Axstones notes technical and fundamental analysis on GOLD

[Spike]

Hugo,

You look familiar...are you a baker?

Nice teet's BTW

[Zed]

Deflation on the prowl as Bernanke shuts down his printing press

The most audacious monetary experiment in modern history ended on April Fools' Day. America must walk without crutches, on gangrenous legs.

[Aussie]

PETER BRIMELOW
April 5, 2010

Paranoids have enemies, radical gold bugs have Wall Street
Commentary: Gold-conspiracy theories go mainstream

NEW YORK (MarketWatch) -- Paranoids notoriously have enemies, but sometimes they have friends too. Long-derided financial conspiracy theories are finally being reported in the mainstream media. Could be ominous.

In some ways, this situation is similar to the way in which conspiracy theories about the nefarious role of mega-investment-bank Goldman Sachs (GS 173.35, +0.19, +0.11%) finally went mainstream last year. ( See July 20, 2009, column.)

The difference, as I predicted then, is that the theories have now spread to include possible manipulation of financial and particularly gold markets -- and ultimately raise grave questions about the fundamental probity of key U.S. financial institutions.

One example: another remarkable article by ferocious Goldman critic Matt Taibbi, posted March 31 on Rolling Stone magazine's Web site. (See "Looting Main Street.") It purports to chronicle the way in which J.P. Morgan Chase (JPM 45.29, -0.05, -0.11%) managed to saddle Jefferson County, Ala. (containing the city of Birmingham) with more than $5 billion debt for a sewage system originally supposed to cost $250 million, bringing it to the brink of bankruptcy.

(Goldman Sachs wasn't involved -- because, Taibbi says, J.P. Morgan paid them $3 million to go away.)

If Taibbi is right about this Alabama atrocity -- and he says that there have already been more than 20 local convictions for corruption, plus an SEC fine for J.P. Morgan -- then anyone dealing with Wall Street is in effect putting themselves in the hands of the Sopranos. It's hard to see how any economy can survive this sort of predatory parasitism.

Another example from the liberal media (where are the conservatives and libertarians?): Nathan Lewis' March 31 article in the Huffington Post: "It's Ponzimonium in the Gold Market."

Lewis reports the recent testimony before the Commodity Futures Trading Commission by Bill Murphy of the LeMetropoleCafé Web site. Murphy is what I call a radical gold bug, who believes not merely that gold is an inflation hedge but that the gold market has been manipulated in the interests of sustaining a financial bubble. ( See Dec. 7, 2009, column.)

Additionally, however, Lewis makes an exceptionally blunt statement of the case that there's widespread deception in the institutional gold world, so that customers who think they own bullion actually own "unsecured gold loans ... at a negative interest rate." He predicts a scramble to take delivery of gold -- which would work like a bank run -- and massive dollar decline.

One radical gold bug subscription Webzine is currently predicting that what radicals call the "Gold Cartel" is about to take both gold and stocks down sharply. The Deepcaster service (posted here) says:

"Ominous Reverse Head-and-Shoulders (Bearish) are forming both for bullion and the [gold] shares. Yet both their Upward Trend Channels are still intact."

"But, of course, the fact is the fundamentals for gold and silver remain extremely bullish. If it were not for Cartel intervention, gold would today be over $3000/oz and silver over $75/oz, in our view."

"But we also repeat that the Cartel is still potent, delivering $50 down days in gold in early December 2009 and early February 2010."

"It IS becoming harder and harder for the Cartel to implement successful takedown attempts, because more and more investors are becoming convinced, rightly, that they should buy physical gold and silver on the dips, and hold it personally."

"But the Cartel's 'bottom line' is that it cannot afford for gold and silver to be seen as 'go-to' assets in the face of a Cartel takedown of the equities (or commodities, for that matter) markets. The Cartel's entire game plan depends on the ability to continue to successfully suppress gold and silver prices."

"Thus the Cartel attacks on gold and silver will likely continue," the Deepcaster concluded.

http://www.marketwatch.com/story/rad...eet-2010-04-05

[Aussie]

. . . "Ominous Reverse Head-and-Shoulders (Bearish) are forming both for bullion and the [gold] shares. Yet both their Upward Trend Channels are still intact." . . .

Can any of our esteemed chartists see what they are seeing . . ? Hawkeye or Zed . . ?

[Spike]

""Deflation on the prowl as Bernanke shuts down his printing press""

How are they going to do that, and keep the markets artificially pumped up with inflows from the US gooberment?

The Demo lib's love pointing to the market and commenting on how great things MUST be..

[Silver001]

National Inflation Association: "Silver Short Squeeze Could Be Imminent"
Submitted by Tyler Durden on 04/05/2010 18:37 -0500

Bear StearnsCommodity Futures Trading CommissionFederal ReserveHyperinflationNaked Short SellingPayroll DataPrecious Metals


A press release from the NIA finally picks up where everyone else has been for about two weeks. It is too bad, that those who brought the story to the foreground are getting exactly zero acknowledgement, but such is the media world.

