedent set by the good ol' USofA with the Citi preferreds, is to cram-up bond-holders. A compulsory debt-for-equity swap for the subordinated and senior unsecured liabilities, "whereby investors bear the vast majority of the cost of their own mistakes, without liquidating the banks and without pushing the Spanish economy into bankruptcy" may initially cause some turmoil in the interbank lending markets (which would need to be supported by the ECB in the interim as it is already). It would be extremely painful for shareholders (who will see massive dilution) and bondholders (arguably rightfully so) but would offer 'real' hope for improving market belief in solvency.

Peak Prosperity

If we pursue the line of inquiry established by Chris Martenson’s recent call to Buckle Up -- Market Breakdown in Progress, we come to these basic questions: When will the market reflect the fundamental weakness of the global economy? And when will the market finally hit bottom? Clearly, the correlation between market action and the underlying economy is weak.  While many would declare the stock market to be a “lagging indicator” of recession, even that may be overstating the connection. If we have learned anything in the past three years, it’s that weakening the dollar to foster the illusion of rising corporate profits, central bank monetary easing (QE), and central state borrow-and-spend stimulus can goose the market higher even as the underlying economy remains weak or recessionary. Will the Fed continue to support the U.S. market with QE programs every time it sags? Will QE always work as well as it did in 2010 and 2011? If the history of the deflationary-era Nikkei is any guide (and the BoJ's unprecedented monetary easing while the central government has borrowed and spent unprecedented sums on fiscal stimulus), the bottom could be a year away.

Syria Shoots Down NATO-Member Turkey's Military F-4 Jet

Update: they are making it up as they go along:
TURKISH PM SAYS HAS NO FIRM INFORMATION ON ANY APOLOGY FROM SYRIA, WILL MAKE FURTHER STATEMENT AFTER SECURITY MEETING
TURKISH PM SAYS CANNOT SAY WHETHER TURKISH WARPLANE SHOT DOWN OR CRASHED, NO NEWS ON PILOTS - TURKISH TV
Looks like everyone is trying to position appropriately.
Update from Al Jazeera: Turkish PM says cannot say whether Turkish warplane shot down or crashed, no news on pilots.
Just when the geopolitical tensions in the middle east appeared to be abating, and Brent was on a gentle glideslope to whatever price will greenlight the NEW QE now that fears of an Iran war have been very much silenced, things change. Reuters reports that Syria shot down a Turkish warplane on Friday, according to Lebanon's al-Manar television reported, "risking a new crisis between Middle Eastern neighbours already at bitter odds over a 16-month-old revolt against Syrian President Bashar al-Assad." "Syrian security sources confirmed to a Manar correspondent in Damascus that Syrian defence forces shot down the Turkish fighter jet," the Hezbollah-owned channel said." Here is the rub: Turkey is a NATO member, and by definition the alliance will have to come to Turkey's aid if requested. Syria, however is not just any country as has been made quite clear over the past several months of UN impotence: it is a critical staging ground for both Russia (which has a very critical regional naval base in the city of Tartus) and China, and according to the Jerusalem Post, the three countries are in preparation to conduct the "largest ever" war game. As such Syria, already gripped by fierce local fighting, where just like in Egypt and Libya the presence of US-based flipflop on the ground can be smelt from across the Atlantic, is merely a symbol. The real implication is how far can little escalations push until finally the showdown begins, with NATO on one side and Russia and China on the other?

Biderman And Bianco Berate Bernanke, Buy Bullion, And Batter Bullishness

Critical of the market's reaction to the 'no new QE' news, Biderman and Bianco wholeheartedly believe yesterday's plunge was entirely due to the fact that the 'Bernanke Put' - that we have become so conditioned to expect - did not appear at the levels many expected. Despite a federal deficit of $100 billion per month, it seems the Fed is now in agreement with Biancerman that US growth is limping along at best but notably Jim Bianco believes the fiscal cliff will end up more of a bump in the road as he sees politicians being forced to agree to extend or roll-back (maybe at the very last minute) offsetting the abyss. However, with the debt ceiling looking like it will be hit before the election, it will be interesting to see what political parlance is used if-and-or-when Geithner borrows from the trust funds to keep the government going this time (or not). Positive on Gold longer-term, Bianco sees it like other markets: "Gold is a junky that has not got its money fix" and the only reason to believe Gold is a sell is if you think CBs are done - they are not! Finally the two discuss the fact that 'nobody wants to be bearish anymore' when looking at sentiment surveys - setting up a 'trap-door' for the market.

