from KingWorldNews:
Today Egon von Greyerz told King World News, “We’ve had Lehman, AIG, MF Global, PFG, the latest (trouble) is Knight Capital which lost $440 million overnight. This just shows that it’s not safe for investors to keep their money in the system.” Greyerz also spoke with KWN about some lofty targets for both gold and silver.
Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “We are being warned that we should not keep the main part of our money there (in the financial system) because the risk that you will be totally wiped out is massive.”
Here is what Greyerz had to say: “Short-term let’s just look at some of the figures which have come out. US unemployment was 8.3%, and Nonfarm Payrolls went up by 163,000. Well, first of all we know that 8.3% is not a real figure. I said to you last time that every figure which comes out is false and this figure was incorrect.”
Investors Intelligence continues @ KingWorldNews.com
Today James Turk told King World News that gold is now in backwardation and about to rocket higher. Turk also warned, “The bottom line is we are in a fiat currency bubble. Eventually this bubble is going to pop because we are using this fiat currency, backed by nothing, not just in one country, but throughout the world.”
Here is what Turk had to say: “This is exactly the kind of action I had been hoping for, Eric. When had the KWN blog interview on Wednesday, I had mentioned that we probably missed the last chance to buy gold at $1,580, and silver under $27.
The way the metals traded yesterday and today illustrates the important point I was making when we did that interview. There’s a ton of money on the sidelines waiting to buy the dips. This is exactly the type of thing you see at the beginning of a bull market.”
James Turk continues @ KingWorldNews.com
The recent fully subscribed $200 million offering of new units by the
Sprott Physical Silver Trust has received an additional boost by the
offer underwriters – Morgan Stanley and RBC Capital Markets – taking
advantage of an option that enables them to buy additional units on
their own accounts. The two underwriters have between them taken up1.8
million units, in addition to the 18.1 million units on offer at
US$11.15 each, bringing the amount raised by the Trust to a little over
$220 million.
As previously noted here, Sprott plans to use the proceeds to purchase, and take delivery of physical silver to the value of the amount raised, which at current silver prices would amount to some 8 million plus ounces of physical metal.
It should be recalled that when Sprott launched the Physical Silver Trust securing 15 million ounces for it took a full three months before delivery of the metal was received and, according to Sprott, some of the delivery had not even been mined when the order was put in.
Read More @ MineWeb.com
Today Egon von Greyerz told King World News, “We’ve had Lehman, AIG, MF Global, PFG, the latest (trouble) is Knight Capital which lost $440 million overnight. This just shows that it’s not safe for investors to keep their money in the system.” Greyerz also spoke with KWN about some lofty targets for both gold and silver.
Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “We are being warned that we should not keep the main part of our money there (in the financial system) because the risk that you will be totally wiped out is massive.”
Here is what Greyerz had to say: “Short-term let’s just look at some of the figures which have come out. US unemployment was 8.3%, and Nonfarm Payrolls went up by 163,000. Well, first of all we know that 8.3% is not a real figure. I said to you last time that every figure which comes out is false and this figure was incorrect.”
Investors Intelligence continues @ KingWorldNews.com
from Off Grid Survival:
News broke earlier this week that The Department of Homeland Security was in the process of preparing for large scale civil unrest around election time. DHS submitted a rushed solicitation to the Federal Business Opportunities website for the procurement of riot gear equipment.
Over the last couple of months the Obama administration has been secretly ramping up its preparedness efforts in anticipation of large scale civil unrest. We have documented numerous examples of how the federal government was preparing like,
News broke earlier this week that The Department of Homeland Security was in the process of preparing for large scale civil unrest around election time. DHS submitted a rushed solicitation to the Federal Business Opportunities website for the procurement of riot gear equipment.
Over the last couple of months the Obama administration has been secretly ramping up its preparedness efforts in anticipation of large scale civil unrest. We have documented numerous examples of how the federal government was preparing like,
- The extension of the National Emergencies Act
- Large scale military urban training drills in Chicago, Miami, Los Angeles , and Tampa
- The National Defense Resources Preparedness Order.
- The Emergency Preparedness Communications Functions executive order which would give the feds the ability to seize the internet and all domestic communication technologies.
- The Federal Detention centers that were set up during the NATO summit in Chicago
- And the passage of the NDAA that would allow for the indefinite detention of American citizens without a trial. Read More @ OffGridSurvival.com
from KingWorldNews:
Today James Turk told King World News that gold is now in backwardation and about to rocket higher. Turk also warned, “The bottom line is we are in a fiat currency bubble. Eventually this bubble is going to pop because we are using this fiat currency, backed by nothing, not just in one country, but throughout the world.”
