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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Here Is What To Look For Next On Gold, Silver & Oil

Here Is What To Look For Next On Gold, Silver & Oil | Gold and What Moves it. | Scoop.it

Here is what top Citi analyst Fitzpatrick had to say in his latest report, along with some powerful charts: Gold saw three weeks of indecision just below the important double bottom neckline at $1,790. These indecision weeks were followed by a down week last week suggesting short term losses now. Weekly momentum is also stretched and crossing back down.

 

A correction down to $1,661-$1,669 could be the danger in the near term before renewed gains later. This is where the 55 week moving average and 50% retracement of the last rally converge. Short term support is at $1,736 and it should be noted that the 200 day moving average comes in at $1,660, i.e. it converges with the 55 week moving average so should provide good support if/when tested. ... click over for the charts and the rest of the anaylsis.

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For Every Person Added to Labor Force, 10 Added to Those Not in Labor Force

For Every Person Added to Labor Force, 10 Added to Those Not in Labor Force | Gold and What Moves it. | Scoop.it
A new chart from the minority side of the Senate Budget Committee details the fact that, since January 2009, for every person added to the labor force, 10 have been added to those not in the labor force.

 

"Senator Jeff Sessions, the ranking member of the Senate Budget Committee, comments: “The essential point of this chart is not simply how many people are employed or unemployed, but to illustrate that more and more people are simply not part of the U.S. labor force. This confirms that we are on the wrong track. It is unsustainable to have such a large and growing number of people who are not part of the productive economy. This is not a political argument, but a description of the underlying instability in our economy that has so many Americans worried about the future. The question is what can we do to reverse these trends and start moving in the right direction.”

 

hat tip to www.grandich.com

 

Not a pretty graph. But it highlights something most of us have realized. That people are dropping out of the work force in large numbers.

 

It'll be interesting to see if this gets discussed in the debates coming up.

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Peter @Grandich talking about #gold's action this week.

Peter @Grandich talking about #gold's action this week. | Gold and What Moves it. | Scoop.it

Grandich talks gold on the Korelin Economics Report. Click over to listen to the audio interview.

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Money Printing Is The Only Thing Keeping The System Afloat | Alasdair Macleod | Safehaven.com

Money Printing Is The Only Thing Keeping The System Afloat | Alasdair Macleod | Safehaven.com | Gold and What Moves it. | Scoop.it

By: Alasdair Macleod

 

"Last Monday GoldMoney published my article showing the frightening growth in money-quantities for the US dollar. In that article I stated that the hyperbolic rate of increase, if the established trend is maintained, is now running at over $300bn monthly, while the Federal Reserve is officially expanding money at only $85bn.

 

"The first thing to note is that the Fed issues money because it deems it necessary. The hyperbolic trend increase in the quantity of money is a reflection of this necessity, implying that if the Fed's money issuance is at a slower rate than required, then strains will appear in the financial system. There are a number of reasons behind this monetary acceleration, not least the need to perpetuate bubbles in securities markets, but there are three major underlying problems.

 

"Government spending

 

"Federal government spending is accelerating, due to rapidly escalating welfare commitments, not all of which are reflected in the budget. Demographics, particularly the retirement of baby-boomers, government-sponsored healthcare, and unemployment benefits are increasing all the time; yet the tax base is contracting because of poor economic performance and tax avoidance. Furthermore, state and municipal finances are dire.

 

"Economy


"The US economy is overloaded with debt to the point that it no longer reacts positively to monetary stimulus, and successive government interventions have led misallocation of economic resources to accumulate towards crisis levels. The private sector is now teetering on the edge of an abyss overloaded by both debt and government intervention. ..."

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Fiat Currency and the Emerging Police State | John Rubino | Safehaven.com

Fiat Currency and the Emerging Police State | John Rubino | Safehaven.com | Gold and What Moves it. | Scoop.it

by John Rubino:

 

"Our transition from more-or-less free country to police state is accelerating. The NSA's Utah data mining facility, ever-tighter restrictions on offshore accounts, the Internet "kill switch", the Patriot Act's many assaults on the Bill of Rights, the militarization of local police, the spread of drones for domestic surveillance; each has a role in the high-tech updating of a very old idea: that the state is paramount and the individual a slave to public order and national power.