Full press release from the NIA (keep in mind that the NIA describes itself as "an organization that is dedicated to preparing Americans for hyperinflation."):

Silver Short Squeeze Could Be Imminent

LEE, N.J., April 3 /PRNewswire/ -- The National Inflation Association today issued a silver update to its http://inflation.us members:

On December 11th, 2009 NIA declared silver the best investment for the next decade. In our December 11th article, we said that it wasn't a coincidence that the very day Bear Stearns failed was the same day silver reached its multi-decade high of over $21 per ounce. We went on to say, "The reason why we believe the Federal Reserve was so eager to orchestrate a bailout of Bear Stearns, is because Bear Stearns was on the verge of being forced to cover their silver short position."

JP Morgan took over the concentrated short position in silver from Bear Stearns and gained complete control over the paper price of silver. Within weeks, JP Morgan was able to manipulate the price of silver down to below $9 per ounce. NIA believes they were able to drive the price of silver down through "naked short selling," selling paper silver that is unbacked by physical silver.

On February 5th, we witnessed another sharp decline in silver prices, which NIA described on February 7th as being "just a temporary wash out, before a huge surge in silver prices later in 2010." Since then, silver prices have rebounded by 18%. The temporary wash out that occurred on February 5th was predicted by independent metals trader Andrew Maguire, who came out this week exposing the fraud that is taking place in the paper silver market.

On February 3rd, Andrew Maguire wrote Eliud Ramirez, a senior investigator for the CFTC's Enforcement Division, giving him the "heads up" for a "manipulative event" signaled for February 5th. He warned the CFTC that JP Morgan was about to manipulate down the price of silver after the release of non-farm payroll data on February 5th. Andrew said that the takedown would happen regardless of if employment was better or worse than expected and the price of silver would be flushed to below $15 per ounce. During the next couple of days, silver was crushed from $16.17 per ounce down to a low of $14.62 per ounce.

Despite all of the evidence given by Andrew Maguire to the CFTC of gold and silver manipulation, Andrew wasn't allowed to speak at last week's CFTC hearing on limiting gold and silver positions held by banks like JP Morgan. Bill Murphy of the Gold Anti-Trust Action Committee (GATA) was allowed to speak (within a five-minute time constraint) and present some of Andrew Maguire's evidence, but right when his presentation began there was a technical failure of the live television broadcast, which was mysteriously fixed as soon as he was done speaking. Bill Murphy was scheduled for several mainstream media television interviews after the CFTC hearings, but they were all abruptly cancelled at once.

A couple of days after the CFTC meeting, Andrew Maguire and his wife were involved in a bizarre hit-and-run car accident in London where a second car coming out of a side street struck their vehicle, which resulted in a police chase using helicopters and patrol cars before the suspect was nabbed. Andrew and his wife were released from the hospital with minor injuries. (NIA does not believe in conspiracy theories but when you consider that this is a potential multi-trillion dollar fraud that could bring down the world's financial system, it really makes you think.)

The silver market provides a window into what is happening in the gold market. Because the silver market is very small and its short position is so concentrated, its price is easier to manipulate than gold, but the same manipulation is taking place in gold on a much larger but less noticeable scale. In our opinion, the CFTC is under pressure not to do anything about the manipulation because the lower gold and silver prices are, the stronger the U.S. dollar appears to be. If we saw an explosion to the upside in gold and silver prices, it would result in a complete loss of confidence in the U.S. dollar.

NIA believes the precious metals markets are currently being artificially suppressed by paper gold and silver that doesn't physically exist. At last week's CFTC hearings, Jeffrey Christian of the CPM Group admitted that banks have leveraged their physical bullion by 100 to 1. This means for every 100 ounces of paper gold/silver that trade, there could be as little as 1 ounce of physical gold/silver in the vaults backing it. However, Mr. Christian sees no problem with this because he says "it has been persistently that way for decades" and there are "any number of mechanisms allowing for cash settlements."

What Mr. Christian fails to realize is, most investors around the world holding paper gold/silver believe they own physical gold/silver. There will come a time when these investors don't want cash settlements in U.S. dollars, but they will want the physical precious metals themselves. When investors around the globe eventually call for physical delivery of their precious metals, NIA believes it will result in the biggest short squeeze in the history of all commodities.

The physical silver market is now more tight than ever before. In the first quarter of 2010, the U.S. mint sold 9,023,500 American Silver Eagles, the most since the coin debuted in 1986 and up from 8,299,000 sold in the fourth quarter of 2009. All U.S. silver mines combined are currently producing only 40 million ounces of silver annually. This means the U.S. needs to use almost all of its silver production just to keep up with the demand for American Silver Eagle coins.

