European Money Market Industry Shutting Down As Goldman Closes MM Fund, Says In "Unchartered Territory"
Update: BlackRock to restrict subscriptions into 2 Euro money fundsWe were the first to bring news that overnight JPMorgan has halted investment in its European money market funds following the ECB's decision to cut the deposit rate to 0%. Now, it is Goldman's turn:
- GOLDMAN HALTS INVESTMENTS IN EURO GOV MONEY FUND AFTER ECB CUT
- GOLDMAN SAYS MARKET CONDITIONS WILL DETERMINE WHEN FUND REOPENS
- GOLDMAN DECISION AFFECTS EURO GOVERNMENT LIQUID RESERVES FUND
- GOLDMAN FUND MEMO: EUROPEAN MARKET IN `UNCHARTERED TERRITORY'
Border Controls Are Back In Europe
For
the last several days, I’ve been weaving between northern Italy
and Switzerland checking out great places to bank, new places to store
gold, and taking in these gorgeous lake views. Every single time I’ve
crossed the border, I’ve been met by rather snarly police on both
sides; they’re stopping cars, turning people’s trunks inside out, and
causing major traffic problems. A friend of mine who came up on the
train from Florence to meet me for lunch in Lugano said he was stopped
at the border for nearly an hour as thuggish customs agents randomly
questioned train passengers and demanded to see their IDs. So much for
Europe’s 26-country ‘borderless area.’ Based on Europe’s 1985 Schengen
Treaty and 1997 Amsterdam Treaty, you’re supposed to be able to drive
from Tallinn, Estonia to Lisbon, Portgual without so much as slowing
down at the border. This is not dissimilar from driving between states
in the US or provinces in Canada. Yet as Europe descends into greater
financial and social chaos, leaders are starting to ignore these
agreements which guarantee freedom of movement across the continent.from Matlarson10:
The Four Scariest Charts For Hope-Filled 'De-Cuppers'
In a follow-up to last week's deep dive on the end of the US CapEx boom (and the possibility that the Fed is out of bullets) and the growing hope once again that the US can remain the 'decoupled' least syphilitic-hooker-in-a-whorehouse,
we thought it useful (given this week's somewhat disappointing
reversion to reality in macro data and markets) to highlight four clear
un-decoupling indications. From Economic Surprise Index similarities
between Europe and the US, to record negative pre-announcements and
fading US CapEx growth rates, the reversion in US manufacturing and new
orders data to Europe's (and Asia's) sad reality is not going to be
'saved' by the supposed housing recovery - as we noted here earlier. With credit and FX markets already signaling a hope-less market, we wonder how long before stocks catch-down (and the 'De-Cuppers' smell the napalm).U.S. Natural Gas Is Somewhere Near Its Bottom
Admin at Jim Rogers Blog - 2 hours ago
U.S. natural gas is somewhere near its bottom, in my view. The problem is I
expect to see serious economic problems in 2013 and 2014 in the U.S. If and
when that happens, we're going to see a final panic in the markets and the
economy and everything will have a crescendo and a selling climax. We're
certainly a lot closer than we were. Although, when you have a selling
climax in markets, you go to levels much lower than most people believe
possible and that may happen.
Whatever that bottom is, it's not too far from the recent lows in natural
gas. Natural gas in many other places such... more »
Payrolls Number Disappoints - Risk Off
Trader Dan at Trader Dan's Market Views - 2 hours ago
If you recall one month ago, when we got that abysmal jobs number, gold
initially moved lower, only to then rebound with a ferocity that caught
market watchers and traders completely off guard. Risk off trades were
being slammed on as longs bailed out and bears began pressing the downside.
Literally, on the drop of a dime, the entire complexion of the market
reversed with the bears running for their lives as new longs entered the
fray. The reason - the number was so crappy that everyone just "knew" that
the Fed was going to immediately launch the next round of QE. In other
words, th... more »
Expectations Smashed Again
Eric De Groot at Eric De Groot - 5 hours ago
Expectations for job growth were high, but reality smashed them again.
Fear not feel-good traders and investors, election year politics means
short memories and plenty of positive economic spin intended to
convey hope for a growing number of disenchanted Americans. Employment
report highlights: Job creation is slowing (chart 1 and 2) Trucking and
warehousing, a...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
Borrowed Time Regardless of Rate Cuts
Eric De Groot at Eric De Groot - 7 hours ago
Europe, England, and China cut rates in response to slowing global growth.
Although cutting short-term rates in response to market driven rates
doesn't do a damn thing to encourage lending and/or investment, it's the
appropriate play in the game of appearances designed to bolster confidence
and buy more time. Eventually, the act of maintaining appearances must be
supported by difficult,...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
Brown's Bottom: Why Gordon Brown Sold England's Gold On the Cheap To Bail Out the Banks
Spain May Not Be Uganda, But Will America Soon Be Argentina?
