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The following article from MFGFacts is a bomb shell. Read the article carefully to understand the nuances under which MF Global customers were thrown under the bus by the SEC and the CFTC. "The article discloses how the CFTC and SEC, in a private meeting, robbed MF Global customers of the protections they deserved through a Chapter 7 bankruptcy under liquidation rules of the Commodity Exchange Act (CEA). "Importantly, both CFTC Chairman Gensler and SEC Director of the Division of Trading and Markets Robert Cook knew exactly what they were doing — and both these men had significant conflicts of interest in favor of non-brokerage customer creditors and big law firms wishing to invade the integrity of the segregated funds process. "Read this article and you will agree with my statements from the beginning of this tragedy that CFTC Chairman Gensler needs to tarred and feathered and removed from his position immediately. "Congress has shown no backbone when it has the ability to force a correct resolution upon this tragedy. How the CFTC and SEC joined forces to throw MF Global customers under the bus http://t.co/HHvFyQYS...
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Richard Russell on King World News: “Lowry's Buying Power Index has risen a bit and their Selling Pressure has dropped noticeably. This means that there is less supply overhanging the market and the willingness to buy has increased. On top of this my PTI has been climbing steadily due North, and as I've always said, my PTI is smarter then I am. "In the face of improving economics, Joe Granville's on-balance-volume figures remain bearish, and Joe is looking for a wicked summer. The dividend yield for the Dow is 2.51%. deep in overbought territory. "After years of outperforming stocks, gold is now weakening on a relative strength compared with stocks. The chart below shows the ratio of stocks to gold. After plunging in July in favor of gold, the ratio has been surging higher in favor of stocks over gold."
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Ed Steer - "With the dollar down sharply during London and New York trading yesterday, I was more than disappointed that both gold and silver did not perform better. "Here are three free paragraphs from silver analyst Ted Butler's weekend commentary to his paying subscribers. "We’ve rallied around $120 in gold from late December on an increase of only 10,000 contracts or so in the commercial net short position. In silver, we’ve rallied a few dollars on about a 6000 contract increase in that commercial position. Considering that we were at historical lows in the commercial short position in each by many measures and still are, that’s not too shabby. This doesn’t mean we won’t experience sell-offs and continued price volatility, but we are not close to bearish COT readings in gold or silver. In COT terms, there is plenty of room to run higher in price in both gold and silver. In percentage terms, of course, the biggest potential to run is in silver, in my opinion. "Considering the technical clean out we’ve just experienced in both gold and silver over the past few months and the proximity of some key moving averages above current prices in each that threaten to be penetrated, it is not hard to envision strong price rallies. Of course, we are still discussing markets that are manipulated in price, so we must be prepared for anything. The best preparation is not to borrow or deploy margin. "What next? Was the silver surge on Friday the breakout signaling much higher prices to come or a fake out designed to lead to lower prices and further disappointment? We can’t predict the future with unquestioned accuracy; but we can prepare ourselves for it based upon the probabilities. Silver looks cheap based upon almost any measure except where it was priced 5 or 10 or 20 years ago. The COT set up looks better than I would have guessed several months ago. I never would have imagined in August and September that the commercials could reduce their net short position to the 20,000 contract level or lower. It took the most egregious manipulative sell-off for them to have accomplished that feat amid much damage and consternation to innocent silver investors. But perhaps it’s true that what doesn’t kill you makes you stronger."
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TF Metals has an analysis of gold and silver from last night that you might find worth checking out. Maybe this will help wet your appetite: "So, why am I concerned about 1690-1705 in gold? The charts below will show you...." - Turd
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Welcome to African Diplomatic News, your source for African Diplomatic News. The global creep of is on.
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If you increased your credit card spending by a couple thousand dollars per month would your lifestyle improve? "Of course it would. By going into large amounts of debt, it is possible to live a lifestyle that you can't really afford, at least for a while. But if you keep racking up huge amounts of credit card debt every single month, eventually it gets to a point where it is extremely difficult to even keep up with the minimum monthly payments and the credit card companies will not lend you any more money. Well, on a larger scale it is the same thing with government debt. Right now, the U.S. government is spending more than a trillion dollars more than it takes in every year. Even if the U.S. government spends all of that money on incredibly stupid stuff, it still gets into the pockets of ordinary Americans. In turn, those ordinary Americans use that money to pay the mortgage, buy food, shop at the mall, etc. All of this borrowing and spending by the U.S. government has created a "false prosperity" bubble that is not real. It may feel real to you right now, but it is unsustainable by definition. If the U.S. government suddenly started spending only the money that it actually brought in every year, our economy would be doomed and all of this "false prosperity" would rapidly disappear. But if the U.S. government continues to rack up debt at this pace we are doomed as well...."
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Hal
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Developers plan to pump millions of gallons of water into the flanks of a dormant volcano to test its geothermal potential. LOL Any guesses what we will saying in 100 years if this get's utilized? The coming ice age because we cooled our planet's core.
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The USD is posed for the next downleg which will help power gold’s explosive upleg dragging silver and platinum. FACTA will drive more demand for BitCoins.
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Author: Kip Keen
Posted: Monday , 23 Jan 2012 VANCOUVER, BC - "The head of Sprott Wealth pushed a simple message on how dedicated it was to staying in gold. "Until we see real interest rates go positive we won't see an end to the gold trade," said David Franklin, Sprott Wealth CEO, in reference to the caustic effect inflation has in outpowering otherwise miserly gains from rock-bottom interest rates. "Franklin made the comment in the opening hours of the Cambridge International conference in which he outlined what he called the "Sprott thesis" on gold and silver."