"But why is this happening now, rather than in 1950 or 2050? The answer is that we're reaping the whirlwind that always accompanies fiat currency. We created a central bank in 1913 and freed it from the constraint of gold in 1971. Give the government or the big banks the power to create money out of thin air and you eventually get a dictatorship. "Eventually" just happens to be now. ..."

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`You can print money as much as you like but you can`t print gold`

`You can print money as much as you like but you can`t print gold` | Gold and What Moves it. | Scoop.it

A quote from a Swiss gold refiner/trader puts the case for gold as sound money very succinctly and coupled with the suggestion that it is a Giffen good, bodes well for further price rises.

 

by Lawrence Williams:

 

"The title of this article is very much a truism which says much about the position gold has held as an international standard for many centuries and why, ultimately, it will hold its position as the monetary yardstick against which all global currencies in this fiat money world will ultimately be measured, and fail to pass muster. Indeed if some far cleverer analysts and economists than I are to be listened to, these currencies will collapse into a morass of hyperinflation unless the money printing can somehow be brought under control. With QE to infinity policies currently in place in most of the world's key financial blocs, the likelihood of such controls coming into place before at least one major currency does collapse is becoming more and more remote. And if one does collapse the dominoes could rapidly start to fall plunging the world into financial Armageddon where the middle classes in particular will have their wealth totally destroyed. One sincerely hopes that somehow this doomsday scenario can be avoided, but it's as well to be prepared just in case. ..."

 

Click through for the rest.

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Striking South African #gold miners refuse latest pay offer

Striking South African #gold miners refuse latest pay offer | Gold and What Moves it. | Scoop.it

The striking miners refused the industry's latest pay rise offer despite an extended deadline to respond, dimming hopes the illegal strike in the industry will come to an end anytime soon.

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You Should Know The Drill By Now – Market, Economic, Social, Political and Life Commentary by Peter Grandich

Peter Grandich writes:

 

"Gold $1,733

 

"Despite a decade-long up gold market, most investors and professionals still don’t (and/or refuse to) grasp two things:

 

"1-Gold has been in the “mother” of all bull markets


"2- Raids and washouts have been a part of the process and shall not change as the “mother” continues its quest for a all-time inflation adjusted high. ..."

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Time Is Short

Time Is Short | Gold and What Moves it. | Scoop.it

TF Metals writes concerning today's gold and silver action:

 

"In the end, it boils down to this...

 

"Our current situation is playing out almost exactly to the pattern seen post the announcement of QE2 back in late 2010. Charts, timing, sentiment...all the same. Because of this, the next phase should play out the same, as well. More on that in a minute.

 

"For now, what we are seeing is a complete clawback of the gains made post QE∞. We saw this in January of 2011 and we are seeing it ..."

 

click through for the full analysis and charts.

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Vietnam may buy more Gold to boost supply

According to analysts scarcity of the precious metal is to blame for the price rise, as banks have bought large volumes of gold bullion to ensure gold liquidity before the November 25 deadline.

 

HANOI(BullionStreet): "As the November 25 deadline for credit institutions to stop gold mobilization, Vietnam is considering to import more gold to boost supply and reduce price gap between domestic and global prices.

 

"According to analysts scarcity of the precious metal is to blame for the price rise, as banks have bought large volumes of gold bullion to ensure gold liquidity before the November 25 deadline.

 

"Gold prices on the domestic market have risen, with a record VND3 million-per-tael ($144) difference between global and domestic gold prices.

 

"Last year, to stabilise the market, five banks were allowed to mobilise gold from the public and sell gold bullion at fixed prices set by the State Bank. As a result, the banks sold a large volume of gold deposited by customers at very low prices and under the form of gold certificates.

