Rogers: "Volume Is Not Going To Come Back. We've Had A Great 30 Years. That's Finished!"
Jim
Rogers is hedging his gold (and silver) positions reflecting that this
is normal, following such a tremendous run, and that this is good for
the precious metal in the long-run. In his discussion with Maria
Bartiromo this afternoon, he notes India's anti-gold 'protectionism'
(and its potential balance of payments issues) that are trying to force
the hoarding into risky 'productive' assets (as others might say). The
immutable commodity maven suggests JPMorgan (and its peers) could be
behind the drops in the overall commodity complex as the uncertainty of
their positions (and liquidation potential to raise cash as bank examiners begin their forensics)
becomes more important. He holds the USD, which he hates; has a number
of equity shorts; and is most fearful of banks - specifically admitting
he is a serial seller of calls on JPMorgan. His
advice, and perhaps Maria should look into it given their ratings
recently, is to become a farmer; own farmland; and speculate on
agriculture. On the dismal 'ethical' state of our leaders and management,
the thoughtful Rogers opines, "You can read world history for decades.
There are always people doing things wrong. We have not changed our
human nature and we will continue to have scandals and problems" and in
a follow-up to CNBC's standard 'money-on-the-sidelines' argument he
crushes the money-honey's dreams: "Finance had a great 30 years. That's finished. Now to advance, we have too many people, too many MBAs, too much leverage and too many governments that don't like us". A must-see rebuttal to the 'normal' CNBC hopium with more on China's slowdown, a US recession, Europe and a Greek exit, QE3, and 'tractors'.And the Sheeplez Sleep...
If you think the media is fair...watch this video...Ron Paul 2012
from The American Dream:
There
is nothing wrong with being optimistic, but there is something wrong
with having blind faith that things are going to get better when all of
the evidence is screaming at you that things are going to get worse.
According to a brand new USA TODAY/Gallup Poll,
71 percent of all Americans consider economic conditions in the United
States to be poor right now, but an astounding 58 percent of them
believe that economic conditions in the United States will be good a
year from now. So what can account for this? Are they insane? Are
they hopelessly optimistic? Do they not want to believe the facts that
are staring them right in the face? Well, a lot of it probably has to
do with the upcoming election. Most Republicans are convinced that
things will be “better” somehow if Romney wins in November. Most
Democrats are convinced that things will “continue to improve” if Obama
wins in November. But the truth is that the economy has been declining
steadily in recent years no matter which party has been in power.
Read More @ EndOfTheAmericanDream.com
There
is nothing wrong with being optimistic, but there is something wrong
with having blind faith that things are going to get better when all of
the evidence is screaming at you that things are going to get worse.
According to a brand new USA TODAY/Gallup Poll,
71 percent of all Americans consider economic conditions in the United
States to be poor right now, but an astounding 58 percent of them
believe that economic conditions in the United States will be good a
year from now. So what can account for this? Are they insane? Are
they hopelessly optimistic? Do they not want to believe the facts that
are staring them right in the face? Well, a lot of it probably has to
do with the upcoming election. Most Republicans are convinced that
things will be “better” somehow if Romney wins in November. Most
Democrats are convinced that things will “continue to improve” if Obama
wins in November. But the truth is that the economy has been declining
steadily in recent years no matter which party has been in power.Read More @ EndOfTheAmericanDream.com
Irony 101 Or How The Fed Blew Up JPMorgan's 'Hedge' In 22 Tweets
Many
pixels have been 'spilled' trying to comprehend what exactly JPMorgan
were up to, where they are now, and what the response will likely end
up becoming. Our note from last week
appears, given the mainstream media's 'similar' notes after it, to have
struck a nerve with many as both sensible and fitting with the facts
(and is well worth a read) but we have been asked again and again for a
simplification. So here is our attempt, in 22 simple tweets
(or sentences less than 140 characters in length) to describe what the
smartest people in the room did and in possibly the most incredible
irony ever, how the Fed (and the Central Banks of the world) were likely responsible for it all going pear-shaped for Bruno and Ina. The
key factor is that if systemic risk had remained in even a 'normal'
range of possible regions based on history, then the JPM CIO office
would have had no need to over-hedge their tail-risk hedge position, no
greed-driven need to press the momentum, and no need for such an epic
collapse as we are seeing now. The point is - this was a trader/manager
with a good idea (hedge tail risk) that was executed poorly (and with
arrogance) but exaggerated by the unintended consequences of the
Central-Banks-of-the-world's actions (and 'models behaving badly' as Derman would say).HUI Fails to Confirm the Upside Reversal Day of Last Week
Trader Dan at Trader Dan's Market Views - 6 hours ago
Today's selling downdraft in the broader US equity markets, when combined
with more of the risk off trades, derailed the tentative Upside Reversal
Day posted last week in the HUI. You might recall that I mentioned it might
be prudent to get some additional upside price action before becoming too
convinced that we had a sure bottom in the mining sector shares.