The Solution to Concentrated Power: The Triple Ds

The solution to centralized power can be summarized as the three Ds: diffusion, decentralization, and devolution of power to local communities.  The concentration of power into the hands of a few bureaucrats in Europe has failed, just as concentrating monetary power into the (privately owned) hands of Federal Reserve bureaucrats has failed. Enabled by a captured Central State, financial power has become concentrated in five banks, media control has been concentrated into six corporations, and so on, ad nauseum. Concentrating centralized political power inevitably spawns State/private-capital cartels that stripmine taxpayer/citizens. This cannot be avoided or staved off with 1,000-page legislative bills and 30,000 pages of regulations, all of which serve to consolidate the power of centralized government and private capital.

Sorry Perma Bulls, It's Still Risk Off

Eric De Groot at Eric De Groot - 46 minutes ago

The message of the market trumps all interpretations. The probability of a stock decline increases when relative money flows favor risk-off. For example, a downtrend in the S&P 500 capital appreciation to dividends ratio, or red/yellow painted sticks, suggest risk-off money flows . Any market call that swims with the market trends has a good probability of success . When... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 

 

HUI Chart Pattern Needs Some Help

Trader Dan at Trader Dan's Market Views - 47 minutes ago

As has been the case with the mining shares for some time, (going back as far as the first round of QE in late 2008), they require a shift in trader sentiment away from a DEFLATIONARY scenario towards one of INFLATION. The latter is what has resulted from each round of stimulus launched by the Federal Reserve. This week's lack of an imminent launch of a QE3, has set mining shares, as well as bullion, back on their heels as traders have made the shift back towards expecting a further slowdown in global growth and more of a deflationary environment. This shift is showing up in the d... more » 

 

A Quick Primer On Why Operation Twist Is QE

Dave in Denver at The Golden Truth - 1 hour ago

*Bernanke: Fed stands ready to take further action - 2:24 p.m Wednesday; Bernanke - 3:01 p.m. Wednesday: Fed will not buy European sovereign debt* (We don't know if this is true or not becaue we don't know how the massive Fed dollar/euro swap program with the ECB is being used. I suspect Bernanke is lying his ass off and that swap facility is the equivalent of an off-balance-sheet mechanism by which the Fed IS buying European sovs. - Dave in Denver) Before I go over Operation Twist (OT), I wanted to point out that yesterday's economic numbers released were an unmitigated disast... more » 

Risk Markets Remain Macro-Driven

As we discussed earlier, markets remain mired in their addiction to liquidity and the global macro-picture seems synchronized to this central bank largesse with an inability to function without at least the hope of more QE around the world. Nowhere is this more clear than in the extreme high levels of correlation across global risk assets. Barclays notes that the correlation between global equities, the USD, emerging market FX, high-grade credit, and commodities remains near cyclical highs and rising. Furthermore, 'safe haven' correlations are at record levels relative to risk assets (especially US Treasuries) and they remain tactically biased to fade any rally here as the correlations have driven an 'extreme valuation gap' between 'safe haven' and risky assets - which creates a strong potential for 'spasmodic relief rallies'.

Latest European Bailout Plan Fizzles In Record Time

UPDATE: The Bundesbank, as usual, ready to pur some 'reality-based' cold-water on the situation:
*BUNDESBANK SAYS IT'S CRITICAL OF ECB COLLATERAL DECISION
*BUNDESBANK SAYS IT WON'T ACCEPT COLLATERAL IT DOESN'T HAVE TO
They came, they spoke, they spiked EURUSD; but now just over 90 minutes later the full force and furor of the 3 horse-men (and 1 woman) of the Euro-zone have tried and failed to get any market belief in their constant tirade of the same facts and denials. No matter what Monti, Hollande, and Rajoy say, Merkel's reply summarizes to: "No Free Lunch" and while markets exhibit their 'spasmodic' response function to any comment from Europe, sooner now (rather than later) we revert to pre-bullshit levels. As a reminder, the half-life of the Spanish Bailout was 7 hours as we noted here which must make this total reversion particularly worrying for the 'elite'.