 

"Because of these sales, banks are now in the position of having to buy gold to pay back their customers. To ease gold scarcity on the market, the central bank this year has twice allowed the recasting of a total of 350,000 taels of damaged SJC gold bars and non-SJC bars. ..."

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Greece tags Gold in fast-track approval list

Analysts said regulators in Athens sign off on mines kept on hold for more than a decade by red tape and environmental rules. Gold is currently the only metal targeted for fast-track approvals.

 

LONDON(BullionStreet): "Crisis hit Greece is is set to become Europe's largest gold producer within four years as gold mining is gathering momentum after it began what it called a "fast-track" approvals program.

 

"Analysts said regulators in Athens sign off on mines kept on hold for more than a decade by red tape and environmental rules. Gold is currently the only metal targeted for fast-track approvals.

 

"They said Greece is virtually unexplored because of the political situation that prevailed before the crisis. Modern exploration techniques have not been used in Greece at all.

 

"Last year, Greece implemented the "Fast Track" program to spur investment in projects that are of national importance, including gold mines.

 

"The environment ministry has speeded the issue of permits. Greece is seeking 50 billion euros by 2020 selling state stakes in companies and real estate to meet the conditions of its bailout and cut debt. ..."

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Now the Kiwis join Gold race

Many investment broking firms in the island nation attributed such a dramatic rise to speculations that the price of gold could go past $2000 an ounce by the end of the year.

 

WELLINGTON(BullionStreet): "Gold investment finally catching up with the Kiwis as a resurgence of interest in gold and other precious metals is widely seen nowadays in New Zealand.

 

"Many investment broking firms in the island nation attributed such a dramatic rise to speculations that the price of gold could go past $2000 an ounce by the end of the year.

 

"Ongoing and possibly worsening economic crises in Europe, the US Government's policy of unlimited quantitative easing and the Chinese Government's efforts to build up its gold reserves also prompted the kiwis to gold, they added. ..."

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Exclusive King World News - Riots & Money Fleeing The Euro Into Gold & Silver

Exclusive King World News - Riots & Money Fleeing The Euro Into Gold & Silver | Gold and What Moves it. | Scoop.it

King World News received the following communication from the largest bullion dealer in Norway. The source wrote to KWN, “Today was not a good day being a Norwegian and believer in personal freedom. Attached are some thoughts from Norway.” This King World News exclusive piece was written by Martin Mesicek of Gold Source, and he concludes the report by discussing what citizens of the EU are doing right now in the gold and silver markets.

 

October 13, 2012 (King World News)

 

"This is further evidence of how disconnected the political elite has become from the people. I wonder what the citizens of troubled EU countries feel about a peace prize being awarded to a technocratic elitist project that has practically tied the hands and feet of any sovereign fiscal response to the ongoing crises by governments in countries such as those of Greece and Spain. I can only hope they are laughing. The troika's demand for cuts and slow and painful structural reforms, in exchange for further indebtedness, does not create peace in Europe -- quite the opposite. This is evident in the streets, where riots and protests are growing in intensity.

 

"Admittedly it is not hard to understand the argument that the EU has played a role in stabilizing Europe after World war II, but so have many other polities. In hindsight during the Cold War both NATO and the Soviet Union contributed to "stability and peace." So why not give the peace prize to the more or less constantly active fighting forces of NATO? ..."

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Iran Gold hits all-time high

Iran Gold hits all-time high | Gold and What Moves it. | Scoop.it
Each Azadi gold coin was sold at 14.10 million rials, which is the highest peak it reached in history.

 

TEHRAN(BullionStreet): "Following record drop of it's currency against the dollar, Gold prices surged in Iran,hitting an all time high.

 

"According to ISNA, each Azadi gold coin was sold at 14.10 million rials, which is the highest peak it reached in history. Analysts said this surge in gold prices is because of the dollar price rise at Iran's free market.

 

"They added that a US dollar was sold at 35,500 rials in the free market while it was offered at the price of 25,460 rials in Iran's foreign exchange center.

 

"The Euro was also presented at 32,870 rials. The government has set the 28,500 rials price for the free market but the brokers still refuse to trade dollar at the mentioned price. ..."

