by Paul Adams, J.D, ImplodeExpode
ML-Implode is reporting Eric Sprott‘s comments from the New York 2012 Hard Assets Conference, going on now. Shorthand of the highlights of Sprott‘s keynote remarks are below.
ML-Implode is reporting Eric Sprott‘s comments from the New York 2012 Hard Assets Conference, going on now. Shorthand of the highlights of Sprott‘s keynote remarks are below.- JPM initial loss is really $3B (they are using using after-tax losses trick)
- Word is with subsequent moves in yields, loss has already widened to $4B+
- Greece already back at debt burden from before default saga; will have to default again
- Spain also in dire straits (Portugal also very bad but doesn’t have much refunding to do this year) Read More @ Implode-Explode.com
from Gold Money:
With the economic situation in Greece becoming more fraught by the day, The Wall Street Journal
reports that Greek depositors withdrew 700 million euros from the
country’s banks on Monday, with fears growing of a widespread bank run.
The chart below (courtesy of The Big Picture blog) shows the huge draw down in domestic deposits over the last two years (see chart).
Precious metals are still being pummelled by hedge funds’ “risk off” trades. Gold has now broken down below $1,550, while silver is trading below $28 and looking likely to test support just above $26.
The euro has sunk to $1.27, while the US 10-Year Note is yielding just 1.77%. The yield on German 10-year “Bunds” is even lower – at just 1.47% – while the Global Dow index of major stocks lost 0.99%, with Asian and “emerging market” indices particularly poor performers.
Read More @ GoldMoney.com
With the economic situation in Greece becoming more fraught by the day, The Wall Street Journal
reports that Greek depositors withdrew 700 million euros from the
country’s banks on Monday, with fears growing of a widespread bank run.
The chart below (courtesy of The Big Picture blog) shows the huge draw down in domestic deposits over the last two years (see chart).Precious metals are still being pummelled by hedge funds’ “risk off” trades. Gold has now broken down below $1,550, while silver is trading below $28 and looking likely to test support just above $26.
The euro has sunk to $1.27, while the US 10-Year Note is yielding just 1.77%. The yield on German 10-year “Bunds” is even lower – at just 1.47% – while the Global Dow index of major stocks lost 0.99%, with Asian and “emerging market” indices particularly poor performers.
Read More @ GoldMoney.com
from The Economic Collapse Blog:
The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars
has been withdrawn from Greek banks. For a small nation like Greece,
that is an absolutely catastrophic number. At this point, the entire
Greek banking system is in danger of collapsing. If you had money in a
Greek bank, why wouldn’t you pull it out? If Greece leaves the euro,
all euros in Greek banks will likely be converted to drachmas, and the
value of those drachmas will almost certainly decline dramatically. In
fact, it has been estimated that Greek citizens could see the value of
their bank accounts decline by up to 50 percent if Greece leaves the
euro. So if you had money in a Greek bank, it would only make sense to
withdraw it and move it to another country as quickly as possible. And
as the eurozone begins to unravel, this is a scenario that we are going
to see play out in country after country. As member nations leave the
eurozone, you would be a fool to have your euros in Italian banks or
Spanish banks when you could have them in German banks instead. So the
bank runs that are happening in Greece right now are only a preview of
things to come. Before this crisis is over we are going to see bank
runs happening all over Europe.
Read More @ TheEconomicCollapseBlog.com
The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning. Since May 6th, nearly one billion dollars
has been withdrawn from Greek banks. For a small nation like Greece,
that is an absolutely catastrophic number. At this point, the entire
Greek banking system is in danger of collapsing. If you had money in a
Greek bank, why wouldn’t you pull it out? If Greece leaves the euro,
all euros in Greek banks will likely be converted to drachmas, and the
value of those drachmas will almost certainly decline dramatically. In
fact, it has been estimated that Greek citizens could see the value of
their bank accounts decline by up to 50 percent if Greece leaves the
euro. So if you had money in a Greek bank, it would only make sense to
withdraw it and move it to another country as quickly as possible. And
as the eurozone begins to unravel, this is a scenario that we are going
to see play out in country after country. As member nations leave the
eurozone, you would be a fool to have your euros in Italian banks or
Spanish banks when you could have them in German banks instead. So the
bank runs that are happening in Greece right now are only a preview of
things to come. Before this crisis is over we are going to see bank
runs happening all over Europe.Read More @ TheEconomicCollapseBlog.com
European Banks Battered As Reality Sets In
As
Europe opened last night markets were very weak with Sovereigns
gapping dramatically wider and equity and credit markets under pressure.