The reason for this is that far too many of both these upside reversal
patterns and downside reversal patterns are being generated by the nature
of computer algorithmic trading. In times past we would see these patterns
form ON... more »
Still no word on whether Greece buys out Norwegian funds/Spanish 10 yr yields at 6.23%/Italian bonds at 5.75% Red ink in all bourses throughout the globe
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 7 hours ago
Good evening Ladies and Gentlemen: Gold closed down 23.00 to $1560. 60. Silver fell by 53 cents to $28.52. The markets have digested the news from JPMorgan and now conclude that the 2 billion dollar loss is just a tip of the iceberg. Most of the good guys have now concluded that JPMorgan has underwritten massive quantities of corporate debt via credit default swaps. They then stated that
Total Donations this year...$10.00 Thank You James
Please support our efforts to keep you informed...
Thank You
I'm PayPal Verified
According
to Rick Mills, given recent political events, single minded money
printing has to be the next stage and this will be positive for
commodities.Many have called for very high levels of inflation possibly leading to hyperinflation. Their reasoning is that over printing of the US dollar will cause the dollar to weaken and inflation to set in – more money chasing the same amount, or less, of goods causes prices to rise. A rise in gold and silver (and commodities prices), would be the result.
But the called for massive inflation hasn’t yet happened.
This brings up two questions:
Read More @ MineWeb.com
from RTAmerica:
There are approximately three months left until the Republican National Convention and on Monday, presidential hopeful Ron Paul announced that he will suspend his campaign efforts. The Texas congressman plans on focusing his efforts on winning the delegate vote.
There are approximately three months left until the Republican National Convention and on Monday, presidential hopeful Ron Paul announced that he will suspend his campaign efforts. The Texas congressman plans on focusing his efforts on winning the delegate vote.
By Dr. Ron Paul, GATA:
Last
week I held a hearing to examine the various proposals that have been
put forth both to mend and to end the Fed. The purpose was to spur a
vigorous and long-lasting discussion about the Fed’s problems, hopefully
leading to concrete actions to rein in the Fed.
First, it is important to understand the Federal Reserve System. Some people claim it is a secret cabal of elite bankers, while others claim it is part of the federal government. In reality it is a bit of both. The Federal Reserve System is the collusion of big government and big business to profit at the expense of taxpayers. The Fed’s bailout of large banks during the financial crisis propped up poorly-run corporations that should have gone under, giving them a market-distorting advantage that no business in the United States should receive.
The recent news about JP Morgan is a case in point. JP Morgan, a recipient of $25 billion in bailout money, recently announced it lost another $2 billion. If a corporation shows itself to be a bottomless money pit of “errors, sloppiness and bad judgment,” the Fed shouldn’t have expected $25 billion in free money to change that or teach anyone a lesson in fiscal discipline. But it determined that this form of deliberate capital destruction was preferable to one business suffering bankruptcy. Clearly, some changes need to be made.
Read More @ gata.org
Last
week I held a hearing to examine the various proposals that have been
put forth both to mend and to end the Fed. The purpose was to spur a
vigorous and long-lasting discussion about the Fed’s problems, hopefully
leading to concrete actions to rein in the Fed.First, it is important to understand the Federal Reserve System. Some people claim it is a secret cabal of elite bankers, while others claim it is part of the federal government. In reality it is a bit of both. The Federal Reserve System is the collusion of big government and big business to profit at the expense of taxpayers. The Fed’s bailout of large banks during the financial crisis propped up poorly-run corporations that should have gone under, giving them a market-distorting advantage that no business in the United States should receive.
The recent news about JP Morgan is a case in point. JP Morgan, a recipient of $25 billion in bailout money, recently announced it lost another $2 billion. If a corporation shows itself to be a bottomless money pit of “errors, sloppiness and bad judgment,” the Fed shouldn’t have expected $25 billion in free money to change that or teach anyone a lesson in fiscal discipline. But it determined that this form of deliberate capital destruction was preferable to one business suffering bankruptcy. Clearly, some changes need to be made.