Silver closed this week at a 10-week high of $17.89 per ounce and a major short squeeze to the upside could be imminent. With the spotlight now on JP Morgan, NIA believes they will be less likely to naked short silver at these levels and manipulate the price down like in February. With the mainstream media blackout, it is important for NIA members to work harder than ever to spread the word and help expose what could be the largest fraud in the history of the world.
http://www.zerohedge.com/article/nat...ld-be-imminent

[Spike]

Oh God help us, but here we go again...

Says who? It's like gospel, should I even question it? But from this article it states the now unquestioned truth...who says it's true?

""""JP Morgan took over the concentrated short position in silver from Bear Stearns and gained complete control over the paper price of silver""""

Says who? Did JP Morgan come out with a memo I missed?`

Before you stone me...I smell a Pimp.

Easy on me, I'm new, remember...

Just look'n for the truth, somewhere in the middle.....LOL

[Gcubed]

Yo Bopper!! We be waiting fer ya!! Come on in, the water's fine!!

[Zed]

Come on bop's come out to play... we miss ya!

[Spike]

Silver 001,

And i don't mean to pick on your post ...but..

""the largest fraud in the history of the world""

Let's put silver aside...Omama holds that record.

[Zed]

Can any of our esteemed chartists see what they are seeing . . ? Hawkeye or Zed . . ?

Inverse {twitch} Head {twitch} and {twitch} Shoulders! {twitch}

You are teasing me! LOL!!!!!!

I'm not seeing the volume to unscore the pattern... but I am using GLD as a volume proxy so?! Would like to see more volume come into it at this point FWIW.

[Zed]

"the largest fraud in the history of the world"

Its a big claim... its being repeated around the place. Even if its all true I can think of a bigger potential one! Damn we are flush with fraud these days....

[Aussie]

That's what GATA are claiming (the biggest fraud in history) since they are tying it all back to the '90's gold leasing/sales, Rubin's US "strong dollar" policy, artificially low interest rates and the blowing up of all the of the last decades credit bubbles. They argue that if gold traded freely, then none of this would have happened since the gold canary would have warned the markets . . .

[Zed]

I think that the naked shorting of general stocks could add up to bigger numbers... not sure we will ever find out, that one is kinda terminal if it is as big as has been suggested by the guys mounting the class action. I don't know what the fix is but it screams out as a "must deal with" for the powers that be... if it is as pervasive as claimed. It could just become the biggest rescue! or crash...

I can't really get my head around just how bad the damage would be if GATA's claims are true AND the LBMA comes unstuck somehow. I'm seeing people get hurt but given the size of the metals market would it actually be that much of a problem in the wider scheme of things, I mean considering the rescues already undertaken etc...?!

[Optics]

http://www.marketskeptics.com/

[Zed]

They argue that if gold traded freely, then none of this would have happened since the gold canary would have warned the markets . . .

I doubt that really... not that gold would be higher but that all the bubble stuff would not have occurred. I think that Armstrong is right, gold is about loss of confidence in government not monetary issues directly. I think that the confidence would have stretched much further than a goldbug would have expected even if gold went much higher. These guys are educated to inflation and the system rewarded them for buying into the game. I dunno that they'd all have wanted to give up playing the game while easy Al was still willing to supply the punch. I suspect that gold is not as important to most as maybe it should/will be. A canary it maybe but what if no one is really looking at it?

Its unanswerable but I suspect its a long bow to draw.

[krugger3]

Dollar getting quite the boost... you would think there was a treasury auction this week or something.

[Dizzy47]

USD/CAD at parity...today

[Rip Van Winkle]

Strawboss,

Thanks..

It only gets off the rails when I become the target. The "pissing competitions", as Dizzy so eloquently described them, normally arise from these circumstances.

There is a tale about a bird getting dumped on by a cow and then getting fished out of the dodo by a cat... the moral of the story is basically not all who help you out of dodo are your friends and not all who dump on you ultimately mean you harm.

This ra-ra my team, your team drives me nuts, its the enemy of critical thinking and ultimately the truth. Gold is surrounded on all sides by bull**** neck deep, somewhere in the middle of it lies the truth.... all I want to do is seek it out, poor thing is nearly dead. First casualty of war is the truth and so it appears to be the case here. An investors ultimate friend is the truth, you need to be persistent in your attempts to uncover it and acknowledged that no one wholly owns it.... including you(me!).

Ha, my dad used to tell me that story of the bird when I was little. Never knew anyone else that had heard of it too.

[stefanmo]

Update 06 04 2010

[GoldWampum]

So... A bullflag of sorts you say? What does the divergent deviation tell me?

[Dizzy47]

So... A bullflag of sorts you say? What does the divergent deviation tell me?

that the rock & roll times might be upon us

nice chart goldie I forgive you your unconditional love affair with GSS for now

[GoldWampum]

It is a nice chart and one that seems plausible.

[GoldWampum]

that the rock & roll times might be upon us

Oh... well, no argument here.