Just as in the last few days in Europe though, early weakness has been
tempered by a modest belief that the ECB will save us all if it gets
bad enough. Today was a little different - as we noted it appeared the
ECB was starting to play chicken a little more vocally and while
equity, credit, and sovereigns rallied in their usual way off the open
- there was one critical difference - financials did not. Early on it was clear that many traders were looking to place the short-financials, long-sovereign credit trade,
this implicitly forced LTRO-encumbered banks to underperform (as
Greek, Italian, and Spanish banks were crushed in stocks and spreads)
moving the LTRO Stigma wider still - back near record wides. The EURUSD
was choppy but once the ECB headlines hit and rumors swirled of more
bank runs, cessation of support, and capital controls, it fell back below 1.2700 once again
(only to surge a little into the Europe day-session close - back to
unch. Treasuries and Bunds were in lockstep - leaking higher in yield as
the technical support for sovereigns came in (not from the ECB but via
our financials-sovereign spreads arb) but this gave way into the close
as risk asset weakness dragged yields lower in Germany. US equities
faded into the Europe close (as normal) ending back at a balanced VWAP,
with EU financial stocks down over 1% on average, and EU stocks overall
down around 0.75% (BE500).from RussiaToday:
from Silver Doctors:
Jim Comiskey states in his update this evening that his London trader
source has informed him that JP Morgan sold 13,000 July silver contracts
today on the LBMA, out of a total of 37,616 July silver futures
contracts traded today in London.
JPM unloaded IN SIZE…SELLING SILVER DUE TO A MASSIVE MARGIN CALL.
The rumor in the pits is that a major JPM client was served a massive margin call, and was forced to liquidate massive silver positions to meet it. Comiskey believes that this is indicative of a market bottom in silver.
Watch Video @ SilverDoctors.com
Jim Comiskey states in his update this evening that his London trader
source has informed him that JP Morgan sold 13,000 July silver contracts
today on the LBMA, out of a total of 37,616 July silver futures
contracts traded today in London.JPM unloaded IN SIZE…SELLING SILVER DUE TO A MASSIVE MARGIN CALL.
The rumor in the pits is that a major JPM client was served a massive margin call, and was forced to liquidate massive silver positions to meet it. Comiskey believes that this is indicative of a market bottom in silver.
Watch Video @ SilverDoctors.com
by Lawrence Williams, MineWeb.com
Speaking
at the New York Hard Assets Investment Conference this week, respected
analyst Adrian Day gave the reasons for his belief that the recent
resource boom is still far from over..
Not surprisingly – given metal price performance at the time – the audience at the New York Hard Assets Investment Conference was a little depressed. With gold heading down to the low $1500s – the lowest for several months and, of course, junior mining stocks, which is the sector most of the audience would be there to hear about, having been particularly hard hit.
What the audience really wanted advice on was addressed in one of the earlier keynote presentations by Adrian Day. Is the resource boom over? was the title of his talk and he prefaced it with an immediate No!
Read More @ MineWeb.com
Speaking
at the New York Hard Assets Investment Conference this week, respected
analyst Adrian Day gave the reasons for his belief that the recent
resource boom is still far from over..Not surprisingly – given metal price performance at the time – the audience at the New York Hard Assets Investment Conference was a little depressed. With gold heading down to the low $1500s – the lowest for several months and, of course, junior mining stocks, which is the sector most of the audience would be there to hear about, having been particularly hard hit.
What the audience really wanted advice on was addressed in one of the earlier keynote presentations by Adrian Day. Is the resource boom over? was the title of his talk and he prefaced it with an immediate No!
Read More @ MineWeb.com
Markets Are Getting Very Oversold
Admin at Marc Faber Blog - 30 minutes ago
I think the markets are becoming very oversold, sentiment is now very
negative and I think we are heading into an intermediate term low, and we
can have a rally into June...but no new highs.
*Related trading instruments: SPDR S&P 500 Index ETF (SPY), iShares MSCI
Emerging Markets Indx (ETF)*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Soros Talks Everyone Go Fetal, He Acts And No One Notices
Eric De Groot at Eric De Groot - 1 hour ago
Two things happen when Soros says anything remotely negative about gold.