Read More @ gata.org
from Liberty Blitzkrieg
Yesterday I had the pleasure to record another fun and informative radio interview with Dr. Dave Janda out of Michigan. In it we discuss various topics of social, political and economic importance including JPM’s huge loss, Blythe Masters’ sociopathic personality and the derivatives time bomb waiting to explode.
Listen Now @ Liberty Blitzkrieg
Yesterday I had the pleasure to record another fun and informative radio interview with Dr. Dave Janda out of Michigan. In it we discuss various topics of social, political and economic importance including JPM’s huge loss, Blythe Masters’ sociopathic personality and the derivatives time bomb waiting to explode.
Listen Now @ Liberty Blitzkrieg
by Mary Bruce, news.yahoo.com:
Just hours after a top JPMorgan Chase
executive retired in the wake of a stunning $2 billion trading loss,
President Obama told the hosts of ABC’s “The View” that the bank’s risky
bets exemplified the need for Wall Street reform.
Read More & Watch Video @ news.yahoo.com
Just hours after a top JPMorgan Chase
executive retired in the wake of a stunning $2 billion trading loss,
President Obama told the hosts of ABC’s “The View” that the bank’s risky
bets exemplified the need for Wall Street reform.
“JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got
and they still lost $2 billion and counting,” the president said. “We
don’t know all the details. It’s going to be investigated, but this is
why we passed Wall Street reform.”
While a powerhouse like JP Morgan might be able to weather an error that the bank’s own CEO called “egregious,” the president questioned what might happen to smaller institutions in similar situations.
“This is one of the best managed banks. You could have a bank that
isn’t as strong, isn’t as profitable managing those same bets and we
might have had to step in,” he said. “That’s why Wall Street reform is
so important.”While a powerhouse like JP Morgan might be able to weather an error that the bank’s own CEO called “egregious,” the president questioned what might happen to smaller institutions in similar situations.
Read More & Watch Video @ news.yahoo.com
In
1976 there was a nationwide panic over a suspicious strain of flu. It
prompted a mass vaccination within the US. It was the swine flu
outbreak.A curious strain of H5N1 appeared out of nowhere. During January 19th to February 9th was the only time period when infections were detected. Only one death and 13 were hospitalized from the new strain in H5N1.
Read More @ Activist Post
America as a shining drone upon a hill
by Tom Engelhardt, Antiwar.com:
Here’s the essence of it: you can trust America’s crème de la crème, the most elevated, responsible people, no matter what weapons, what powers, you put in their hands. No need to constantly look over their shoulders.
Placed in the hands of evildoers, those weapons and powers could create a living nightmare; controlled by the best of people, they lead to measured, thoughtful, precise decisions in which bad things are (with rare and understandable exceptions) done only to truly terrible types. In the process, you simply couldn’t be better protected.
And in case you were wondering, there is no question who among us are the best, most lawful, moral, ethical, considerate, and judicious people: the officials of our national-security state. Trust them implicitly. They will never give you a bum steer.
Read More @ Antiwar.com
Total Donations this year...$10.00 Thank You James
I'm PayPal Verified
by Tom Engelhardt, Antiwar.com:
Here’s the essence of it: you can trust America’s crème de la crème, the most elevated, responsible people, no matter what weapons, what powers, you put in their hands. No need to constantly look over their shoulders.
Placed in the hands of evildoers, those weapons and powers could create a living nightmare; controlled by the best of people, they lead to measured, thoughtful, precise decisions in which bad things are (with rare and understandable exceptions) done only to truly terrible types. In the process, you simply couldn’t be better protected.
And in case you were wondering, there is no question who among us are the best, most lawful, moral, ethical, considerate, and judicious people: the officials of our national-security state. Trust them implicitly. They will never give you a bum steer.
Read More @ Antiwar.com
from ArmstrongEconomics:
The
markets have been ignoring what is developing in Europe unconvinced as
yet that this will have any inflationary impact upon gold for example.
Europe is standing up and rejecting austerity on the one hand yet
embracing Marxism at the core foundation. France has elected its first
Socialist President, François Hollande, in 24 years as Athens burns
again in protest. We are approaching the brink of a major crossroads in
civilization. There is the risk that when the tree falls, it can be
sharply to the left. Just look at all the bills being passed by the US
government right now. Little by little, the constitution is being
eliminated. We have lost so many rights in the last few years, the
America that once was, is no more. The trend is clearly toward
authoritative government and the reason for this swing back to the la la
land of Marx, is because Marxism has failed, yet at the same time,
those in the bowels of government are determined to hold on to power at
all costs. This is the classic battle between good and evil playing out
on the grand stage of life. One of the 10 Commandments is thou shalt not
covet thy neighbor’s goods.