The
last few days have seen some rather concerning central-planning
actions by Argentina. Fresh from their nationalization of Spain's YPF,
not only did they "forbid individuals from buying dollars for savings"
issuing a statement allowing dollars to be used for "travel, mortgages,
and to send family members traveling abroad if they they run out of
money"; but now we hear of the forced action on Argentina's banks to lend out 5% of deposits at rates well below inflation estimates in the next six months
(or else). As Reuters notes, "The move... marks an escalation in
[President Christina Fernandez] war on private enterprise which may
spread further." It should be noted just how far central banks are
willing to go (strong-arming banks into subsidized loans to businesses)
and it would absolutely not surprise us if this is precisely where the
US is heading as command economies become the new normal globally.
Class Action Lawsuit Filed Against GM For Channel Stuffing
In a classic example of "speak of the devil", we were barely done with hitting save on our earlier article (in
a series going back to 2011) describing the relentless (and
innovative) machinations conducted by GM to perpetuate the myth of
swift sales absorption when in reality it is nothing the age-old
gimmick of channel stuffing, that we got notice that General Motors was
being sued by a group of IPO investors (nursing losses of about 40%),
for precisely this: "In connection with the IPO, and in order to
assuage concerns that GM was predicting revenue based on production
rather than actual sales, GM falsely assured investors that it was
actively managing its production by monitoring its dealer inventory
levels. Additionally, GM assured investors that in 2011 it would
improve inventory management, which would improve average transaction
price. These statements were false when made. In July 2011, reports
began to surface that GM had engaged in an extraordinary inventory
build-up. In particular, an article published by Bloomberg on
July 5, 2011 revealed that GM may have been unloading excessive
inventory on dealers, a practice known as "channel stuffing," in order
to create the false impression that GM was recovering and sales and
revenues were rising." Luckily, since this is a class action
lawsuit, anyone else out there who bought GM on the belief that the
company would not engage in precisely the behavior that we have shown
month after month to occur, is invited to enjoin the plaintiffs and to
sue the company that exists only courtesy of taxpayer generosity (and
more importantly, courtesy of labor unions subverting priority rights
in bankruptcy, in exchange for presidential votes). Finally, and if
nothing else, this lawsuit will certainly force the general co-opted
media to pay some more attention to a topic that is quite sensitive for
the administration: the business model of the one company that the
president is so proud and happy to have saved from the clutches of evil
bondholders.
GM Finds Creative New Ways To "Stuff Channels", Get Backdoor Taxpayer Bailouts
Zero Hedge readers know that we have long followed channel stuffing trends at GM, whose month-end dealer inventory hit a record (for the post-reorg company which is completely different from
the pre-bankruptcy entity) of 713K cars stuck in various dealer
"channels" at the end of March 2012, and since then has been stagnant at
just about 700K, with the most recent June number coming at 701K, an
increase of 6K over May. It would be great to assume that the company
has given up on cheap ways to cheat investors and the taxpaying public
into believing it is doing better. It would also be wrong. As it turns
out, GM has merely turned to more backdoor methods of stuffing channels,
and getting money from its biggest shareholders, which still happens
to be Joe Sixpack (and "superpriority" labor unions of course) by way
of the US Treasury, with 32% of the common stock.
FX Market Sees NEW QE Probability At 25%, Down 50% From Week Ago
For a while now we have suggested that, based on the relationship between the Federal Reserve balance sheet and the ECB's, a 'fair' value for EURUSD is around 1.20.
The difference, we felt, was inspired by hope for a sizable (~$700bn
'pure' NEW QE). The last month or so has seen that hope fade (as well as
European stress rising as ECB rates align with the Fed's ZIRP) as EURUSD now implies the probability of NEW QE now at only 25% (and falling).
by The Daily Bell:
The
Biggest Banking Scam Ever … British bank Barclays (LSE: BARC.L – news)
is dead centre of a storm involving the manipulation of inter-bank
lending rates, particularly Libor (the London Inter Bank Offered Rate).
What is truly breath-taking is the sheer scale of this fraud. According
to one estimate, around $350 trillion (£223 trillion) of lending and
derivatives is priced off Libor. That’s enough to pay for the whole of
UK Government spending for around three centuries at current levels.
Thus, if misconduct by banks caused Libor to increase by a mere one
tenth of one basis point (0.001%), this amounts to $35 billion (£22
billion) a year in extra interest – that’s roughly the UK’s annual
budget for transport and close to as much as council tax brought in last
year. One official claims that 20 other banks helped to rig interest
rates and that Barclays is poised to ‘blow the whistle’ on wrongdoing at
its co-conspirators. It’s also likely that criminal charges could be
brought against the ringleaders of this worldwide fraud. –
YahooFinanceUKDominant Social Theme: The sky is falling and we need to regulate the banks.