First, the headline and laptop experts organize to parse every word in
order to support the "gold top" thesis. Second, the gold community
immediately assumes the fetal position. Now, when Soros acts bullishly
towards gold, a key distinction from talks, it's generally the silent
treatment from all. This is how I like...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
Video: Market Turmoil, Austerity, 2013 Crisis
Admin at Jim Rogers Blog - 1 hour ago
Video interview, May 16. Topics: Market Turmoil, Austerity, 2013 Crisis; *Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.*
from Ron Holland, The Daily Bell:
“Attempts
to form a government in Greece collapsed on Tuesday, jolting financial
markets at the prospect leftists opposed to the terms of an EU bailout could sweep to victory in a June election and nudge the euro zone crisis into a dangerous new phase.” – CNBC
Why should the Greek people be financially destroyed and rendered destitute by forced German and Brussels EU austerity measures and more loans designed only to pay the interest on the debt to the big banks? What if the banking and media establishment are dead wrong about nations withdrawing from the Euro like they have from the beginning of the crisis? I suggest a strong economic recovery is the likely result rather than depression as forecast by experts working for the banks that have enslaved Greece.
What Would You Do?
Read More @ TheDailyBell.com
“Attempts
to form a government in Greece collapsed on Tuesday, jolting financial
markets at the prospect leftists opposed to the terms of an EU bailout could sweep to victory in a June election and nudge the euro zone crisis into a dangerous new phase.” – CNBCWhy should the Greek people be financially destroyed and rendered destitute by forced German and Brussels EU austerity measures and more loans designed only to pay the interest on the debt to the big banks? What if the banking and media establishment are dead wrong about nations withdrawing from the Euro like they have from the beginning of the crisis? I suggest a strong economic recovery is the likely result rather than depression as forecast by experts working for the banks that have enslaved Greece.
What Would You Do?
Read More @ TheDailyBell.com
from KingWorldNews:
With continued volatility in global markets, today Michael Pento, of
Pento Portfolio Strategies, writes for King World News to discuss what
is happening in key markets and what central planners are up to. Here
is what Pento had this to say about the situation: “The gold
stocks, as evidenced by the XAU and the HUI, are now pricing in a
significant decline in gold, taking the metal down to where it was in
the middle of the last decade, before QE3 or LTRO’s were even part of
the global investor’s lexicon.”
Michael Pento continues @ KingWorldNews.com
With continued volatility in global markets, today Michael Pento, of
Pento Portfolio Strategies, writes for King World News to discuss what
is happening in key markets and what central planners are up to. Here
is what Pento had this to say about the situation: “The gold
stocks, as evidenced by the XAU and the HUI, are now pricing in a
significant decline in gold, taking the metal down to where it was in
the middle of the last decade, before QE3 or LTRO’s were even part of
the global investor’s lexicon.”Michael Pento continues @ KingWorldNews.com
from, Spiegel International:
A large portion of Germany’s massive gold reserves are stored abroad, mainly in the Federal Reserve in New York. But are the bars really where they are supposed to be? A dispute has broken out over whether the central bank needs to check on its gold, or if Germany can trust its international partners.
Germany
has gold reserves of just under 3,400 tons, the second-largest reserves
in the world after the United States. Much of that is in the
safekeeping of central banks outside Germany, especially in the US
Federal Reserve in New York. One would think that with such a valuable
stash, worth around €133 billion ($170 billion), the German government
would want to keep a close eye on its whereabouts. But now a bizarre
dispute has broken out between different German institutions over how
closely the reserves should be checked.
Read More @ Spiegel.de
A large portion of Germany’s massive gold reserves are stored abroad, mainly in the Federal Reserve in New York. But are the bars really where they are supposed to be? A dispute has broken out over whether the central bank needs to check on its gold, or if Germany can trust its international partners.
Germany
has gold reserves of just under 3,400 tons, the second-largest reserves
in the world after the United States. Much of that is in the
safekeeping of central banks outside Germany, especially in the US
Federal Reserve in New York. One would think that with such a valuable
stash, worth around €133 billion ($170 billion), the German government
would want to keep a close eye on its whereabouts. But now a bizarre
dispute has broken out between different German institutions over how
closely the reserves should be checked.Read More @ Spiegel.de
from The American Dream:
Today,
there are more than 7 billion people living on earth. For the global
elite, that is problem number one. The vast majority of us don’t spend
much time thinking about global population issues, but for many among
the elite it is an absolute obsession. Many of them truly believe that you are ruining their
planet and they desperately want you to stop reproducing so much.