The Biggest Battle in All of Human History is Coming

by James Gardner, SGTreport
The Biggest Battle in all of Human history is coming…
3:15 June 22nd 1941; 3 million men, 600,000 vehicles, 750,000 horses, 3580 AFVs, 7184 guns and 1830 air craft began the battle that decided the out come of World War two and the fate of the world.
How does that apply to us today? Because Joe Stalin knew it was coming well before it happened, could have stopped it in it’s tracks and instead chose to put his head in the sand just like the majority of Americans are doing now.
WW2 Soviet and British intelligence compared to German intelligence would be like a soccer game between an all star pro team and some genius level ten year olds. While the kids might develop brilliant plans, strategies and the occasional good move they would be mercilessly trounced at every turn. Thus it was that Stalin knew not just the placement and planning of the invasion forces but the very dates of the German launch. How do we know this? In the first few weeks of the invasion the 221st Defense Division in Lomza recovered from the CnC of the First Cossack Army maps with the accurate location of German Armies, Army Groups and Divisions. That was the good news, After Admiral Canaris, head of the German Abwher (spies), finally caught and forced a soviet spy to give him the key to cracking radio codes in November of 1942 it was discovered that the Russians had an agent that was tied into the German high command and could inform them with in two days of any change in plans. And the best evidence is a telegram sent by the German Naval Attache’ in Moscow on 25 April, 1941 which said the British Ambassador was giving June 22nd as the date of the beginning of the war between Germany and Russia. That’s two months before it launched folks. It would seem everyone everywhere knew what was coming so why do you suppose Stalin didn’t act? Read More…

Silver Price Slides in the 40 Days Since Shanghai Silver Exchange Opened

from Silver Vigilante:
Rumors, which circulate around the topic of the Shanghai Silver Exchange, submit that the exchange is to act in competition with western exchanges of the same nature, and not coordinate with them on the silver price mechanism. This, due to the new counterbalance to western banking silver suppression, will send silver prices higher. Now, about forty days after the exchange was opened, the silver price trend remains a slide down. The price has ranged from shy of $31 to tonight’s low of $26.75. This is a continuation of the downward trend embarked upon in March, when silver was still the best performing asset year-to-date.
Read More @ Silver Vigilante

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In A Ro-Ro Market: When the Going Gets Tough, Change the Rules

By Greg Canavan, Daily Reckoning.com.au:
‘Ro-ro‘…short for risk on, risk off.
It’s just another acronym dreamed up by the market to describe the daily see-saw action in asset prices. Despite the complexity of the market and the millions of signals it throws off, we have managed to distil the daily price action down to either risk on or risk off.
Or perhaps it’s because of the complexity. It’s a complexity driven by constant government interference with the business cycle. We’re not sure exactly when it happened, but at some point over the past few decades governments decided that they could, and would, do everything in their power to avoid recession.
This resulted in lower and lower interest rates…because apparently all a downturn needs is lower interest rates to fire things back up again. But a lower rate of interest is just another term for the mis-pricing of credit. Holding the cost of credit below the market rate (the rate at which a free market would set the price) is a recipe for disaster.
Read More @ DailyReckoning.com.au

Money-Good Asset Stocks Shrivel Prompting Collateral Crisis

from Wealth Cycles:
What exactly is a “money-good” asset, and why should I care?
“Gold is money, everything else is credit.”
One need not look any farther than the above quote representing the seminal example of credit risk valuation, from John Pierpont Morgan.
But if gold is money, then what is a money-good asset?
A “money-good” asset is considered by market participants to be “as good as money,” a “safe asset,” or more clearly, an asset expected to have virtually no counterparty risk of default.
“Bernanke admitted in his recent speech, on this very issue, [that] there are very few “safe” assets to leverage the rest of the system upon.” Read more in the WealthCycles.com article IMF Sees Gold as Safe Asset as Crisis Looms, in which we look at the opinion of the IMF (see pie chart).
Read More @ WealthCycles.com

The Future of Money and the Death of Banks, Part II

by Detlev Schlichter, Whiskey and Gunpowder:
Banks make money from payment systems
I recently made arrangements for a trip to Africa I dealt directly with local tour operators there. Today that can be done easily and cheaply with the help of email, the internet and skype. Yet, when it came to paying the African tour operators I had to go through a process that has not changed much from the 1950s. Not only were British and African banks involved. There were also correspondence banks in New York. This took time and, of course, cost money in form of additional fees.
Imagine if we could have used gold or Bitcoin! The payment would have been as easy and fast as all the email communication that preceded it. There would have been no exchange rates and little fees (maybe there would have in the case of gold) or no fees (in the case of Bitcoin).
Another example: Last year I gave a webinar at the Ludwig von Mises Institute (LvMI). The LvMI is located in Auburn, Alabama. I did the seminar from my home in London, the LvMI’s technology officer sat in Taiwan, and the seminar attendees were spread all over the world. All of this is now possible – cheaply, quickly and conveniently – thanks to technology.
Click Here to read Part 1
Read More @ WhiskeyAndGunpowder.com