Free-Market Analysis: We’ve written two articles about the LIBOR scandal and yet we haven’t had a bit of impact! How surprising is that?
Read More @ TheDailyBell.com
by Brian Sylvester, MineWeb.com
Malcolm
Gissen and Marshall Berol of the Encompass Fund have faith in hard
assets-gold, silver, uranium, antimony, other strategic metals-and
resource equities-oil and natural gas. Energy Report interview.
The Energy Report: At the end of February, the Encompass Fund was up 20%, but by late April those gains had been reduced to 11%. Where does your performance stand now?
Marshall Berol: As of mid-June, the fund was down 6% year-to-date. We invest in a lot of resource companies and a number of the smaller firms have not done well recently. That is reflected in the fund’s short-term performance. However, our objective is long-term capital appreciation.
Read More @ MineWeb.com
Malcolm
Gissen and Marshall Berol of the Encompass Fund have faith in hard
assets-gold, silver, uranium, antimony, other strategic metals-and
resource equities-oil and natural gas. Energy Report interview.The Energy Report: At the end of February, the Encompass Fund was up 20%, but by late April those gains had been reduced to 11%. Where does your performance stand now?
Marshall Berol: As of mid-June, the fund was down 6% year-to-date. We invest in a lot of resource companies and a number of the smaller firms have not done well recently. That is reflected in the fund’s short-term performance. However, our objective is long-term capital appreciation.
Read More @ MineWeb.com
by Paul Joseph Watson, Info Wars:
A newly leaked US Army Military Police training
manual for “Civil Disturbance Operations” outlines how military assets
are to be used domestically to quell riots, confiscate firearms and even
kill Americans on U.S. soil during mass civil unrest.
The document (PDF), which is dated 2006 and was used for a self-learning course at the U.S. Army Military Police School at Fort McClellan, makes it clear that the operations described in the manual apply to both “CONUS and OCONUS,” meaning inside the Continental United States and outside the Continental United States.
A newly leaked US Army Military Police training
manual for “Civil Disturbance Operations” outlines how military assets
are to be used domestically to quell riots, confiscate firearms and even
kill Americans on U.S. soil during mass civil unrest.The document (PDF), which is dated 2006 and was used for a self-learning course at the U.S. Army Military Police School at Fort McClellan, makes it clear that the operations described in the manual apply to both “CONUS and OCONUS,” meaning inside the Continental United States and outside the Continental United States.
The document outlines how military assets will be used
to “help local and state authorities to restore and maintain law and
order” in the event of mass riots, civil unrest or a declaration of
martial law.
Read More @ InfoWars.com
from KingWorldNews:
“When you have dollars being printed, euros being printed, the only
thing that can withstand the debasing of these currencies are real
things (hard assets). The two commodities that he’s singled out were
gold, which he said is going much higher, and oil.
I would have to agree with that, Eric. At least that’s how I see the world. His basic premise is that debt levels of consumers in the developed world are so high, that there is no way out. You are not going to be able to grow your way out without inflation.
What I would add to that is that the cause of this debt has been the frantic need for consumers to try to keep up in the face of sharply rising taxes. Now by sharply rising taxes, I don’t mean sharply rising taxes instituted by governments. What I mean is sharply rising taxes that have been instituted by rising commodity prices since the beginning of this century.
LISTEN NOW @ KingWorldNews.com
“When you have dollars being printed, euros being printed, the only
thing that can withstand the debasing of these currencies are real
things (hard assets). The two commodities that he’s singled out were
gold, which he said is going much higher, and oil.I would have to agree with that, Eric. At least that’s how I see the world. His basic premise is that debt levels of consumers in the developed world are so high, that there is no way out. You are not going to be able to grow your way out without inflation.
What I would add to that is that the cause of this debt has been the frantic need for consumers to try to keep up in the face of sharply rising taxes. Now by sharply rising taxes, I don’t mean sharply rising taxes instituted by governments. What I mean is sharply rising taxes that have been instituted by rising commodity prices since the beginning of this century.
LISTEN NOW @ KingWorldNews.com
by Suevon Lee, Pro Publica:
The last four months have been rather bumpy for Chesapeake Energy
Corp., the nation’s second-largest natural gas company behind Exxon
Mobil.
Starting in April, Reuters took aim at the company’s flamboyant chief executive, Aubrey McClendon, in a series of articles, prompting his ouster as company chairman (he remains CEO) last month at the behest of disgruntled shareholders. The revelations also triggered an SEC probe.