Among the elite, the belief that the world is grossly overpopulated and
that this is causing most of our major global problems crosses all
political, cultural and social boundaries. This philosophy is taught as
gospel at the vast majority of all colleges and universities on the
planet, and it is being relentlessly pushed by the United Nations, the
WHO, the World Bank and national governments all over the globe. When
most people think of “overpopulation”, they think of places such as
India, but the truth is that those of us living in America are
considered to be the worst offenders because our lifestyles are
“polluting” the planet so rapidly. In fact, one scientist recently
estimated that a child born in the United States has a “carbon legacy”
55 times greater than a child born in India.
Read More @ EndOfTheAmericanDream.com
Today,
there are more than 7 billion people living on earth. For the global
elite, that is problem number one. The vast majority of us don’t spend
much time thinking about global population issues, but for many among
the elite it is an absolute obsession. Many of them truly believe that you are ruining their
planet and they desperately want you to stop reproducing so much.
Among the elite, the belief that the world is grossly overpopulated and
that this is causing most of our major global problems crosses all
political, cultural and social boundaries. This philosophy is taught as
gospel at the vast majority of all colleges and universities on the
planet, and it is being relentlessly pushed by the United Nations, the
WHO, the World Bank and national governments all over the globe. When
most people think of “overpopulation”, they think of places such as
India, but the truth is that those of us living in America are
considered to be the worst offenders because our lifestyles are
“polluting” the planet so rapidly. In fact, one scientist recently
estimated that a child born in the United States has a “carbon legacy”
55 times greater than a child born in India.Read More @ EndOfTheAmericanDream.com
by Matt Taibbi, Rolling Stone:
It doesn’t happen often, but sometimes God smiles on us. Last week, he smiled on investigative reporters everywhere, when the lawyers for Goldman, Sachs slipped on one whopper of a legal banana peel, inadvertently delivering some of the bank’s darker secrets into the hands of the public.
The lawyers for Goldman and Bank of America/Merrill Lynch have been involved in a legal battle for some time – primarily with the retail giant Overstock.com, but also with Rolling Stone, the Economist, Bloomberg, and the New York Times. The banks have been fighting us to keep sealed certain documents that surfaced in the discovery process of an ultimately unsuccessful lawsuit filed by Overstock against the banks.
Read More @ RollingStone.com
by Louis James, Casey Research:
Casey Research’s Chief Metals and Mining Investment Strategist, Louis James sits down with John Hathaway, Senior Managing Director for Tocqueville Asset Management, at the latest Casey Research Conference, “Recovery Reality Check” in Weston, Florida.
It doesn’t happen often, but sometimes God smiles on us. Last week, he smiled on investigative reporters everywhere, when the lawyers for Goldman, Sachs slipped on one whopper of a legal banana peel, inadvertently delivering some of the bank’s darker secrets into the hands of the public.
The lawyers for Goldman and Bank of America/Merrill Lynch have been involved in a legal battle for some time – primarily with the retail giant Overstock.com, but also with Rolling Stone, the Economist, Bloomberg, and the New York Times. The banks have been fighting us to keep sealed certain documents that surfaced in the discovery process of an ultimately unsuccessful lawsuit filed by Overstock against the banks.
Read More @ RollingStone.com
by Louis James, Casey Research:
Casey Research’s Chief Metals and Mining Investment Strategist, Louis James sits down with John Hathaway, Senior Managing Director for Tocqueville Asset Management, at the latest Casey Research Conference, “Recovery Reality Check” in Weston, Florida.
by Paul Adams, J.D, Activist Post
In part one
of this research, we documented that fact that banksters have conquered
the world by obtaining a monopoly on creating money from nothing and
loaning it at interest.
The IRS and Federal Reserve
Like the Federal Reserve, the IRS was created in 1913. The purpose of the IRS is to enslave citizens by stealing the value of their labor through collecting income taxes.
Tax Freedom Day 2012 arrives on April 17 this year, four days later than last year due to higher federal income and corporate tax collections. That means Americans will work 107 days into the year, from January 1 to April 17, to earn enough money to pay this year’s combined 29.2% federal, state, and local tax bill. (Source)
Read More @ Activist Post
In part one
of this research, we documented that fact that banksters have conquered
the world by obtaining a monopoly on creating money from nothing and
loaning it at interest.The IRS and Federal Reserve
Like the Federal Reserve, the IRS was created in 1913. The purpose of the IRS is to enslave citizens by stealing the value of their labor through collecting income taxes.