Here is what Turk had to say: “This is exactly the kind of action I had been hoping for, Eric. When had the KWN blog interview on Wednesday, I had mentioned that we probably missed the last chance to buy gold at $1,580, and silver under $27.
The way the metals traded yesterday and today illustrates the important point I was making when we did that interview. There’s a ton of money on the sidelines waiting to buy the dips. This is exactly the type of thing you see at the beginning of a bull market.”
James Turk continues @ KingWorldNews.com
by Lawrence Williams, MineWeb.com
Suggesting institutional confidence in the future of the
silver price, the underwriters in the recent $200 million offering of
new units in the Sprott Physical Silver Trust have taken up $20 million
in additional units..As previously noted here, Sprott plans to use the proceeds to purchase, and take delivery of physical silver to the value of the amount raised, which at current silver prices would amount to some 8 million plus ounces of physical metal.
It should be recalled that when Sprott launched the Physical Silver Trust securing 15 million ounces for it took a full three months before delivery of the metal was received and, according to Sprott, some of the delivery had not even been mined when the order was put in.
Read More @ MineWeb.com
by Holly Ellyatt, CNBC:
Gold could be one of the few assets to profit from the political and
economic turbulence in the United States as the “fiscal cliff”
approaches, potentially creating a rally in the precious metal later in
2012 for it to reach $1,900 per ounce by the end of the year, analysts
at HSBC said.
“Economic uncertainty, geopolitical tensions and the uncertainty of the U.S. November elections are theoretically gold-bullish,” and gold should perform better later in the year “when U.S. growth is poor and the dollar is weak,” a new HSBC report said. “We expect prices to rally to above $1,900/oz by the end of the year. Patience is the most important commodity.”
HSBC recommends holding onto gold as an asset that will gain in value as investors fear the future of the euro [EUR=X 1.2377 0.0197 (+1.62%) ] and dollar [.DXY 82.39 -0.97 (-1.16%) ], with governments and central banks expected to intervene to shore up their currencies’ strength.
Read More @ CNBC.com
Gold could be one of the few assets to profit from the political and
economic turbulence in the United States as the “fiscal cliff”
approaches, potentially creating a rally in the precious metal later in
2012 for it to reach $1,900 per ounce by the end of the year, analysts
at HSBC said. “Economic uncertainty, geopolitical tensions and the uncertainty of the U.S. November elections are theoretically gold-bullish,” and gold should perform better later in the year “when U.S. growth is poor and the dollar is weak,” a new HSBC report said. “We expect prices to rally to above $1,900/oz by the end of the year. Patience is the most important commodity.”
HSBC recommends holding onto gold as an asset that will gain in value as investors fear the future of the euro [EUR=X 1.2377 0.0197 (+1.62%) ] and dollar [.DXY 82.39 -0.97 (-1.16%) ], with governments and central banks expected to intervene to shore up their currencies’ strength.
Read More @ CNBC.com
from CapitalAccount:
Welcome to Capital Account. Jobs numbers are out for July. Total non-farm payroll employment rose by 163,000, beating expectations of 100,000, and the headline unemployment rate inched up from last month to 8.3%. But given seasonal and birth-death adjustments how much stock can you put in these numbers, and how does the election year factor in? We talk to Michael Krieger, author and creator of libertyblitzkreig.com.
Also, US stocks rose today after the jobs report, sending the S&P toward the highest level since May, according to Bloomberg. We talk to Michael Krieger about if and when the stock market will catch up with a reality far more dismal than the adjusted and doctored economic data reflects.
Plus, the London Whale was encouraged to boost London Whale trade valuations, according to the Wall Street Journal. Also Bank of America is in the thick of the Libor probe, receiving subpoenas for information from investigators over how the bank set Libor. Plus, RBS has dismissed four employees for trying to rig Libor and set aside £310 million to deal with its misdeeds. Should average folks get out of this ‘rigged casino’ and where can they go? We talk to Michael Krieger, Principal of Krieger Asset Management.
Welcome to Capital Account. Jobs numbers are out for July. Total non-farm payroll employment rose by 163,000, beating expectations of 100,000, and the headline unemployment rate inched up from last month to 8.3%. But given seasonal and birth-death adjustments how much stock can you put in these numbers, and how does the election year factor in? We talk to Michael Krieger, author and creator of libertyblitzkreig.com.
Also, US stocks rose today after the jobs report, sending the S&P toward the highest level since May, according to Bloomberg. We talk to Michael Krieger about if and when the stock market will catch up with a reality far more dismal than the adjusted and doctored economic data reflects.