The company was rocked anew last week when the news agency disclosed a series of email exchanges in which McClendon and other Chesapeake executives appeared to collude with officials at EnCana Corp., Canada’s largest natural gas company, to suppress the price of land leases in Michigan.
Reuters reported on Monday that the Justice Department has launched a probe into whether these communications violated laws against price fixing.
Read More @ ProPublica.org
I'm PayPal Verified
The last four months have been rather bumpy for Chesapeake Energy
Corp., the nation’s second-largest natural gas company behind Exxon
Mobil.Starting in April, Reuters took aim at the company’s flamboyant chief executive, Aubrey McClendon, in a series of articles, prompting his ouster as company chairman (he remains CEO) last month at the behest of disgruntled shareholders. The revelations also triggered an SEC probe.
The company was rocked anew last week when the news agency disclosed a series of email exchanges in which McClendon and other Chesapeake executives appeared to collude with officials at EnCana Corp., Canada’s largest natural gas company, to suppress the price of land leases in Michigan.
Reuters reported on Monday that the Justice Department has launched a probe into whether these communications violated laws against price fixing.
Read More @ ProPublica.org
We The Sheeplez... is intended to reflect
excellence in effort and content. Donations will help maintain this goal
and defray the operational costs. Paypal, a leading provider of secure
online money transfers, will handle the donations. Thank you for your
contribution.
I'm PayPal Verified
by Jim Otis, Silver Seek:
Now seems like a good time to update my commentary about the two year silver cycle (Buy the Silver Sidestep for Super Profits).
In 2007, I identified the silver price surges of 2003 and 2005 as a
possible repeating pattern, and I guessed that buying silver in the
summer of 2007 and selling it in the following spring could produce
substantial profits. That proved to be a good call and timely too, since
silver bottomed only a few weeks later and then moved sharply higher
into the spring of 2008 that I identified as a good time to sell.
Unfortunately, I also guessed that the following up cycle would be from
the summer of 2009 to the spring of 2010. Since there wasn’t a major
rally then, the two year silver cycle seemed questionable. The major
rally in silver from the summer of 2010 to the spring of 2011 added
confusion because it looked like silver rallies were almost random.
Now seems like a good time to update my commentary about the two year silver cycle (Buy the Silver Sidestep for Super Profits).
In 2007, I identified the silver price surges of 2003 and 2005 as a
possible repeating pattern, and I guessed that buying silver in the
summer of 2007 and selling it in the following spring could produce
substantial profits. That proved to be a good call and timely too, since
silver bottomed only a few weeks later and then moved sharply higher
into the spring of 2008 that I identified as a good time to sell.
Unfortunately, I also guessed that the following up cycle would be from
the summer of 2009 to the spring of 2010. Since there wasn’t a major
rally then, the two year silver cycle seemed questionable. The major
rally in silver from the summer of 2010 to the spring of 2011 added
confusion because it looked like silver rallies were almost random.
Looking back from a few years
later, I now think the two year pattern may well still be a force to
consider in the silver market. My guess is that the unprecedented
financial disaster from 2008 to 2009 did more than depress the price of
silver. That time of great economic uncertainty also caused the silver
rally predicted for 2009 to miss a year and begin in 2010 instead. If
that view is correct, then the implication is that silver is due for
another substantial rally, beginning in the summer of 2012 and
continuing into the spring of 2013. The updated table below shows the
results of the rallies since 2003, and speculates on the potential
profits from buying silver now and selling in the spring of 2013.
Read more @ SilverSeek.com
from The American Dream:
Have you ever heard the old saying “the beatings will continue until morale improves”? According to Wikipedia,
that phrase is often “used sarcastically to indicate the
counterproductive nature of such punishment or excessive control over
subordinates such as staff in the workplace or children living at
home.” Well, apparently Barack Obama believes that the more punishment
that he inflicts on the U.S. economy the more we will like him. What
other explanation is there for his insane economic policies? The truth
is that Barack Obama is killing jobs in America. His regulations are
absolutely crippling our businesses, he has been heavily promoting new
job killing “free trade” agreements, Obamacare has the potential to be
the most job killing law of all time, and he is running up debt that
will crush job creation in this country for ages to come. Obama will
likely go down as the most anti-business president in U.S. history. He
has presided over the worst “recovery” from a recession in post-World
War II history, and under his leadership a whole host of economic
statistics have steadily gotten worse. The percentage of working age Americans that have jobs has not bounced back since the end of the last recession, and now the next major economic crisis is rapidly approaching.