[axstone]

Copper moving well above the 4 dollar area says hyper inflation
in full affect to me FWIW


PS I dont know if copper will but if it does thats what it would tell me

[Zed]

That sounds like a government statistic...

[DHAWK]

Since you brought it up....... (no pun intended)

Could someone explain to me the reason price and stock levels have overall been increasing simultaneously over the last year?

[ATTACH][/ATTACH]

[DHAWK]

BTW folks, I finally was on the right horse at the right time!

[Zed]

You gotta stallion...!

[Zed]

Since you brought it up....... (no pun intended)

Could someone explain to me the reason price and stock levels have overall been increasing simultaneously over the last year?

A busy shop keeps more stock... that was a big liquidation during the GFC.

[Zed]

[Zed]

China ranked No.1 in world commodity exchanges

[DrStrangelove]

Breaking news from the American Ministry of Propaganda:

A trillion will here to forward be known as trololo knocking the edge off the thought of "trillion" dollar deficits...really nothing to worry about. See this guy? He's not worried!

[4dabopper]

No generation has a right to contract debts
greater than can be paid off during the course of its own existence."
- George Washington to James Madison 1789

‘No Question’ U.S. Dollar to Weaken in Long Run, Yu Says
China’s foreign exchange reserves face a “triple whammy” as a decline in the U.S. dollar and Treasuries and possible inflation in the longer run erode the value of its savings, said Yu Yongding, a former adviser to the People’s Bank of China, in an opinion piece for The Australian Financial Review today. “There is no question whatsoever that the U.S. dollar will go south in the long run,” he wrote. “Unless the U.S. economy improves its trade balance, the dollar will fall. But the U.S. cannot improve its trade balance unless the dollar falls.”

Hell what about the short term??!!


Meanwhile back at the resource countries
Australia’s central bank raised its benchmark interest rate to 4.25 percent and signaled further increases, dismissing warnings that higher borrowing costs are already eroding consumer spending. Australia has led the world in raising borrowing costs partly in anticipation of a surge in investment on new mines and resources that may spark price pressures. Projects such as the Chevron Corp.-led Gorgon natural gas project in Western Australia are planned to meet soaring demand from China, the world’s fastest growing major economy. Inflation in Australia reached 2.1 percent in the quarter to December, up from 1.3 percent the previous three months, while still inside the central bank’s target range of between 2 percent and 3 percent.
Just think what a 2% rise in interest rates would do to the US Budget when the majority of that debt is short term.
Gasp................think what it would do if interest rates went back to 7-8%





<a href="http://s268.photobucket.com/albums/jj5/4dabopper/?action=view&current=k3073589.jpg" target="_blank"><img src="http://i268.photobucket.com/albums/jj5/4dabopper/k3073589.jpg" border="0" alt="Photobucket"></a>

"The more corrupt the state, the more it legislates." – Tacitus

The panel established by Congress to investigate the causes of the financial crisis has been hobbled by delays and internal disagreements and a lack of focus, according to interviews with a majority of its members and government officials briefed on its work.

I just can’t wait for that panel that will decide entitlement cuts around 5 years down the road.……….

With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.
F.A. Von Hayak

<a href="http://s268.photobucket.com/albums/jj5/4dabopper/?action=view&current=DollarGold-21211-694x497.png" target="_blank"><img src="http://i268.photobucket.com/albums/jj5/4dabopper/DollarGold-21211-694x497.png" border="0" alt="Photobucket"></a>


No hidden tricks here......................just buy and hold da physical and forget about it till $5K

<a href="http://s268.photobucket.com/albums/jj5/4dabopper/?action=view&current=average-annual-2008.gif" target="_blank"><img src="http://i268.photobucket.com/albums/jj5/4dabopper/average-annual-2008.gif" border="0" alt="Photobucket"></a>
Not a bad return for 9 straight years and to think we are still early in the 2nd wave. Da 3rd wave going to be a once in a lifetime event for those that are positioned right........by owning LOTS of PHYSICAL.


Anyone know where the thanks for the post button is??? LOL, damn newbie................almost feel like internet virgin again......................... I do like the color changes in bottom... but da default is hard on the old eyes....LOL

I know and coming from a fundamentalist......................some chart porn for you TA'ers...........................LOL
http://www.321gold.com/editorials/hoye/hoye040710.pdf