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"The gold price hit a six-week high of $1677/oz on Monday, but concerns over Greece's debt restructuring process, which in recent days failed to produce a concrete deal, still weigh."
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It's about a lot more than money.(Why Apple makes phones in China - Not the US ( Global wage arbitrage) http://t.co/w6YG1YBM...)... This is a great article and it's worth a read. It highlights how difficult it is for the US Manufacturer today and the challenge that we face as a country in competing in this arena with China.
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Kentucky Republican Sen. Rand Paul’s press secretary Moira Bagley tweeted on Monday that Transportation Security Administration officials were detaining her boss in Nashville, Tenn. "Sen. Rand Paul has previously referred to the TSA’s use of full body pat downs as the “universality of insult,” and he called on the agency to end the tactic. “I think you ought to get rid of the random pat-downs,” Sen. Rand Paul said in June 2011. “The American public is unhappy with them, they’re unhappy with the invasiveness of them.” Read more: http://dailycaller.com/2012/01/23/report-tsa-detains-sen-rand-paul-in-nashville/#ixzz1kIV911QJ [I'm betting he probably had a gold coin he didn't want to run through the change tray ;-) ]
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All photos taken today, Saturday January 21, 2012 during the 8AM hour. Resampled and resized to VGA. Click any to enlarge. Photos are in the order they were taken.
This was Liberty Plaza:
...click over for all the pics. [It goes on still. And looks just as messy. Great job of chronicling the saga in NY by Mike Cane.]
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BloombergSpain's Two Finance Ministers Clash on Deficit Target as Economy ShrinksBloombergEconomy Minister Luis de Guindos said Spain is sticking to its deficit goal even as the economy shrinks, underlining a rift in the month-old Cabinet over...
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WASHINGTON (Reuters) - The euro zone debt crisis is escalating and dragging down the world economy, the International Monetary Fund said on Tuesday, as it sharply cut its outlook for global growth and called for policies to restore confidence.
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Do you want to know who's next for the bond vigilantes? On Thursday, 22 April 2010 I Explicitly Forwarned, Greece Is Well On Its Way To Default, and Previously Published Numbers Were Waaaayyy Too Optimistic! That post provided ample evidence to support said assertion. Fast forward nearly two years and the Greek Govt Bond 1Year Yield is roughly 426.118%. Many, if not most, pundits swore that Greece would not default. Now, even S&P Says Likely to Cut Greece to 'Selective Default'. "Standard & Poor's will likely downgrade Greece's ratings to "selective default" when the country concludes its debt restructuring, but that will not necessarily destroy the credibility of the European Union, an official with the ratings agency said on Tuesday. "Who's willing to bet the farm on that statement?"
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According to a new and yet unconfirmed report, India bought oil from Iran using gold.
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US stocks were wavering Monday as investors awaited more clarity on the latest round of Greek debt restructuring negotiations. The Greek drama continues. When will it end? And will the end be a shazaam or a whimper?
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This is a guest post on trading from Tusk Trader (check out the newly launched site: www.TuskFund.com), an experienced Bay Street trader who will be writing... "First, I want to get everyone up to speed on what High Frequency Trading (HFT) is. HFT computer programs generate buy and sell orders at lightening speed as the HFT program reacts to market data that is constantly changing. These orders are inputted at such a rapid speed that trades generated by a human have zero chance of competing (getting the fill first) and the average computer generated orders (a non HFT one) will also get left in the dust. The timing is calculated down to the millisecond. HFT trading occurs in equities, commodities, ETF’s and almost all things traded electronically. These orders can be generated from things like movements in an order book, or produced while following and tracking information from another market or indices that a particular stock is connected to."
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Hal
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I was wrong: doing more of the same has solved all our problems. Time for a mea maxima culpa: I've been wrong about everything: the stock market, the economy, globalization, energy, everything. Heck, I've even been wrong about the American diet and poor fitness; it's now clear that ice cream sundaes are health food that have been shown to extend life dramatically. Fast food is nutritious and cheap, a great combination, and there is basically nothing in the mind-body that can't be fixed in a jiffy with a handful of pills, all of which are almost free once you qualify for government healthcare programs. [Love the tongue in cheek here.]
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"Anyone waiting or hoping for gold to trade down to 1500 or 1200 is crazy. And silver definitely is not trading back to the single digits. What kind of fool believed that *#%& anyway? When did the fundos change? Did I miss something? Was the U.S. suddenly on a path toward fiscal sanity? Of course not. Markets "correct". It happens all the time. In the precious metals, this latest correction was particularly nasty because the rallies that preceded the correction scared the bejeezus out of the bullion banks. Now" - TF Metals
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From GoldCoreCurrency Wars - Iran Banned From Trading Gold and SilverGold’s London AM fix this morning was USD 1,675.00, GBP 1,076.55, and EUR 1,294.94 per ounce. Friday's AM fix was USD 1,646.00, GBP 1,064.68, and EUR 1,274.29 per ounce. "Reuters report that the EU has agreed to freeze the assets of the Iranian central bank and ban all trade in gold and other precious metals with the Iranian Central Bank and other public bodies in Iran. According to IMF data, at the last official count (in 1996), Iran had reserves of just over 168 tonnes of gold. The FT reported in March 2011 that Iran has bought large amounts of bullion on the international market to diversify away from the dollar, citing a senior Bank of England official. "Currency wars continue and are deepening." [James G. Rickards is dead on in his book: http://ow.ly/8D2bC . We are in a Currency War. Of course the other thing that this story tells us is that Gold and silver are currency!]
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Two knowledgeable guys painting the big economic picture.
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Trader Dan gives some insight and shares that hedge fund are getting back into commodities. And he expects that silver will move with CCI.
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