Plus, the London Whale was encouraged to boost London Whale trade valuations, according to the Wall Street Journal. Also Bank of America is in the thick of the Libor probe, receiving subpoenas for information from investigators over how the bank set Libor. Plus, RBS has dismissed four employees for trying to rig Libor and set aside £310 million to deal with its misdeeds. Should average folks get out of this ‘rigged casino’ and where can they go? We talk to Michael Krieger, Principal of Krieger Asset Management.
Friday Humor: "I Am Pledging To Cut The Deficit We Inherited By Half By The End Of My First Term In Office"
"If
we confront this crisis without also confronting the deficits that
helped cause it, we risk sinking into another crisis down the road as
our interest payments rise, our obligations come due, confidence in our
economy erodes and our children and grandchildren are unable to pursue
their dreams because they are saddled with our debts. That's why today
I am pledging to cut the deficit we inherited by half by the end of my first term in office... That means taking responsibility right now in this administration, for getting our spending under control."EUR Shorts Collapse By 35% In Two Months, Down 10% In One Week
By now even 5 year olds know that the one asset class driving the general stock market is the highly leverageable EURUSD: where the core pair goes, everything else follows, especially if the direction is up (when the EURUSD slides lately it is assumed to be a confirmation that the ECB will print; when it goes up, the agreed upon explanation is that more Fed easing is imminent). As such a key variable has been the amount of net shorts in the pair, as exposed every week by the CFTC in its COT report. And where two months ago, the net short position in the EUR hit an all time record, north of -200K contracts, in the interim this number has contracted by over a third, and as of minutes ago was revealed to be "just" 139K in the week ending July 31, a 10% drop in shorts in one week. Why is this important? Because while short covering rallies have long been yet another narrative to keep shorts on the sidelines, the probability of such an event has declined dramatically now that the bulk of the weak hands have been kicked out, and the net exposure is back to January 2012 levels. In other words, 8 months later we have completed one full shorting circle when it comes to the euro., which however now is 700 pips lower than where it was back then. The Jack in the Box potential of further squeezing is rapidly declining with every move such as today's when no news and mere rumor drives the pair up by 200 pips (only to be faded of course).
Fascination With Triple Levered ETFs Ends: Direxion Closing Nine 3x ETFs Due To Lack Of Interest
It was fun (not really) while it lasted, but America's habitual gamblers have finally grown tired of the theta sucking monsters known as uberlevered ETFs. End result: Direxion is announcing it is closing nine 3X levered ETFs. The casualties are: Direxion Daily Agribusiness Bull 3X Shares (COWL), Direxion Daily Agribusiness Bear 3X Shares (COWS), Direxion Daily Basic Materials Bear 3X Shares (MATS), Direxion Daily BRIC Bull 3X Shares (BRIL), Direxion Daily BRIC Bear 3X Shares (BRIS), Direxion Daily Healthcare Bear 3X Shares (SICK), Direxion Daily India Bear 3X Shares (INDZ), Direxion Daily Latin America Bear 3X Shares (LHB) and Direxion Daily Retail Bear 3X Shares (RETS).S&P Downgrades 15 Italian Financial Institutions, Says Country Faces Deeper Recession Than Previously Thought
It is late in the afternoon on a Friday, which means one thing: it is time to dump all left over bad news under the rug. Sure enough, here comes S&P. From Bloomberg:- S&P CUTS RATINGS ON 15 ITALIAN FINL INSTITUTIONS
- S&P TAKES RATING ACTIONS ON 32 ITALIAN FINL INSTITUTIONS
- BANCA MONTE DEI PASCHI DI SIENA SPA CUT TO BBB-/NEGATIVE/A-3
- BANCA POPOLARE DI MILANO SCRL CUT TO BB+/NEGATIVE/B BY S&P
- S&P SAYS ITALY FACES POTENTIAL DEEPER RECESSION THAN IT THOUGHT
Net Asset Value Premiums of Certain Precious Metal Trusts and Funds
BTFD...
from Gold Money:
It’s easy to be bewildered by the daily noise of the mainstream media.
Yet at a time when savings and wealth are threatened by the debt
crisis, there is little talk about the real benefits of precious metals
as a hedge against the ongoing crisis. People are completely missing
the point. What about gold’s fundamental value? What about the real
benefits of owning gold?