Greek healthcare system collapses, hospital workers now working without pay

by Jonathan Benson, Natural News:
The economic situation in Greece is only continuing to worsen, as reports indicate that hospitals and care centers throughout the nation are running completely out of medicines, and many healthcare workers are now voluntarily providing care services without pay.
Strapped with spiraling debt, the Greek healthcare, which is government-run, has had to receive gobs of international financial aid just to keep operating with some semblance of normalcy. There has also been plenty of IOUs issued, and desperate patients quietly forking over cash “gifts” to doctors to receive treatments. All in all, the healthcare situation is in utter chaos, save for those that have sacrificed their own time, often free of charge, just to help those in need.
Read More @ NaturalNews.com

Global Markets On The Move, What To Look For Next

from KingWorldNews:
With tremendous volatility in global markets, investors and professionals are wondering where the markets are headed from here. Today King World News wanted share with its readers key portions from the latest Investors Intelligence report: “The bulls saw no change at 37.2% and that is positive for further market gains. Two weeks ago they were at 34.0%, their lowest level since Sep-10 (33.3%).”
Investors Intelligence Newsletter continues @ KingWorldNews.com

FBAR, 8398, FATCA, And Capital Controls – The Trail That Leads To The Forced Repatriation Of Your Foreign Assets

by Jim Karger, Dollar Vigilante:
American taxpayers worldwide face a June 30th deadline to file with the U.S. Department of Treasury the Form TD-90-22.1, Report of Foreign Bank and Financial Accounts, also known as the FBAR.

On its face, the FBAR is just another form in a long line of forms required by the US government of its citizenry. 

But, as with all government incursions on privacy and freedom, the FBAR is much more than a form.  It is a first step to the US government having access to American taxpayers’ assets worldwide.  To understand how the FBAR fits into the puzzle, one must follow the legislative bread crumbs.

FBAR – “Tell Us Where Your Money Is”

Any U.S. person with a financial interest in, or authority over, a foreign financial account (accounts that exceed $10,000 in the aggregate) must file an IRS Form TD-90-22.1, Report of Foreign Bank and Financial Accounts (FBAR). This requirement also extends to U.S. citizens or residents with signature or other authority over a foreign financial account.

Read More @ DollarVigilante.com

Is Barack Obama Morphing Into Dick Cheney?

by Michael Klare, Tom Dispatch:
Four Ways the President Is Pursuing Cheney’s Geopolitics of Global Energy
As details of his administration’s global war against terrorists, insurgents, and hostile warlords have become more widely known — a war that involves a mélange of drone attacks, covert operations, and presidentially selected assassinations — President Obama has been compared to President George W. Bush in his appetite for military action.  “As shown through his stepped-up drone campaign,” Aaron David Miller, an advisor to six secretaries of state, wrote at Foreign Policy, “Barack Obama has become George W. Bush on steroids.”
When it comes to international energy politics, however, it is not Bush but his vice president, Dick Cheney, who has been providing the role model for the president.  As recent events have demonstrated, Obama’s energy policies globally bear an eerie likeness to Cheney’s, especially in the way he has engaged in the geopolitics of oil as part of an American global struggle for future dominance among the major powers.
Read More @ TomDispatch.com

Gloom and doom back in style

from, Gold Money:
Weak economic data from the US and China has encouraged selling of stocks and commodities over the last 24 hours. Americans’ claims for unemployment benefits remained at essentially the same level as last month, while a Philly Fed regional manufacturing survey showed yet another contraction. Brent crude futures fell 3.7% to settle at $89.23 a barrel – their lowest close since December 2010, while WTI lost 4% on the day to settle at $78.20, the lowest since October. Coming just a day after the Fed disappointed investors with its “no QE3 yet” message, it’s little surprise that we’re seeing the same old dash to the US dollar and Treasuries, as deflation expectations rise. The Dollar Index (USDX) is back above 82.00, while the yield on the 10-Year Treasury Note has fallen to 1.62%.
Read More @ GoldMoney.com

Destroying the Middle Class, Who Stole My Net Worth?