Read More @ EndOfTheAmericanDream.com
Have you ever heard the old saying “the beatings will continue until morale improves”? According to Wikipedia,
that phrase is often “used sarcastically to indicate the
counterproductive nature of such punishment or excessive control over
subordinates such as staff in the workplace or children living at
home.” Well, apparently Barack Obama believes that the more punishment
that he inflicts on the U.S. economy the more we will like him. What
other explanation is there for his insane economic policies? The truth
is that Barack Obama is killing jobs in America. His regulations are
absolutely crippling our businesses, he has been heavily promoting new
job killing “free trade” agreements, Obamacare has the potential to be
the most job killing law of all time, and he is running up debt that
will crush job creation in this country for ages to come. Obama will
likely go down as the most anti-business president in U.S. history. He
has presided over the worst “recovery” from a recession in post-World
War II history, and under his leadership a whole host of economic
statistics have steadily gotten worse. The percentage of working age Americans that have jobs has not bounced back since the end of the last recession, and now the next major economic crisis is rapidly approaching.Read More @ EndOfTheAmericanDream.com
Beware: “Allocated” Gold May Not Really Be There
from Washington’s Blog:
In 2007, Morgan Stanley paid out $4.4 million to settle a class-action
lawsuit by its clients after Morgan Stanley charged them to buy and
“store” precious metals for them, but neither bought or stored the metals.
(Similarly, a 2011 class-action lawsuit filed in federal court in New York accused UBS Financial Services of misleading silver investors and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.)
Avery Goodman points out that Morgan Stanley has once again just launched a similar scam, offering “allocated” metals, but gaming the definition so that the holdings are not really allocated.
On May 21st, Matterhorn Asset Management’s Egon von Greyerz alleged that Swiss banks are trading physical gold bullion which is being held in special “allocated” accounts for its customers:
…Of what a joke the metals markets have become. Up. Down. All on the
“non-news” of an 80,000 NFP. As John Williams told us in last week’s
podcast, the NFP data point is meaningless if you take it as a
stand-alone indicator. It simply provides a reason for HFTs to scalp
each other. Witness today.
“Conventional” economic wisdom always held that the U.S. economy had to add 200,000 jobs per month to be considered “growing”. The last three months…not so much. In fact, Q2 of 2012 was the worst quarterly performance since mid 2010. And what happened in November 2010??
Regardless, the metals spiked on the news because it was another lousy data point. They then almost as quickly get squashed as The Cartel Monkeys and the HFTs jam things back down, tripping sell stops along the way. I gave up (for now) trying to trade this nonsense late last year. It’s simply too frustrating for me to find it enjoyable. Andy, on the other hand, relishes in the volatility and, again, that is why I jumped at the opportunity to partner with him. I do not have the expertise nor do I have the patience to trade these conditions. Andy does and, consequently, The Army is having another very good day. He nailed it. Here’s just one of his entries, from an hour or so before the headlines:
Read More @ TF Metals Report.com
The lure of gold in India is an age-old phenomenon. Stringent legal
or physical measures to curtail the appetite for gold did not succeed in
the 40 years after Independence; they only encouraged smuggled imports
at a very high cost.
Ultimately, gold policy was liberalised in the reforms period, starting in the 1990s.
A spate of measures was introduced to wean away households from putting their financial savings into gold, so as to conserve foreign exchange and increase the use of paper-based financial products. These have, however, not led to the ultimate goal of curtailing gold consumption and imports.
In the recent past, measures such as hiking import duty, dissuading banks from dealing in gold, and discouraging non-bank financial companies from extending their gold loan portfolio, have been tried. But if the past experience is to offer any lessons, such efforts will be in vain.
Read More @ TheHinduBusinessLine.com
I'm PayPal Verified
from Washington’s Blog:
In 2007, Morgan Stanley paid out $4.4 million to settle a class-action
lawsuit by its clients after Morgan Stanley charged them to buy and
“store” precious metals for them, but neither bought or stored the metals.(Similarly, a 2011 class-action lawsuit filed in federal court in New York accused UBS Financial Services of misleading silver investors and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.)
Avery Goodman points out that Morgan Stanley has once again just launched a similar scam, offering “allocated” metals, but gaming the definition so that the holdings are not really allocated.