To help put this in perspective, I created a simple but comprehensive
framework below, outlining the bullish and bearish factors affecting
gold’s “true” value.An historical evolution is underway, with many important gold-bullish events in recent months despite the horizontal price action. Something that could be of critical importance for the gold market in the years ahead are the proposals to treat gold as a zero-risk asset under the Basel III agreement, which could take place as soon as 01/01/2013. It implies that the banks that are members of the Basel Committee on Banking Supervision should treat gold in the same way as cash or bonds. In order to reduce risks in current uncertain circumstances, those zero-risk assets need to be increased from 6% to 8%. Fundamentally it means that gold again becomes part of the financial system. Agreements between Iran and several eastern nations (Turkey, China, India) to use gold as payment for oil carry similar implications for gold, and could herald a rapid reappraisal of gold’s status among institutional investors, who have long considered it a “risk” asset.
Read More @ GoldMoney.com
BTFD...
by Ben Traynor, Gold Seek:
U.S. DOLLAR prices quoted for gold bullion on the wholesale market rose to $1596 an ounce during Friday morning’s London trading, recovering some ground following three days of losses, as stock markets also rebounded ahead of the release of US nonfarm payrolls data later today.
Silver bullion climbed back above $27.30 per ounce, in line with where it closed two weeks ago, while other industrial commodities also edged higher.
Heading into the weekend, gold bullion looked set for a 1.7% weekly loss by Friday lunchtime in London. Gold prices fell sharply on Wednesday following a better-than-expected ADP Employment report, a privately-produced precursor to today’s official nonfarms figure.
Gold then fell again Thursday along with the Euro, after the European Central Bank opted to leave interest rates on hold and, like the Federal Reserve a day earlier, announced no new stimulus measures.
“While this week’s price behavior highlights that investors are rather quick to get out, it’s important to remember that gold is back to levels it was trading at just last week,” says a note from UBS.
Read More @ GoldSeek.com
by Susanne Posel, Occupy Corporatism:
Obama has signed a secret order
authorizing US support of the Free Syrian Army (FSA). The CIA and other
agencies were empowered by Obama earlier this year to provide
intelligence and training. As the FSA’s efforts have intensified in the
last few months, the Obama administration is now admitting to arming
them.The support of technology to the FSA has vastly improved their ability to organize and attack the Syrian governmental forces. Smartphones and sophisticated computer equipment provided by the US government have given the FSA an advantage with guerilla clusters hold up in remote trenches with cellular phone communications.
A crafty directive was written, giving the US greater covert “non-lethal” assistance and the State Department “set aside” $25 million for the FSA.
Read More @ OccupyCorporatism.com
by Russia Today:
The concept of “American exceptionalism,” which traditionally places the US ahead of the rest of the industrialized world, should be dramatically reconsidered as the health and wellbeing of US citizens are sacrificed in the name of profit. This is according to Dr. Howard Steven Friedman, a leading UN health economist and statistician, and author of the book ‘The Measure of a Nation.’
The concept of “American exceptionalism,” which traditionally places the US ahead of the rest of the industrialized world, should be dramatically reconsidered as the health and wellbeing of US citizens are sacrificed in the name of profit. This is according to Dr. Howard Steven Friedman, a leading UN health economist and statistician, and author of the book ‘The Measure of a Nation.’
by Susanne Posel, Occupy Corporatism:
Last month, President Obama placed more stringent sanctions
on Iran’s oil sales and financial transactions. And in the next breath,
he claimed that because Iran is supposedly developing a nuclear weapon,
Obama will “once again reaffirming [the US government’s] commitment to
hold the Iranian government accountable for its actions.”
While Israel is threatening to attack Iran pre-emptively to “knock out” nuclear facilities, Benjamin Netanyahu, Israeli Prime Minister asserts that “all the sanctions and diplomacy so far have not set back the Iranian (nuclear) program by one iota And that’s why I believe that we need a strong and credible military threat coupled with the sanctions to have a chance to change that situation.”
Sanctions placed against Iran are directed at their economy and value of their currency because Iran has been using gold instead of the US dollar to trade with other nations for their oil.
Read More @ OccupyCorporatism.com
Last month, President Obama placed more stringent sanctions
on Iran’s oil sales and financial transactions. And in the next breath,
he claimed that because Iran is supposedly developing a nuclear weapon,
Obama will “once again reaffirming [the US government’s] commitment to
hold the Iranian government accountable for its actions.”While Israel is threatening to attack Iran pre-emptively to “knock out” nuclear facilities, Benjamin Netanyahu, Israeli Prime Minister asserts that “all the sanctions and diplomacy so far have not set back the Iranian (nuclear) program by one iota And that’s why I believe that we need a strong and credible military threat coupled with the sanctions to have a chance to change that situation.”
Sanctions placed against Iran are directed at their economy and value of their currency because Iran has been using gold instead of the US dollar to trade with other nations for their oil.