"The definition of a mine is a hole in the ground that belongs to a liar" - Mark Twain
Fitness instructor takes helm at sham exploration firm
By David Baines, Vancouver SunApril 2, 2010
On March 9, a Nevada-registered company called Impact Explorations Inc. filed a registration statement with the U.S. Securities and Exchange Commission as a prelude to going public on the OTC Bulletin Board in the United States. According to the registration statement, Impact plans to explore a mineral claim near Kamloops, which it acquired from geologist James W. McLeod, along with a technical report on the property, for $4,000. The property is located just six miles south of Savona, where McLeod lives. McLeod has recommended a two-phase exploration program, the first phase costing $10,000, which he has agreed to conduct.
It's not much of an exaggeration to say that this sort of exploration project has about as much chance of finding an economically viable mineral deposit as you have of striking gold in your vegetable garden.
But McLeod -- who boasts that he is a member in good standing of the Association of Professional Engineers and Geoscientists of B.C. -- routinely lends his name to these pie-in-the-sky deals. He even sent a letter to the SEC consenting to the use of his report in the going-public process, and to the distribution of his report to prospective investors, which is a prerequisite to going public. Making this deal even more unrealistic is the fact that the company's president is 24-year-old Jenny Brown, a resident of London, England, who works in property management. She has no prior experience in mineral exploration, which is noted in the registration statement as a "risk factor." I think it's clear that it makes no sense whatsoever for her to be in this position. These sorts of registration statements require a letter from an attorney attesting to the validity of the company's issued shares. In this case, the attorney was Andrew Coldicutt of San Diego. He is a UBC graduate who works closely with his father, Tom Coldicutt, a former B.C. resident. Tom Coldicutt is well known to regulators. In December 1985, the Vancouver Stock Exchange suspended his broker's licence for five years for trading violations while serving as branch manager of Osler Wills Bickle Ltd. in Vancouver.
In 1991, the U.S. Securities and Exchange Commission charged him, his wife Elizabeth, and their San Diego brokerage firm, Burnett Grey & Co., with selling unregistered stock. They did not defend themselves and were consequently enjoined by default from committing further securities violations. In 2005, I linked Coldicutt to World Trade Financial Corp., a San Diego company that was flogging worthless bulletin board stocks in European boiler rooms at the behest of Thai financial fugitive Rakesh Saxena, and was blacklisted by the U.K. Financial Services Authority. Adding to my discomfort is the fact that Impact's auditor is George Stewart, a Seattle certified public accountant who routinely audits the books of obvious sham companies, including several that were spawned by Russian and Ukrainian nationals who work on Howe Street. He also wrote a letter to the SEC consenting to the use of his audit report in the going-public process. Impact is still in the formative stages (its registration statement hasn't yet been cleared by the SEC), but if it follows the usual pattern, the company's mineral property will be quickly abandoned and the company will move on to a more promotable venture. Why go through this ruse? Because the end game is not to find gold, but to create a tightly held, publicly traded shell company that can be easily manipulated. The modus operandi is to sell shares to dummy shareholders, then when the shares are registered for trading, gather them up. In this way, the promoters can get control of all the stock and manipulate the share price by trading it back and forth among themselves at steadily increasing prices. One of many examples is Burnabybased Burrow Mining Inc., which -- with Stewart's assistance -- filed a registration statement in January 2008. The company was purportedly going to explore a mineral property in northwestern B.C., which it acquired for just $7,500.
Its president was listed as Cathy Ho, a 26-year-old fitness instructor who had no prior experience in mineral exploration. Before going public, the company sold 3.9 million shares at prices ranging from one-hundredth of a cent to 10 cents each to 24 Vancouver-area investors. One of the listed investors was John Hyatt, a 23-year-old student who lives in Port Coquitlam. He reportedly bought 90,000 shares, but when I called him, he said he had never heard of Burrow Mining and had certainly not bought any shares. When I mentioned that Ho was the president, he said he worked with her at Fitness World about three years ago, but had no further contact. Clearly, somebody was using his name to effect a phoney distribution of shares.

Still too early in the game for this **** to be going on,,,,,,,,,,,,,,,,,,,,,,,,,....................... .. J/K it's never too early. LOL

[4dabopper]

So you want to know more about precious metals??

Here is a few places to start.

Opinions and stories
http://www.goldtutor.com/
http://www.gold-eagle.com/
http://www.financialsense.com/
http://www.voy.com/65437/
http://www.resourceinvestor.com/Page...aspx?channel=2
http://dailyreckoning.com/
http://www.321gold.com/
http://www.prudentbear.com/index.php/news

Pricing
http://www.kitco.com/
http://www.forex-markets.com/quotes.htm
http://www.netdania.com/Products/liv...QuoteList.aspx


Want to know where your mines are located??
http://www.resourcestockguide.com/ho...0&dlc=0&hpc=38

General information
http://www.resourcestockguide.com/co...s=200&nid=2636
http://finance.yahoo.com/q/cp?s=^GDM
http://quotes.ino.com/chart/?s=NYBOT_DX
http://www.hardrockminer.net/
http://biz.yahoo.com/p/134peeu.html
http://www.litwick.com/glossary.html
http://www2.barchart.com/mktcom.asp
http://goldprice.org/
http://www.acrotec.com/ewt.htm
http://www.fxstreet.com/forex-tools/...ci-calculator/
http://www.page88.co.za/cr/index.shtml
http://stockcharts.com/school/doku.p...o_candlesticks


Places to buy/sell
http://apmex.com/Homepage/Default.as...FShTUAodCzYlAg
http://www.onlygold.com/
http://www.amark.com/
http://www.golddealer.com/
http://www.usagold.com/buy-gold-coins.html
http://www.tulving.com/goldbull.html

Cartoons
http://cagle.msnbc.com/

Coin facts and information
http://www.coinfacts.com/
http://www.coinflation.com/silver_coin_values.html
http://coins.about.com/od/coinvalues..._are_Worth.htm

If you only have time to read just one
http://www.jsmineset.com/

[GoldWampum]

And outta nowhere he rounds third and slides into home.