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Exclusive: Study shows $1.2 trillion gap for public pensions

Exclusive: Study shows $1.2 trillion gap for public pensions | Gold and What Moves it. | Scoop.it

(Reuters) - "The largest 100 public pension funds have around $1.2 trillion of unfunded liabilities, about $300 billion above the nearly $900 billion they reported themselves, according to a new actuarial study to be released on Monday.

 

"The pension systems reported a median funding level of 75.1 percent. The study by the actuarial firm Milliman, which used different ways to value assets and measure liabilities, finds an aggregate level of funding of 67.8 percent. ..."

 

Uncle Ben, I think the press aren't running fast enough.

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Gold is getting hammered again by US economic data | MINING.com

Gold is getting hammered again by US economic data | MINING.com | Gold and What Moves it. | Scoop.it

by Frik Els :

 

"US consumers are shopping again. But not for gold.

 

"The price of gold fell by as much as $25 an ounce to touch $1,730 on Monday after data showed a surprisingly strong September for US retail sales.

 

"The metal recovered somewhat during the day, but was still trading down $21.80 or 1.2% at $1,737.90 in early afternoon trade – a one-month low.

 

"The better-than-expected retail figures – the US economy is 70%-driven by consumption – came on the heels of a raft of positive economic news in the US including an increase in consumer confidence and a jump in jobs.

 

"The news has been good for the dollar and at the same time diminishes gold's allure as an inflation hedge and storer of wealth amid currency depreciation.

 

"Crucially, the better economic outlook may mean that the Federal Reserve will end its latest, most ambitious, round of quantitative easing to keep interest rates low and flood markets with cheap money, sooner rather than later. ..."

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oftwominds-Charles Hugh Smith: The Future of America Is Japan: Runaway Deficits, Runaway Debts

oftwominds-Charles Hugh Smith: The Future of America Is Japan: Runaway Deficits, Runaway Debts | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"If you want a look at the fiscal future of the U.S., look west to Japan, a nation that sits precariously on a fiscal cliff a thousand feet high.

 

"If you want to know how the Keynesian Cargo Cult's grand experiment in borrowing money to fund bloated fiefdoms, rapacious cartels and bridges to nowhere ends, just look west (from California) to Japan. The Japanese State, partly because they seem to believe in the Cargo Cult, and partly to avoid exposing the insolvency of their crony-capitalist financial sector, has been borrowing and spending money on a vast scale for two decades.

 

"The Keynesian Cargo Cult's primary article of faith is that borrowing and blowing huge sums of money on anything and everything will magically restore "aggregate demand," i.e. the animal spirits that drive people to borrow and blow money on consumption. This is of course pure insanity, as people cannot borrow if their balance sheet has been destroyed, their real incomes are declining and they have lost trust in institutions that fear transparency and the truth like the Devil fears garlic.

 

"Recall that ..."

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An Interview with a Central Banker: 'To Infinity and Beyond' | David Hague | Safehaven.com

An Interview with a Central Banker: 'To Infinity and Beyond' | David Hague | Safehaven.com | Gold and What Moves it. | Scoop.it

I love satire.

 

By: David Hague:

 

"Dear reader, I recently conducted the most important interview of my nascent journalistic career. The information I uncovered in my interview will, I suspect rival Woodward and Bernstein's Watergate revelations. My interview with Gustavo Laframbroise-Pierre, newly promoted Director of Statistical Creation, at the European Central Bank [ECB] will surely earn me a Pulitzer Prize. I will share the information I gleaned in this interview. I caution you, dear reader that the topics discussed in the interview will challenge the very core of your understanding of economics and the role of government. As well, it will clarify in your mind, the likely resolution to the world's debt crisis. ...

 

"... Amplification of any or all of the velocity, variance and volume of statistics helps to ensure successful obfuscation of any message. At that point the general public will accept what they are told based on the color of the tie or scarf worn by the ECB member who is presenting the information. ..."