Read More @ OccupyCorporatism.com
by Andrew Hoffman, MilesFranklin.com:
On a day when I’ve already written for nearly four-and-a-half hours – on this morning’s commentary alone – with the prospect of an equally angry, aggressive RANT this afternoon as we conclude day two of the “three days of terror,” I’d like to stamp closure on the demise of the CRIMINALS at Knight Capital Group.
Given that I referred to it yesterday afternoon and this morning already, there’s no need to “intro” with my March 26th RANT, “GOING BATS!” – in which I reiterated my belief that murderous, fraudulently executed ALGORITHMS were DESTROYING markets, as much as government intervention. Of course, given that Goldman Sachs (20% market share of ALL High Frequency trading) and the PPT itself are the largest market participants, it’s safe to say the majority of “algos” are either government initiated or funded. Some – like those attacking mining shares and the ETFs GLD and SLV – are utilized solely to manipulate prices; while others were created simply to STEAL YOUR MONEY.
This morning, I wrote the following of my experience over a decade of stock trading, before abandoning equities FOREVER – with the vile scum at Knight Capital…
Read more @ MilesFranklin.com
Jim Sinclair’s Commentary
Here is the latest from John Williams’ www.ShadowStats.com
- Nixonian Unemployment Reporting
- July Household-Survey Employment Plunged by 195,000
- Annual Add-Factors in Birth-Death Model Upped to 548,000 Jobs
- July Unemployment: 8.3% (U.3), 15.0% (U.6), 22.9% (Shadow Stats)
- Shadow Stats Unemployment Within 0.1 Percentage Point of Cycle-High
- Year-to-Year July M3 Money Supply Growth Even with June
"No. 461: July Employment and Unemployment"
Web-page: http://www.shadowstats.com
Jim Sinclair’s Commentary
A good resource that dispels the mystery about the DRS. Here is the gist of it.
“If you currently hold your security in street name registration, you can instruct your broker-dealer or the issuer to move your security position to the issuer for direct registration. In any situation, you will receive a statement of ownership from the issuer acknowledging your DRS book-entry position once the change has been made”
http://www.sec.gov/investor/pubs/holdsec.htm
Jim Sinclair’s Commentary
The audit is only as good as the auditor. The government is auditing itself? What an insulting and biased article Mr Tangel Spun.
What’s in your vault? Uncle Sam audits its stash of gold at the New York Fed
The gold audit is a first for the institution and includes drilling into several hundred ingots. It could put the conspiracy theories to rest. By Andrew Tangel, Los Angeles Times
August 2, 2012, 4:16 p.m.
NEW YORK — For decades, the U.S. government has stashed gold five stories beneath Manhattan in a vault under the Federal Reserve’s fortress near Wall Street.
Or has it?
Some conspiracy theorists suspect that the billions of dollars’ worth of bullion might have been looted in a dramatic heist, a la the movie "Die Hard: With a Vengeance." Others claim that the gold has been used in a shadowy government transaction, or swapped with gold-painted bars. It’s even caught the attention of politicians like Rep. Ron Paul and members of Germany’s Parliament.
Now all of us may finally get some answers.
The federal government has quietly been completing an audit of U.S. gold stored at the New York Fed. The effort included drilling small holes in the bars to test their purity.
The Treasury Department has refused to disclose what the audit has revealed so far, saying the results will be announced by year’s end. But as one former top Fed official said recently, the testing may finally prove that "Goldfinger didn’t sneak in at night" and take the gold.
"The calls for audits are saying, ‘We don’t trust the government for the last 200 years,’" said Ted Truman, a former assistant Treasury secretary and Fed official. He called perennial questions about the country’s reserves "the gold bug equivalent of the birther movement."
More…
Jim Sinclair’s Commentary
They expect war every week, but regardless, Debka’s comments are interesting.
Khamenei Warns Iran’s Top Leaders: WAR IN WEEKS
On July 27, just before Friday prayers, Iran’s supreme leader Ayatollah Ali Khamenei summoned top Iranian military chiefs for what he called “their last war council.”
“We’ll be at war within weeks,” he told the gathering, debkafile’s exclusive Iranian and intelligence sources disclose.
Present were Defense Minister General Ahmad Vahidi, Khamenei’s military adviser General Yahya Rahim-Safavi, Armed Forces Chief Major General Seyed Hassan Firuzabadi, Revolutionary Guards Corps commander General Mohammad Ali Jafari and Al Qods Brigades chief General Qassem Soleimani. The commanders of the air force, the navy and ground forces were also there.