I know and coming from a fundamentalist......................some chart porn for you TA'ers...........................LOL

Great pair. Nice comparison and Thanks.

[jbilprophet123]

Thanks Stefanmo for rejoining!! If we take previous breakout in this chart from the peak to new peak a difference of around 140$ is observed. Situation looks very similar as previous breakout of triangle. If this scenario repeats gold for same USD can be 150$+ higher by the time same peak situation is observed.

Thanks agian. Please post more updates.

[Dizzy47]

what you guys think? can the cad dollar strengthen further against the euro?

thanks

[Dizzy47]

Richard Russell yesterday:

April 5, 2010 -- The great bull market in gold is in its tenth year. The incredible thing about this bull market, is that it is still ignored by the media and by the public At the same time that it is hated by the central banks, although ironically, they are now actually buying gold. On top of that, the sovereign funds of the various nations are adding gold to their currency mix. Since the year 2000, the best asset class to be in was precious metals and gold. Yet, never was a huge bull market so ignored, so dismissed, and so disliked. Even today, after rising from 250 in 1999 to 1120 today, only a tiny fraction of Americans own so much as one single gold coin. Most Americans have never seen a gold coin. And I ask myself, how long can this go on?

[AGRO]

GOLD breaking out! C OO K ING toward 1145 next resistance

[4dabopper]

Gold
Bid/Ask 1152.80 - 1153.80
Low/High 1131.90 - 1154.40
Change +18.50 +1.63%
30daychg +18.40 +1.62%
1yearchg +284.10 +32.70%

Silver 18.23 +0.33

Platinum 1713.00 +14.00
Palladium 509.00 +4.00
Rhodium 2,700.00 +110.00

Copper Bid/Ask 3.5979 - 3.6024

[Dizzy47]

NY paper boyz showed up early today

[krugger3]

http://www.stockopedia.co.uk/content...ghts-off/39203

[MAGNUM P.M.'s twin bro]

The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty, Is The Central Fund Of Canada Insolvent?

http:///www.zerohedge.com/article/la...ctically-empty

"Lenny Organ who was the person to enter the vault of ScotiaMocatta, says "What shocked me was how little gold and silver they actually had." Lenny describes exactly how much (or little as the case may be) silver was available - roughly 60,000 ounces. As for gold - 210 400 oz bars, 4,000 maples, 500 eagles, 10 kilo bars, 10 one kilogram pieces of gold nugget form, which Adrian Douglas calculates as being $100 million worth, which is just one tenth of what the Royal Mint of Canada sold in 2008, or over $1 billion worth of gold. As Orgen concludes: "The game ends when the people who own all these paper obligations say enough and take physical delivery, and that's when the mess will occur."

Link to interview with Lenny Organ on King World news http://www.kingworldnews.com/kingwor...n_Douglas.html

[4dabopper]

Tell Me Lies, tell me sweet little lies
~Tell Me Lies, Tell me tell me lies~
Oh no no, you can't disguise
~You can't disguise, no you can't disguise~
Tell me lies, tell me sweet little lies