Tax Freedom Day 2012 arrives on April 17 this year, four days later than last year due to higher federal income and corporate tax collections. That means Americans will work 107 days into the year, from January 1 to April 17, to earn enough money to pay this year’s combined 29.2% federal, state, and local tax bill. (Source)
Read More @ Activist Post
from Zerohedge:
Only two weeks ago, we noted that the 30 most systemically important
financial institutions in the world were seeing risk surging to 3-month
highs. Today has seen that eclipsed dramatically as the credit risk of these entities soars to the year’s worst levels jumping 22% in the last two weeks alone.
At 264bps, we are now close to the 3/9/09 peak crisis levels (of
274bps) and pushing up to the Q4 2011 peaks over 300bps as every region
is deteriorating systemically – with the US and Europe worst (US below
previous peak levels but Europe at record wides), Asia accelerating
wider, and even the Aussie banks now losing it. While markets
are staging a mini-recovery this morning, financials are not really
participating as this index of global systemic risk has now retraced all
of the LTRO benefits.
Read More @ zerohedge.com
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Only two weeks ago, we noted that the 30 most systemically important
financial institutions in the world were seeing risk surging to 3-month
highs. Today has seen that eclipsed dramatically as the credit risk of these entities soars to the year’s worst levels jumping 22% in the last two weeks alone.
At 264bps, we are now close to the 3/9/09 peak crisis levels (of
274bps) and pushing up to the Q4 2011 peaks over 300bps as every region
is deteriorating systemically – with the US and Europe worst (US below
previous peak levels but Europe at record wides), Asia accelerating
wider, and even the Aussie banks now losing it. While markets
are staging a mini-recovery this morning, financials are not really
participating as this index of global systemic risk has now retraced all
of the LTRO benefits.Read More @ zerohedge.com
By Chris Powell, GATA:
Dear Friend of GATA and Gold:
In their May letter, Paul Brodsky and Lee Quaintance of QB Asset Management in New York argue that the investment case for gold is to a great extent a matter of its likely official revaluation upward to support confidence-based currencies that have lost the market’s confidence.
As improbable as it may seem lately, what with the constant suppression of gold and silver prices on the futures markets, Brodsky and Quaintance conclude that central banks now really mean to push the gold price up — way up — once the gold necessary for the plan has been obtained and redistributed among central banks. Brodsky and Quaintance write:
Read More @ gata.org
Dear Friend of GATA and Gold:In their May letter, Paul Brodsky and Lee Quaintance of QB Asset Management in New York argue that the investment case for gold is to a great extent a matter of its likely official revaluation upward to support confidence-based currencies that have lost the market’s confidence.
As improbable as it may seem lately, what with the constant suppression of gold and silver prices on the futures markets, Brodsky and Quaintance conclude that central banks now really mean to push the gold price up — way up — once the gold necessary for the plan has been obtained and redistributed among central banks. Brodsky and Quaintance write:
Read More @ gata.org
from Zerohedge:
Two months ago, to much fanfare, Greece and the IIF announced what a
smashing success the forced cram down that was the Greek PSI (memories
of GM and Chrysler should be flooding back here) was. The thinking went
that Greece avoided bankruptcy, co-opted lemming creditors avoided
pursuing what is rightfully theirs in exchange for a 75% haircut, hold
out hedge funds would be blown out of the water for daring to not go
with the herd of 96.6%, but most importantly, Europe was saved!
Today, Europe is no longer saved, and all those hedge funds that folded
like cheap lawn chairs in agreeing to Europe’s extortion are getting
annihilated, because as the chart below shows, the NEW Greek bonds have
now seen their dollar price cut in half since the PSI. Which means that total looses on original Greek debt, for those who did agree to the PSI’s arm-twisisting terms are now about 90%. Just desserts.
Read More @ zerohedge.com
Two months ago, to much fanfare, Greece and the IIF announced what a
smashing success the forced cram down that was the Greek PSI (memories
of GM and Chrysler should be flooding back here) was. The thinking went
that Greece avoided bankruptcy, co-opted lemming creditors avoided
pursuing what is rightfully theirs in exchange for a 75% haircut, hold
out hedge funds would be blown out of the water for daring to not go
with the herd of 96.6%, but most importantly, Europe was saved!
Today, Europe is no longer saved, and all those hedge funds that folded
like cheap lawn chairs in agreeing to Europe’s extortion are getting
annihilated, because as the chart below shows, the NEW Greek bonds have
now seen their dollar price cut in half since the PSI. Which means that total looses on original Greek debt, for those who did agree to the PSI’s arm-twisisting terms are now about 90%. Just desserts.Read More @ zerohedge.com
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