By James Quinn, The Market Oracle:
In Part 1 of this three part series I addressed where and how the net worth of the middle class was stolen. In Part 2, I will tackle who stole your net worth and in Part 3, why they stole your net worth. Now let’s zero in on the culprits of this crime.
Dude, Who Stole My Net Worth?
“Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.” – Charles Ferguson
Read More @ TheMarketOracle.co.uk

Central Bank Gold Manipulation “Steady As Ever” – Avoid “Paper Gold”

from GoldCore:
US economic woes are far from over. The Operation Twist program extended by the US Federal Reserve doesn’t look like it will be the salvation to spur growth in the US economy.
We fully expect “QE3” to occur which will also be positive for gold.
Chris Powell, Secretary and Treasurer of the Gold Anti-Trust Action Committee told Bernie Lo on CNBC Asia overnight that central banks are continuing to manipulate the gold market as they are interested in supporting government bonds and the dollar and keeping interest rates low.
Powell warns about “paper gold” and says that we “try to persuade investors that if they are purchasing gold, they had better get real gold – metal. They should not get “paper gold” and keep it within the banking system.”
He says that “there is huge naked short position in gold” and estimates that perhaps “75% to 80% of the gold that the world thinks it owns does not exist and is just a claim on a bullion bank that is underwritten basically by the central banks.”
Read More @ GoldCore.com

The Beast: Tracking You and Your Family Just Got a Whole Lot Easier

by Mac Slavo, SHTFPlan:
It’s been hailed as the ultimate in personal identification and human tracking technology, and now it’s going mainstream. The VeriMed system, formerly known as the Verichip, is a passive RFID microchip measuring about the size of a grain of rice and is implantable under your skin, making it possible for health care providers and other parties to instantly access your medical history and other personally identifying information.
The chip itself doesn’t store a whole lot of information other than a personal identification number, much like a social security number. When scanned it connects directly to the Healthlink global network via the internet allowing doctors immediate retrieval of everything they need to know about you.
The systems are not only limited to human medical data storage, however, and have been used for years as location tracking for cattle and pets by Verichip’s former parent company Applied Digital Solutions.
Read More @ SHTFPlan.com

Are You Ready for Papa Bear?

by Rick Ackerman, Rick Ackerman.com:
The Dow got sacked for 250 points yesterday, but consider the chart below if you think it’s too late to jump on the bearish bandwagon. Of course it isn’t. On the daily chart, the bar graphically representing Thursday’s selloff barely stands out. It’s not even as bad as the 275-pointer that occurred on June 1. A thousand-point rally followed, turning the downdraft retroactively into a bullish swoon. So don’t despair about missing a great opportunity. This bear market is just getting rolling, and it is all but certain that there will be plenty of chances to get short down the road with stocks rising. Not that it will be easy, since every Tom, Dick and Harry will be trying desperately to get on the right side of the move. More on that in a moment. Concerning yesterday’s mini-avalanche, we were a day late ourselves, having challenged subscribers the night before to help us pick the top. We figured it would be as easy as shooting fish in a barrel, since nearly 800 traders, many of them regulars in the Rick’s Picks chart room, have taken the Hidden Pivot Webinar.
Read More @ RickAckerman.com

CIA Arming Syrian Insurgents

by Stephen Lendman, SJLendman.Blogspot.com:
On June 21, The New York Times headlined “CIA Said to Aid in Steering Arms to Syrian Opposition,” saying:
Operating covertly from southern Turkey, CIA operatives are “decid(ing) which Syrian opposition fighters across the border will receive arms to fight the Syrian government, according to American officials and Arab intelligence officers.”
Weapons supplied include “automatic rifles, rocket-propelled grenades, ammunition, (and) antitank weapons….”
They’re smuggled across Turkey’s border through “a shadowy network of intermediaries….”
They’re also entering through Lebanon.
Muslim Brotherhood officials are involved. So are Turkey, Saudi Arabia, Qatar, other Gulf States, Jordan and Israel.
Obama denies what other US officials confirm.
Read More @ SJLendman.Blogspot.com

BTFD...

Silver regains sheen as coin sales see a pickup

from EconomicTimes.IndiaTimes.com:

With gold crossing the Rs 30,000 mark, investors are betting on silver now. Last week’s rally took the white metal’s spot prices close to Rs 55,000 per kg from around Rs 52,000 barely a month ago. Bullion dealers say demand for silver is coming from the industrial sector and coin sales but analysts feel an upward swing in the prices of metals coupled with a weak rupee has resulted in the rally.
India imports the white metal as production is insufficient to meet growing demand. India is the largest importer as well as consumer and the average domestic consumption of the metal is around 3,000 tonne per annum , according to a report of the Working Group on Mineral Exploration and Development . “Indian import of silver for 2012 is expected to decline to a range of 3,500 tonne to 4,000 tonne owing to a weak rupee and a high import duty compared to 4,800 tonne imported last year.
Read More @ EconomicTimes.IndiaTimes.com

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