In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

Like George W. Bush's claim that "everyone" got it wrong about the intelligence showing that Iraq had stockpiles of WMD, Alan Greenspan is still trying to convince us that "everyone" got the housing bubble wrong too. Brooksley Born asked Greenspan today about his enthusiastic support for "over the counter derivatives" and reminded him that he fought against all regulations over the OTC derivative market. These derivatives, she pointed out, ballooned to having a $680 trillion notional value by 2008, and played a huge role in bringing down the nation's banking system. Greenspan's reply? "Credit default swaps did create problems," he admitted in one of his many monstrous understatements. Greenspan gave no ground to Brooksley Born and dismissed her critique as if he were batting away a mosquito. He won't even acknowledge the obvious fact that he failed in his job and was partially responsible for setting up the system that produced the worst financial and economic crisis in a generation. Greenspan had all the tools necessary to have prevented the collapse (or at least mitigated its effects) if he weren't such an anti-regulatory zealot. He still affects the tone of the professor explaining complex ideas to a gaggle of college freshmen. Greenspan is not even a good Randian because he tries to hide his belief in Randism. Born also pointed out that the problems with CDSs were known as far back as 1997. The federal government had to bail out AIG to the tune of $180 billion largely because of this unregulated market. Greenspan's answers were intellectually dishonest in the extreme. He still wants to blame a "few bad apples," instead of looking at his own role fanning the flames and pouring gasoline on the fire while the $8 trillion housing bubble was being pumped up. Greenspan said AIG's problems were with insurance, but Born countered that if CDSs had been insurance they would have been regulated. Greenspan is bull****ting us again. Born hit the nail on the head when she brought up the "Maestro's" extremist ideology. Your ideology has essentially been that markets are self-regulatory or that government regulation was either unnecessary or harmful, she said (paraphrasing). Did your belief in deregulation have any impact on your lack of regulation at the Fed? She pointed out that he served for eighteen years as Fed Chair and that the Fed utterly failed to prevent the housing bubble, or the predatory lending scandal, or the biggest banks from engaging in activities that brought them to the brink of collapse, and permitted the financial system and economy to fall into utter disaster; he also failed to prevent banks from becoming too big to fail - "Didn't the Fed fail in its mandate?" Born asked. But the only "flaw" Greenspan is willing to acknowledge is that he, like "virtually everyone" - academia, banks, etc., all missed it. Greenspan said that he "took a oath of office" and that his own Ayn Randian ideology played no role! In October 2005, Alan Greenspan assured us that "increasingly complex financial instruments have contributed to the development of a far more flexible, efficient, and hence resilient financial system." From the time Greenspan's buddies on Wall Street concocted "innovative" new financial "products" to screw over what was left of the American middle class the country has been reeling. And there's the Maestro doing what he does best: obfuscating, prevaricating, and dishonestly covering his own very rich ass. It must be terrific to be Alan Greenspan. (Or Karl Rove or Chris Cox). You can be at the center of the worst financial crisis in a generation and play dumb about your own role in it. On the one hand, he's an all-knowing owl of a man prescient and noble in his analysis; on the other hand, he's an incompetent nincompoop who wouldn't know a derivative from his own backside.

Hard to blame it on Ann Rand when the government refused to let most that made bad decisions fail. It was government involvment in markets that created this problem by not letting institutions fail when they deserved it.

All animals are equal, but some animals are more equal than others.
George Orwell


No one has suffered greater damage to his reputation from the financial crisis than Alan Greenspan. It's deserved, and his unwillingness to acknowledge error compounds the offence. He gave testimony today to a congressional inquiry in which he denied that the Fed's easy monetary policy had helped cause the crisis. The BBC reports: 'Mr Greenspan also argued that the interest rates set by the central bank in fact had little impact on the price of sub-prime loans. '"The house price bubble, the most prominent global bubble in generations, was caused by lower interest rates but... it was long-term mortgage rates that galvanised prices, not the overnight rates of central banks, " he said. 'But Mark Zandi, chief economist at Moody's Analytics, told the hearing that "aggressive monetary policy in the wake of the technology bubble [that burst in 2000] contributed to the inflating of the housing bubble". '"There's strong evidence that the Federal Reserve kept interest rates too low for too long," he added.'




Former Citigroup mortgage executive says he warned Rubin, others about crash starting in 2006 WASHINGTON (AP) -- A former executive of Citigroup Inc. is telling a panel investigating the roots of the financial crisis that he warned former chairman Robert Rubin and other bank leaders about the coming mortgage crisis back in 2006. Richard Bowen says other Citigroup executives were violating the bank's own risk management standards starting in 2006. He says he discovered in the middle of that year that over 60 percent of the mortgages bought and resold by subprime subsidiary Citifinancial Mortgage were defective. Bowen was chief underwriter for the division. Bowen says he issued many warnings to management about the mortgage risk starting in 2006, and e-mailed Rubin in November 2007.

Goldman Said to Deny Conflict of Interest on Subprime
Goldman Sachs is set to refute, in its annual report that comes out Wednesday, the charge that it "bet against" its own clients at the height of the subprime mortgage crisis, The Financial Times reported. In the report's introduction, Lloyd Blankfein, Goldman's chief executive, and Gary Cohn, his number two, address claims that the bank benefited from the U.S. housing disaster and the collapse of the insurer American International Group, The FT says. The report would be the clearest defense yet of Goldman's actions during the crisis and suggests a break from their more tested strategy of shrugging off media criticism of the bank's actions. In the report, which announces near record results that the bank obainted despite "considerable pressures and distractions," Mr. Blankfein and Mr. Cohn are said to describe bank's role as "being an intermediary between investors, rather than as a trader on its own account."
What Mr. Blankfein and Mr. Cohn are hoping you forget is that lately they made almost all of their profits being a trader and betting on the markets.