On May 21st, Matterhorn Asset Management’s Egon von Greyerz alleged that Swiss banks are trading physical gold bullion which is being held in special “allocated” accounts for its customers:
We are stressing to investors to take their gold out of the banking system, not only because there are runs on banks that will continue, but the risk of being in the banking system is major. So you should take the additional step of not just owning physical gold, but also owning it outside of the banking system.Read More @ WashingtonsBlog.com
We (just) had an example of a client moving a substantial amount (of gold) from a Swiss bank to our vaults, and we found out the bank didn’t have the gold. This was supposed to be allocated gold, but the bank didn’t have it. We didn’t understand why there was a delay (in our vaults receiving the gold), but eventually we found out why there was a delay (the bank didn’t have the gold). It’s absolutely amazing, but not surprising.
from TF Metals Report:
…Of what a joke the metals markets have become. Up. Down. All on the
“non-news” of an 80,000 NFP. As John Williams told us in last week’s
podcast, the NFP data point is meaningless if you take it as a
stand-alone indicator. It simply provides a reason for HFTs to scalp
each other. Witness today.“Conventional” economic wisdom always held that the U.S. economy had to add 200,000 jobs per month to be considered “growing”. The last three months…not so much. In fact, Q2 of 2012 was the worst quarterly performance since mid 2010. And what happened in November 2010??
Regardless, the metals spiked on the news because it was another lousy data point. They then almost as quickly get squashed as The Cartel Monkeys and the HFTs jam things back down, tripping sell stops along the way. I gave up (for now) trying to trade this nonsense late last year. It’s simply too frustrating for me to find it enjoyable. Andy, on the other hand, relishes in the volatility and, again, that is why I jumped at the opportunity to partner with him. I do not have the expertise nor do I have the patience to trade these conditions. Andy does and, consequently, The Army is having another very good day. He nailed it. Here’s just one of his entries, from an hour or so before the headlines:
Read More @ TF Metals Report.com
from The Hindu Business Line:
The lure of gold in India is an age-old phenomenon. Stringent legal
or physical measures to curtail the appetite for gold did not succeed in
the 40 years after Independence; they only encouraged smuggled imports
at a very high cost.Ultimately, gold policy was liberalised in the reforms period, starting in the 1990s.
A spate of measures was introduced to wean away households from putting their financial savings into gold, so as to conserve foreign exchange and increase the use of paper-based financial products. These have, however, not led to the ultimate goal of curtailing gold consumption and imports.
In the recent past, measures such as hiking import duty, dissuading banks from dealing in gold, and discouraging non-bank financial companies from extending their gold loan portfolio, have been tried. But if the past experience is to offer any lessons, such efforts will be in vain.
Read More @ TheHinduBusinessLine.com
from Silver Doctors:
Gold and silver spiked immediately following the jobs report release,
with silver spiking to .50 to $27.86, and gold popping $15 to $1611.
Obviously this was not acceptable (particularly with weekly closes above $28 and $1600 likely), so the cartel stepped back into their old role of raiding the metals post job-report, and subsequently smashed silver .81 to $27.05, and gold $30 to $1581!
It appears that the cartel allowed the metals to make a mini-parabolic move prior to today’s raid, sucking in new speculative longs, who were stopped out of the positions only moments later as the cartel initiated the smack-down.
This is the EXACT SAME MO used by the cartel in yesterday’s raid. When will the paper COMEX traders ever learn??
Read More @ SilverDoctors.com
Gold and silver spiked immediately following the jobs report release,
with silver spiking to .50 to $27.86, and gold popping $15 to $1611.Obviously this was not acceptable (particularly with weekly closes above $28 and $1600 likely), so the cartel stepped back into their old role of raiding the metals post job-report, and subsequently smashed silver .81 to $27.05, and gold $30 to $1581!
It appears that the cartel allowed the metals to make a mini-parabolic move prior to today’s raid, sucking in new speculative longs, who were stopped out of the positions only moments later as the cartel initiated the smack-down.
This is the EXACT SAME MO used by the cartel in yesterday’s raid. When will the paper COMEX traders ever learn??
Read More @ SilverDoctors.com
by George Ure, UrbanSurvival.com:
Here it is, well after July 1 and I haven’t done my first “bah-humbug”
of the coming Christmas season – which, if you have a calendar handy
has only 172-shopping days away. Since it’s a little early to
go-a-wassailing, I’ve instead decided to give you an early gift of the
season to come in the form of this morning’s jobs report. In the
process, I’ve also decided to augment Santa’s sleigh this year with
three new reindeer: “On Worker, on Warrior, on Banker, and Blitzen!” And
with that, we unwrap your early gift:
“Nonfarm payroll employment continued to edge up in June (+80,000), and the unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Professional and business services added jobs, and employment in other major industries changed little over the month.
Household Survey Data
The number of unemployed persons (12.7 million) was essentially unchanged in June, and the unemployment rate held at 8.2 percent. (See table A-1.) Among the major worker groups, the unemployment rate for blacks (14.4 percent) edged up over the month, while the rates for adult men (7.8 percent), adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent), and Hispanics (11.0 percent) showed little or no change. The jobless rate for Asians was 6.3 percent in June (not seasonally adjusted), little changed from a year earlier.”