 

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Guest Post: Let's Talk About Facts, Not Fear | ZeroHedge

Guest Post: Let's Talk About Facts, Not Fear | ZeroHedge | Gold and What Moves it. | Scoop.it
Via Simon Black of SovereignMan blog,

 

[Editor's note: Today's letter is an excerpt from the edition of Sovereign Man: Confidential that will be published this afternoon.]

 

"Let’s step away from the noise for a moment and look at the big picture. This isn’t about doom and gloom, or fear, but objective facts.

 

"Undoubtedly, the Western hierarchy dominated by the United States is in a completely unsustainable situation. Across the West, national governments have obligations they simply cannot meet—both to their citizens and their creditors.

 

"In the UK, national government borrowing is already 22% higher than at this same point last year, a record year for borrowing. Meanwhile, the UK’s budget deficit for August hit a record high.

 

"In France, the new government of Francois Hollande passed a ‘historic’ and ‘austere’ budget that is still posting a deficit of 3% of GDP. That’s including a 75% tax on incomes exceeding one million euros.

 

"In Japan, the government is mulling legislation that will fund 40% of the budget with ‘deficit-financing’ bonds.

 

"In the United States, the government recently hit $16 trillion in debt about six weeks ago, after reaching the $15 trillion mark last November. It took 200 years to accumulate the first trillion in debt and 286 days to accumulate the most recent trillion.

 

"Each of these countries has a debt level that exceeds 90% of GDP– the historic point of no return. More importantly, each of these countries also has to borrow money simply to pay interest on money they’ve already borrowed.

 

"This is important because it makes the problems multiple. At the beginning of the 1780s, the French monarchy was spending around 30% of tax revenue to service its debt. Eight years later when the revolution began, they were spending 62%. ..."

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What To Expect Next With Gold & Silver Under Pressure

What To Expect Next With Gold & Silver Under Pressure | Gold and What Moves it. | Scoop.it

Michael Pento tells King World News:

 

"... gold prices are under pressure is because the looming Fiscal Cliff is almost upon us. The base case scenario at Pento Portfolio Strategies is that politicians of both parties will once again act in their own self interest, rather than that of the country, and avoid the drastic spending cuts contained in the Sequestration. A steep contraction in government spending would cause a serious recession to occur in the short term, but is absolutely essential for the long-term health of the country. ..."

 

Click through for the full piece.

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$2,300 Gold, Here We Come - Casey Research

$2,300 Gold, Here We Come - Casey Research | Gold and What Moves it. | Scoop.it
By Jeff Clark, Senior Precious Metals Analyst

 

"While many of us at Casey Research don't like making price predictions, and certainly ones accompanied by a specific date, it's hard to ignore the correlation between the US monetary base and the gold price.

 

"That correlation says we'll see $2,300 gold by January 2014.

 

"There are plenty of long-term charts that show a connection between gold and various other forms of money (and credit). Most show that one outperforms until the other catches up. But let's zero in on our current circumstances, namely the expansion of the US monetary base since the financial crisis hit in 2008. ..."

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Nanex: Investors Need to Realize The Machines Have Taken Over

Nanex: Investors Need to Realize The Machines Have Taken Over | Gold and What Moves it. | Scoop.it

by Adam Taggart

 

In the blink of an eye, the market moves what used to take humans thirty minutes

"High Frequency Trading (HFT) deeply concerns Eric Hunsader, founder of Nanex. He worries that today's investors, our regulators, -- heck, even the HFT algorithms themselves -- don't fully understand the risks market prices face in the brave new era of bot-dominated trading.

 

"For instance, Hunsader estimates that HFT algorithms are responsible for 70%(!) of all completed transactions on our exchanges, and for 99.9%(!!!) of all exchange quotes.

 

"The pictures of trading floors you see on TV, where the people in bright jackets appear frantically busy in making their trades, have no bearing -- claims Hunsader -- on the actual trading action. The real action happens across fiber-optic cables, on racks of servers in cooled rooms; where an arms race defined by cable length and switching speeds is being waged

 

"The reality is that the machines have taken over. When you buy or sell a security, the odds are extremely high the other side of the trade is being placed by an algorithm -- one that cares nothing for the fundamentals of the underlying instrument. It simply is looking to make a quick profit, oftentimes measured in fractions of pennies. And this has vast repercussions for the stability and the fairness of our financial markets.