Each of the participants was tapped to report on the readiness of his branch or sector for shouldering its contingency mission.
While retaliation had been exhaustively drilled in regular military exercises in the past year, Khamenei ordered the biggest fortification project in Iran’s history to save its nuclear program from even the mightiest of America’s super-weapons. Rocks are being gathered from afar, piled on key nuclear installations, covered with many tons of poured concrete and finally plated with steel.
That same Friday, the US Air force unveiled its new Massive Ordnance Penetrators. Each bunker buster weighs 30,000 pounds and is able to penetrate 60 feet of reinforced concrete.
More…
Men stumble over the truth from time to time, but most pick themselves up and hurry off as if nothing happened. –Winston Churchill
Jim Sinclair’s Commentary
For information on certification and direct registration of your shares, contact Marty McNeill at 1-800-426-3987. His direct number is 1-212-293-9010.
Jim Sinclair’s Commentary
This is akin to having all clearing agents agree while crossing their hearts not to put their mothers in the microwave ever.
CFTC approves new NFA financial requirement to strengthen protection of customer segregated funds at FCMs
The CFTC recently approved NFA Financial Requirements Section 16 and the related interpretive notice entitled "FCM Financial Practices and Excess Segregated Funds/Secured Amount Disbursements". NFA Financial Requirements Section 16 and the notice impose new requirements on futures commission merchants (FCM) with respect to customer segregated funds and secured amount funds accounts, and require reporting of specific information regarding financial and operational information on a monthly or semi-monthly basis. The requirements will become effective September 1.
NFA Financial Requirements Section 16
NFA Financial Requirements Section 16 contains four subsections. Subsection 16(a) requires FCMs to maintain written policies and procedures regarding the maintenance of FCM’s residual interest in customer segregated and customer secured amount funds. These policies and procedures must identify a target amount (either a percentage or dollar amount) that the FCM will seek to maintain as its residual interest. This target residual amount, and any changes to the amount or material changes to the written policies and procedures, must be approved in writing by the FCM’s governing body, CEO or CFO.
The second subsection, 16(b), prohibits an FCM from withdrawing, transferring or otherwise disbursing funds from any customer segregated funds account exceeding 25 percent of the FCM’s residual interest in those accounts unless the FCM’s CEO, CFO or a principal with knowledge of the firm’s financial information pre-approves the disbursement in writing. Subsection (b) also requires any FCM making such a disbursement to file written notice through the WinJammer online filing system of the disbursement and other specified information. The subsection also imposes requirements for disbursements from any customer segregated funds account made subsequent to a disbursement that exceeds the 25 percent threshold and prior to the next day’s required segregated funds calculation.
More…
On a day when I’ve already written for nearly four-and-a-half hours – on this morning’s commentary alone – with the prospect of an equally angry, aggressive RANT this afternoon as we conclude day two of the “three days of terror,” I’d like to stamp closure on the demise of the CRIMINALS at Knight Capital Group.Given that I referred to it yesterday afternoon and this morning already, there’s no need to “intro” with my March 26th RANT, “GOING BATS!” – in which I reiterated my belief that murderous, fraudulently executed ALGORITHMS were DESTROYING markets, as much as government intervention. Of course, given that Goldman Sachs (20% market share of ALL High Frequency trading) and the PPT itself are the largest market participants, it’s safe to say the majority of “algos” are either government initiated or funded. Some – like those attacking mining shares and the ETFs GLD and SLV – are utilized solely to manipulate prices; while others were created simply to STEAL YOUR MONEY.
This morning, I wrote the following of my experience over a decade of stock trading, before abandoning equities FOREVER – with the vile scum at Knight Capital…
Read more @ MilesFranklin.com
Jim Sinclair’s Commentary
Here is the latest from John Williams’ www.ShadowStats.com
- Nixonian Unemployment Reporting
- July Household-Survey Employment Plunged by 195,000
- Annual Add-Factors in Birth-Death Model Upped to 548,000 Jobs
- July Unemployment: 8.3% (U.3), 15.0% (U.6), 22.9% (Shadow Stats)
- Shadow Stats Unemployment Within 0.1 Percentage Point of Cycle-High
- Year-to-Year July M3 Money Supply Growth Even with June
"No. 461: July Employment and Unemployment"
Web-page: http://www.shadowstats.com
Jim Sinclair’s Commentary
A good resource that dispels the mystery about the DRS. Here is the gist of it.