Read More @ UrbanSurvival.com
Here it is, well after July 1 and I haven’t done my first “bah-humbug”
of the coming Christmas season – which, if you have a calendar handy
has only 172-shopping days away. Since it’s a little early to
go-a-wassailing, I’ve instead decided to give you an early gift of the
season to come in the form of this morning’s jobs report. In the
process, I’ve also decided to augment Santa’s sleigh this year with
three new reindeer: “On Worker, on Warrior, on Banker, and Blitzen!” And
with that, we unwrap your early gift:“Nonfarm payroll employment continued to edge up in June (+80,000), and the unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Professional and business services added jobs, and employment in other major industries changed little over the month.
Household Survey Data
The number of unemployed persons (12.7 million) was essentially unchanged in June, and the unemployment rate held at 8.2 percent. (See table A-1.) Among the major worker groups, the unemployment rate for blacks (14.4 percent) edged up over the month, while the rates for adult men (7.8 percent), adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent), and Hispanics (11.0 percent) showed little or no change. The jobless rate for Asians was 6.3 percent in June (not seasonally adjusted), little changed from a year earlier.”
Read More @ UrbanSurvival.com
from, Gold Money:
Somewhat counterintuitive action in the precious metals markets
yesterday, with gold and silver coming under selling pressure despite
news of easing from a trio of major central banks. As expected, the Bank
of England announced a further £50 billion of quantitative easing
yesterday (the UK’s own “QE3”), which will bring the BoE’s total QE
since 2008 to £375bn.
Elsewhere, the European Central Bank and the People’s Bank of China cut interest rates. The ECB cut its short-term lending rate to a record low of 0.75% – down from 1.5% – while the PBC announced a 0.31 percentage-point cut in its one-year yuan-lending rate, to 6% (which seems like a crazily high figure in contrast with the rock-bottom rates in the West and Japan).
Gains that might have been expected in gold following these moves were more than offset though by gains in the dollar. The US Dollar Index closed close to 82.90, its highest finish since early June. The most actively traded Comex gold contract, for August delivery, lost 0.8% over the session – settling at $1,609.40 per troy ounce. The other precious metals had a weak day as well, with silver falling back below $28.
Read More @ GoldMoney.com
Somewhat counterintuitive action in the precious metals markets
yesterday, with gold and silver coming under selling pressure despite
news of easing from a trio of major central banks. As expected, the Bank
of England announced a further £50 billion of quantitative easing
yesterday (the UK’s own “QE3”), which will bring the BoE’s total QE
since 2008 to £375bn.Elsewhere, the European Central Bank and the People’s Bank of China cut interest rates. The ECB cut its short-term lending rate to a record low of 0.75% – down from 1.5% – while the PBC announced a 0.31 percentage-point cut in its one-year yuan-lending rate, to 6% (which seems like a crazily high figure in contrast with the rock-bottom rates in the West and Japan).
Gains that might have been expected in gold following these moves were more than offset though by gains in the dollar. The US Dollar Index closed close to 82.90, its highest finish since early June. The most actively traded Comex gold contract, for August delivery, lost 0.8% over the session – settling at $1,609.40 per troy ounce. The other precious metals had a weak day as well, with silver falling back below $28.
Read More @ GoldMoney.com
from dickmorrisreports:
Without any national debate — and after secret negotiations — Obama is going to sign the Arms Trade Treaty which will lead to UN imposed gun control
Without any national debate — and after secret negotiations — Obama is going to sign the Arms Trade Treaty which will lead to UN imposed gun control
from KingWorldNews:
With investors around the world are wondering which direction markets
will head next, 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. Here is what Ceasar had to say regarding what is
happening around the globe: “Since we last spoke, Eric, there was the
summit between the countries in the eurozone. They agreed to separate
the bank debt from the sovereign debt, but that doesn’t fix the problem
because the debt is still there. There are two issues, and the first
one is too much debt and who is going to take the losses?”
“The second is the issue of competitiveness in some of the peripheral countries in the eurozone. That issue also remains unsolved. It was interesting because yesterday we had a number of central banks make moves. As an example, the ECB cut interest rates and they also lowered their deposit rate to zero.
Caesar Bryan continues @ KingWorldNews.com
With investors around the world are wondering which direction markets
will head next, 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. Here is what Ceasar had to say regarding what is
happening around the globe: “Since we last spoke, Eric, there was the
summit between the countries in the eurozone. They agreed to separate
the bank debt from the sovereign debt, but that doesn’t fix the problem
because the debt is still there. There are two issues, and the first
one is too much debt and who is going to take the losses?”“The second is the issue of competitiveness in some of the peripheral countries in the eurozone. That issue also remains unsolved. It was interesting because yesterday we had a number of central banks make moves. As an example, the ECB cut interest rates and they also lowered their deposit rate to zero.