Read More @ ArmstrongEconomics.org
The
markets have been ignoring what is developing in Europe unconvinced as
yet that this will have any inflationary impact upon gold for example.
Europe is standing up and rejecting austerity on the one hand yet
embracing Marxism at the core foundation. France has elected its first
Socialist President, François Hollande, in 24 years as Athens burns
again in protest. We are approaching the brink of a major crossroads in
civilization. There is the risk that when the tree falls, it can be
sharply to the left. Just look at all the bills being passed by the US
government right now. Little by little, the constitution is being
eliminated. We have lost so many rights in the last few years, the
America that once was, is no more. The trend is clearly toward
authoritative government and the reason for this swing back to the la la
land of Marx, is because Marxism has failed, yet at the same time,
those in the bowels of government are determined to hold on to power at
all costs. This is the classic battle between good and evil playing out
on the grand stage of life. One of the 10 Commandments is thou shalt not
covet thy neighbor’s goods.Read More @ ArmstrongEconomics.org
[Ed. Note: Hilarious! Although Munger and Buffet think gold is "uncivilized", the IMF clearly believes otherwise.]
from Commodity Online:
The International Monetary Fund (IMF) is planning to purchase more
than $2 billion worth of gold on account of rising global risks. The IMF
currently holds around 2800 tonnes of gold at various depositories.
“The Fund is facing increased credit risk in light of a surge in program lending in the context of the global crisis. While the Fund has a multi-layered framework for managing credit risks, including the strength of its lending policies and its preferred creditor status, there is a need to increase the Fund’s reserves in order to help mitigate the elevated credit risks”, Bloomberg quotes a report by an IMF staff while also adding that a $2.3 billion gold purchase is in the planning.
IMF’s borrowers include Eurozone countries like Greece and Portugal. Greece is IMF’s biggest borrower and the nation is currently caught in a political deadlock that seems bent on denying itself the much needed bailout fund.
Read More @ CommodityOnline.com
Did You BTFD...or are you waiting for $26.00...Keep some powder dry just incase...
from Commodity Online:
“The Fund is facing increased credit risk in light of a surge in program lending in the context of the global crisis. While the Fund has a multi-layered framework for managing credit risks, including the strength of its lending policies and its preferred creditor status, there is a need to increase the Fund’s reserves in order to help mitigate the elevated credit risks”, Bloomberg quotes a report by an IMF staff while also adding that a $2.3 billion gold purchase is in the planning.
IMF’s borrowers include Eurozone countries like Greece and Portugal. Greece is IMF’s biggest borrower and the nation is currently caught in a political deadlock that seems bent on denying itself the much needed bailout fund.
Read More @ CommodityOnline.com
Did You BTFD...or are you waiting for $26.00...Keep some powder dry just incase...
Merkel tells Greece to back cuts or face euro exit
"What will prevail are armed gangs with
Kalashnikovs and which one has the greatest number of Kalashnikovs will
count … we will end up in civil war."
49% of Americans saving zilch for retirement
50-State Small Business Tax Friendliness Survey
California facing higher $16 billion shortfall.
Stocks Close Down 1% on Bank, Europe Worries
Gold Drops to 4.5-month Low as Euro Sinks
Oil Falls as Greece, China Feed Economic Worry
S&P 500 Down for 4th Day of Five
Here is a sobering quote:
49% of Americans saving zilch for retirement
50-State Small Business Tax Friendliness Survey
California facing higher $16 billion shortfall.
Stocks Close Down 1% on Bank, Europe Worries
Gold Drops to 4.5-month Low as Euro Sinks
Oil Falls as Greece, China Feed Economic Worry
S&P 500 Down for 4th Day of Five
Total Donations this year...$10.00 Thank You James
Please support our efforts to keep you informed...
Thank You
I'm PayPal Verified
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vp2-xvG3Gq3B0AUHX3cI1agoQZL_o2eiA9UxlNfFbcaFoySbg3woD_-UK5BOGnfqErrJQqJVIu6ZWlg4r9tzbEnKggbWvaYcU0Pw7qEesTYTAgrOFbAJGaIvi-a6uV8pb-QA=s0-d)
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vuwA7QFiXdCSpt1sLHz4SWIYvHEp6QrOx1Ih7YYSQET4L9xtPxwkZd6X5whWuQC5SSYaO2FVbxptYkQiysxWLZ8RR9Bq5nHOkxH_mJ782x6nCjnw6BpXM9txkedyf9LCmXUpqw=s0-d)
No comments:
Post a Comment