“If you currently hold your security in street name registration, you can instruct your broker-dealer or the issuer to move your security position to the issuer for direct registration. In any situation, you will receive a statement of ownership from the issuer acknowledging your DRS book-entry position once the change has been made”
http://www.sec.gov/investor/pubs/holdsec.htm
Jim Sinclair’s Commentary
The audit is only as good as the auditor. The government is auditing itself? What an insulting and biased article Mr Tangel Spun.
What’s in your vault? Uncle Sam audits its stash of gold at the New York Fed
The gold audit is a first for the institution and includes drilling into several hundred ingots. It could put the conspiracy theories to rest. By Andrew Tangel, Los Angeles Times
August 2, 2012, 4:16 p.m.
NEW YORK — For decades, the U.S. government has stashed gold five stories beneath Manhattan in a vault under the Federal Reserve’s fortress near Wall Street.
Or has it?
Some conspiracy theorists suspect that the billions of dollars’ worth of bullion might have been looted in a dramatic heist, a la the movie "Die Hard: With a Vengeance." Others claim that the gold has been used in a shadowy government transaction, or swapped with gold-painted bars. It’s even caught the attention of politicians like Rep. Ron Paul and members of Germany’s Parliament.
Now all of us may finally get some answers.
The federal government has quietly been completing an audit of U.S. gold stored at the New York Fed. The effort included drilling small holes in the bars to test their purity.
The Treasury Department has refused to disclose what the audit has revealed so far, saying the results will be announced by year’s end. But as one former top Fed official said recently, the testing may finally prove that "Goldfinger didn’t sneak in at night" and take the gold.
"The calls for audits are saying, ‘We don’t trust the government for the last 200 years,’" said Ted Truman, a former assistant Treasury secretary and Fed official. He called perennial questions about the country’s reserves "the gold bug equivalent of the birther movement."
More…
Jim Sinclair’s Commentary
They expect war every week, but regardless, Debka’s comments are interesting.
Khamenei Warns Iran’s Top Leaders: WAR IN WEEKS
On July 27, just before Friday prayers, Iran’s supreme leader Ayatollah Ali Khamenei summoned top Iranian military chiefs for what he called “their last war council.”
“We’ll be at war within weeks,” he told the gathering, debkafile’s exclusive Iranian and intelligence sources disclose.
Present were Defense Minister General Ahmad Vahidi, Khamenei’s military adviser General Yahya Rahim-Safavi, Armed Forces Chief Major General Seyed Hassan Firuzabadi, Revolutionary Guards Corps commander General Mohammad Ali Jafari and Al Qods Brigades chief General Qassem Soleimani. The commanders of the air force, the navy and ground forces were also there.
Each of the participants was tapped to report on the readiness of his branch or sector for shouldering its contingency mission.
While retaliation had been exhaustively drilled in regular military exercises in the past year, Khamenei ordered the biggest fortification project in Iran’s history to save its nuclear program from even the mightiest of America’s super-weapons. Rocks are being gathered from afar, piled on key nuclear installations, covered with many tons of poured concrete and finally plated with steel.
That same Friday, the US Air force unveiled its new Massive Ordnance Penetrators. Each bunker buster weighs 30,000 pounds and is able to penetrate 60 feet of reinforced concrete.
More…
Men stumble over the truth from time to time, but most pick themselves up and hurry off as if nothing happened. –Winston Churchill
Jim Sinclair’s Commentary
For information on certification and direct registration of your shares, contact Marty McNeill at 1-800-426-3987. His direct number is 1-212-293-9010.
Jim Sinclair’s Commentary
This is akin to having all clearing agents agree while crossing their hearts not to put their mothers in the microwave ever.
CFTC approves new NFA financial requirement to strengthen protection of customer segregated funds at FCMs
The CFTC recently approved NFA Financial Requirements Section 16 and the related interpretive notice entitled "FCM Financial Practices and Excess Segregated Funds/Secured Amount Disbursements". NFA Financial Requirements Section 16 and the notice impose new requirements on futures commission merchants (FCM) with respect to customer segregated funds and secured amount funds accounts, and require reporting of specific information regarding financial and operational information on a monthly or semi-monthly basis. The requirements will become effective September 1.
NFA Financial Requirements Section 16
NFA Financial Requirements Section 16 contains four subsections. Subsection 16(a) requires FCMs to maintain written policies and procedures regarding the maintenance of FCM’s residual interest in customer segregated and customer secured amount funds. These policies and procedures must identify a target amount (either a percentage or dollar amount) that the FCM will seek to maintain as its residual interest. This target residual amount, and any changes to the amount or material changes to the written policies and procedures, must be approved in writing by the FCM’s governing body, CEO or CFO.