Caesar Bryan continues @ KingWorldNews.com
from Zero Hedge:
For better or mostly worse, the Federal Reserve has been governing the monetary system of the United States since 1914. The visual history below
maps the rise of the Fed from its origins as a relatively minor
institution, often controlled by Presidents and The Treasury to its
supposedly independent and self-aware current position as, arguably, the
most powerful entity in the world. And because we always like to be
‘fair-and-balanced’ we juxtapose this clarifying truth of the maniacal growth of the Fed’s balance sheet and shift from passive to hyperactive – highlighting every major macro-economic and political event on the way – with G. Edward Griffin’s 1994 speech on ‘The Creature From Jekyll Island’.
Read More @ Zero Hedge.com
For better or mostly worse, the Federal Reserve has been governing the monetary system of the United States since 1914. The visual history below
maps the rise of the Fed from its origins as a relatively minor
institution, often controlled by Presidents and The Treasury to its
supposedly independent and self-aware current position as, arguably, the
most powerful entity in the world. And because we always like to be
‘fair-and-balanced’ we juxtapose this clarifying truth of the maniacal growth of the Fed’s balance sheet and shift from passive to hyperactive – highlighting every major macro-economic and political event on the way – with G. Edward Griffin’s 1994 speech on ‘The Creature From Jekyll Island’.Read More @ Zero Hedge.com
By Bill Bonner, Daily Reckoning.com.au:
“Hey Bill,” writes a Dear Reader. “You are a sad excuse for a military
analyst. You can criticize the military all you want, especially from
your leftist headquarters in Paris. But when trouble comes, you’re going
[to] wish you had US military forces to protect your sorry ass.”
Hey Dear Reader, your editor replies, go f**… Never mind. You may be right. Maybe history doesn’t work now the way it used to.
Our beat here is economics. But the US ‘security’ industry (aka US military) currently eats up about $1 trillion per year – which is a big part of the economy and an even bigger part of the federal budget.
When we talk about an upsurge in manufacturing, for example, we are talking about an industry that is making 40% of its output for the Pentagon. And when we talk about an increase in the use of energy, we could mention the world’s biggest energy user – also the Pentagon. And when we calculate the US federal deficit we could remind ourselves that every penny of it is about what America’s ‘security’ agenda costs.
Read More @ DailyReckoning.com.au
“Hey Bill,” writes a Dear Reader. “You are a sad excuse for a military
analyst. You can criticize the military all you want, especially from
your leftist headquarters in Paris. But when trouble comes, you’re going
[to] wish you had US military forces to protect your sorry ass.”Hey Dear Reader, your editor replies, go f**… Never mind. You may be right. Maybe history doesn’t work now the way it used to.
Our beat here is economics. But the US ‘security’ industry (aka US military) currently eats up about $1 trillion per year – which is a big part of the economy and an even bigger part of the federal budget.
When we talk about an upsurge in manufacturing, for example, we are talking about an industry that is making 40% of its output for the Pentagon. And when we talk about an increase in the use of energy, we could mention the world’s biggest energy user – also the Pentagon. And when we calculate the US federal deficit we could remind ourselves that every penny of it is about what America’s ‘security’ agenda costs.
Read More @ DailyReckoning.com.au
Here Is The Hilsenrath Rumor To Save The Day
In a market which was left for dead with virtually no hope of a CTRL-Peus Ex Machina, and which otherwise would have tumbled to close at the lows, we realized that something was missing. In fact we noted it less than an hour ago:Need a Hilsenrath rooomerSure enough, moments ago, with minutes left in the trading day and week, here comes the Fed's favorite leaking scribe, advising the market that not all is lost, and that Pavlovian dogs can, and in fact should continue to salivate at ever poster of a half naked toner cartrdige.
— zerohedge (@zerohedge) July 6, 2012
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_vzuE7xDV3eRNWm3tB0pwssfvJVxsVn0QABQ-M_LN3RlEkIqAHYkqTNfdu-LlYO8Mxb6r2Wy4ighVMcU2R4TR7oPv-gVWZykaqQV5xuNQ9PPWl22G4JWRNkKwYdEVvJRHb10w=s0-d)
![[Most Recent Quotes from www.kitco.com]](https://lh3.googleusercontent.com/blogger_img_proxy/AEn0k_ty6joUa-iNso19D1CZ9bwjZlj6yfIGq3XXAVCiXSMrFpjm1XdDxtZpMkERi_lu4wwaOgQf61II1-d74IJinrGJfCxUGco9QM5ca0bjYmhOxQ7MbpMsMgnFA9922d3M7u2wvKUS=s0-d)
No comments:
Post a Comment