 

"Because of speed advantages, HFT algos can see and react to prices faster than you can. Ridiculously faster. A second on the clock, to an HFT algo, is an eternity.

 

"The deep pockets of the firms emplying HFT algos combine with this speed to move asset prices around, sometimes wildly so, faster than most of us can comprehend. In the time it takes for your "real-time" quote system to refresh, an individual stock could have traded many percetages up and/or down -- and you would have no idea.

 

"This unfair advantage, along with the short-term profit outlook of the algos, creates the potential for deadly market price downdrafts. Algorithms prefer predictability. If something spooks them (e.g., unexpected breaking news, a delay in the market's opening), they simply stop trading. And -- poof! -- 70% of the market has just disappeared. With no support and no bids, prices can drop dizzyingly fast. Making matters worse, the "smarter" algos can recognize a downdraft in process, and begin piling back into the market on the short side, exacerbating the price declines. ..."

 

hat tip to www.jsmineset.com 

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Precious goods : Switzerland: the world’s gold hub- swissinfo

Precious goods : Switzerland: the world’s gold hub- swissinfo | Gold and What Moves it. | Scoop.it

Most of the gold produced in the world transits physically through Switzerland, and in particular Ticino. Four of the world’s major refineries of gold are located on Swiss soil.

 

by Daniele Mariani

 

It is difficult to visualise the enormous quantity of gold that arrives in Switzerland every year. In 2011, over 2,600 metric tons of raw gold were imported into the country, to a total value of SFr96 billion ($103 billion). This was a record, the quantity having more than doubled over the last ten years, not including the gold that transits through Swiss free ports.

 

"To get an idea of Switzerland’s profile in the sector of gold refining and trading, consider another figure: the production of gold from all the mines in the world in 2011 amounted to 2,700 metric tons, according to data from the US Geological Survey.

 

"If to this figure you add the gold coming from small businesses all over the world, which say “we buy gold,” and from illegal mines – a figure not considered in official statistics, – it would appear that two thirds of the world’s gold transits through Switzerland.

 

“In an average year, Switzerland refines about 70 per cent of world gold,” according to Frédéric Panizzutti, spokesman of MKS (Switzerland) SA, a Geneva-based company, which specialises in gold trading and which owns the Pamp refinery in Castel San Pietro, Ticino. ..."

 

hat tip to http://www.caseyresearch.com/gsd/edition/switzerland-world-s-gold-hub ;

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Art Cashin - We Are At Risk Of A Frightening Hyperinflation

Art Cashin - We Are At Risk Of A Frightening Hyperinflation | Gold and What Moves it. | Scoop.it

Art Cashin tells King World News:

 

"... I think you are certainly at a ‘flashing yellow alert.’ You have in place a variety of things that could begin to react somewhat domino-like. As I said, there are measures and items that the listeners (and readers) can look for themselves. Look at, what is the growth in the money supply, M2? It comes out every week.

 

"if it begins to grow rapidly, then the money that the Fed has created will be seen as moving through the system. That will create the high risk of accelerated inflation, and perhaps, God forbid, runaway inflation. ..."

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The Next US President Will Not Change Gold’s Future « Jim Sinclair's Mineset

From the desk of Jim Sinclair:

 

"My Dear Friends,

 

"Please note that even with the dollar up and the euro down some, the respective moves do not support a minus 11 opening in gold.

 

"This is a pre-election operation and the MSM story helping it is that Romney will be our next president. Romney and Obama as far as gold goes are the same.

 

"Romney said he would fire Bernanke. If the Bernanke approach is changed, national bankruptcies will follow within weeks.

 

"I assure you the election of Romney, if it was to occur, will not change anything in the story of gold other than adding more drama.

 

"Regards,
"Jim"

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