The second subsection, 16(b), prohibits an FCM from withdrawing, transferring or otherwise disbursing funds from any customer segregated funds account exceeding 25 percent of the FCM’s residual interest in those accounts unless the FCM’s CEO, CFO or a principal with knowledge of the firm’s financial information pre-approves the disbursement in writing. Subsection (b) also requires any FCM making such a disbursement to file written notice through the WinJammer online filing system of the disbursement and other specified information. The subsection also imposes requirements for disbursements from any customer segregated funds account made subsequent to a disbursement that exceeds the 25 percent threshold and prior to the next day’s required segregated funds calculation.
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August 3, 2012, at 12:45 pm
by Jim Sinclair in the category Jim's Mailbox |
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by Jim Sinclair in the category Jim's Mailbox |
Print This Post | Email This Post
Dear Jim,
Something reminiscent of the 30’s depression, when Governments taxed farm land to the point people were forced to sell parcels to keep the house.
Property taxes go way, way up in Saskatoon-area rural municipality
I’ve been reading your site since gold was $300 and everything that you said a decade ago is falling into place, just as you had predicted. Thank you for everything you do for the community. Thank you for sharing your pictures.
Bless you and keep well Jim!
CIGA Ian
US economy adds 163K jobs, rate rises to 8.3 pct. CIGA Eric
A positive but decelerating job creation histogram (JCH) suggests tepid annual job growth within a backdrop of civilian labor force contraction. A zero crossover will signal to the Fed that policy inaction is not longer an option. Until then, a combination of following the path of least resistance (up) and well-timed “whatever it takes” jawboning allows the reallocation trade from bonds to stocks to continue.
Chart: Job Creation Histogram (JCH): Net Nonfarm Payrolls Added/(Lost) less Civilian Labor Force Added/(Lost), 12 Month Average
Headline: US economy adds 163K jobs, rate rises to 8.3 pct.
WASHINGTON (AP) — U.S. employers added 163,000 jobs in July, a hopeful sign after three months of sluggish hiring.
The Labor Department said Friday that the unemployment rate rose to 8.3 percent from 8.2 percent in June.
July’s hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year, roughly the same as last year’s pace. That’s not enough to satisfy the 12.8 million Americans who are unemployed.
The government uses two surveys to measure employment. A survey of businesses showed job gains. The unemployment rate comes from a survey of households, which showed fewer people had jobs. Economists say the business survey is more reliable.
Investors appeared pleased with the report. Futures tracking the Standard & Poor’s 500 index and the Dow Jones industrial average gained about 1 percent. The stock market is coming off four days of losses. Yields on government bonds also rose after the report came out as investors moved money out of low-risk assets.
Source: finance.yahoo.com
More…
Something reminiscent of the 30’s depression, when Governments taxed farm land to the point people were forced to sell parcels to keep the house.
Property taxes go way, way up in Saskatoon-area rural municipality
I’ve been reading your site since gold was $300 and everything that you said a decade ago is falling into place, just as you had predicted. Thank you for everything you do for the community. Thank you for sharing your pictures.
Bless you and keep well Jim!
CIGA Ian
US economy adds 163K jobs, rate rises to 8.3 pct. CIGA Eric
A positive but decelerating job creation histogram (JCH) suggests tepid annual job growth within a backdrop of civilian labor force contraction. A zero crossover will signal to the Fed that policy inaction is not longer an option. Until then, a combination of following the path of least resistance (up) and well-timed “whatever it takes” jawboning allows the reallocation trade from bonds to stocks to continue.
Chart: Job Creation Histogram (JCH): Net Nonfarm Payrolls Added/(Lost) less Civilian Labor Force Added/(Lost), 12 Month Average
Headline: US economy adds 163K jobs, rate rises to 8.3 pct.
WASHINGTON (AP) — U.S. employers added 163,000 jobs in July, a hopeful sign after three months of sluggish hiring.
The Labor Department said Friday that the unemployment rate rose to 8.3 percent from 8.2 percent in June.
July’s hiring was the best since February. Still, the economy has added an average of 151,000 jobs a month this year, roughly the same as last year’s pace. That’s not enough to satisfy the 12.8 million Americans who are unemployed.
The government uses two surveys to measure employment. A survey of businesses showed job gains. The unemployment rate comes from a survey of households, which showed fewer people had jobs. Economists say the business survey is more reliable.
Investors appeared pleased with the report. Futures tracking the Standard & Poor’s 500 index and the Dow Jones industrial average gained about 1 percent. The stock market is coming off four days of losses. Yields on government bonds also rose after the report came out as investors moved money out of low-risk assets.
Source: finance.yahoo.com
More…
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