If you once forfeit the confidence of your fellow citizens, you can never regain their respect and esteem. It is true that you may fool all of the people some of the time; you can even fool some of the people all of the time; but you can't fool all of the people all of the time.
Abraham Lincoln:


A lie would have no sense unless the truth were felt to be dangerous.
Alfred Adler:


Greg Hunter

If you compare the U.S. economy to the Titanic disaster, we are at about same point in time as that famous ship was after it struck the iceberg. Instead of a band playing on deck as the vessel took on water, we Americans have the equivalent of an IMAX theater, complete with surround sound, to keep us occupied as we meet our fate. The mainstream media is acting as projectionist. What images are they showing us to keep us occupied? This week, the MSM has spared no expense in covering the Tiger Woods’ coming out party at the Masters Golf Tournament. The serial adulterer is a top news story at every media outlet. Major time and resources are devoted to covering Woods’ every stroke, or should I say move. The marital problems of Sandra Bullock and Jesse James is another “big” story the MSM cannot stop telling us about. Yes, I know Ms. Bullock is a recent Academy Award Winner, and her winning is a story. But, what are her marriage problems doing masquerading as a legitimate hard news story? This is tabloid stuff at best and, yet, every network, newspaper and cable outlet treats this as real news! It is not. The Iraq war is real news. Greedy bankers getting bonuses after wrecking the economy is real news. The spiraling budget deficit that is sure to cause huge inflation is real news. The Fed spending trillions bailing out domestic and foreign banks in secret is a news story, but far less time and resources are devoted to these topics in the mainstream media. And get this! I just heard on ABC News that Oprah has “snagged” the first Reille Hunter interview. Good for Oprah! The alleged home wrecking mistress of John Edwards, who didn’t have a snow ball’s chance in hell of being elected president, IS NOT NEWS! It is tabloid entertainment!! Also, while ABC is laying off hundreds of legitimate news people, the story breaks that the Disney owned network paid $200,000 in 2008 to Casey Anthony, a mother who is on trial for allegedly killing her own daughter! This is where valuable news dollars are being spent? ABC says it did not pay for interviews but to license family photos and video of toddler Caylee Anthony. ABC is not paying for interviews? Hey David Westin, (President of ABC News) I have a deal for you! I’ll sell you my baby pictures for 50 grand! Not paying for interviews–absurd. I used to work for ABC at Good Morning America as an investigative reporter for nearly 6 years. Until 2005, I did stories about deadly defects, fraud, rip-offs and government waste the public needed to know about. ABC let me spend money covering important stories, but the network seems to have redefined its priorities. I don’t blame the rank and file at ABC for the sea change. There are plenty of devoted journalists there. I blame management– not just at ABC, but at all mainstream media. They are all wasting valuable resources keeping America entertained while the ship of state sinks.

Guess they will be making us watch this for news... as the "Titanic" sinks.............LOL

http://www.youtube.com/watch?v=LvQyt...eature=related


After 10 years in wilderness....................any opinions on this?
"Finally, in our view, the high cost South-African gold producers which do not hedge their production offer the maximum leverage to gold."

[Zed]

The Latest Gold Fraud Bombshell: Canada's Only Bullion Bank Gold Vault Is Practically Empty, Is The Central Fund Of Canada Insolvent?

There is nothing in that article to explain how this impacts the Central Fund of Canada. In fact the reference has been dropped from the head line ---> they had too much coffee perhaps and over shot their mark? or did you add that in? You want to be careful about saying things like that about the Central Fund, after all its their stock in trade so I would imagine they would guard their reputation.

So how do we know what ScotiaMocatta should be storing? How do we know that what was seen at ScotiaMocatta is not appropriate for their needs and obligations? I remember Mone once (I think) had to jump through hoops to get metal out of them... at least if memory serves right.

Hey Huge-go? Ever do business wid them? Ever get physical outta these guys? Easy, hard... what?

[Zed]

A little digging leads me to the Canadian Imperial Bank of Commerce as being the Central Fund of Canada's custodian, that is a fancy word for storage ain't it? That would mean that they have a bullion vault wouldn't it? That sounds reasonable to me, they are after all one of Canada's "big five".

That appears to be in conflict with this statement...

Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA's Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty.

Awwwww come on guy's, are you sticking shells in that shotty again?

So...

Do Canadian Imperial Bank of Commerce have a vault?
Are they storing the CF's stash?
Are GATA BSing again?

or does this have substance?

Anyone know anything for certain here?

Maybe the vault is elsewhere and its just "by omission" that the CF gets a, maybe undue, spattering of crap...!? I can't find much that says for sure yet.

[Zed]

Also, I am just curious...

Why would they interview Harvey if Harvey's son was the one that went into the vault? After all that is just hearsay no? Don't you take it from the horses mouth in these instances?

Anyway... it is repeated in the interview more than once that the inspected vault is a 'working vault'.... now if true, the inference that they draw from the son's observation is not necessarily correct. We need to know what other storage exists... if it exists. We are back to needing an audit!

[JayCee]

From: "Central Fund"
To: xxxxxxxxxxxx@xxxxx.xxx
Subject: Re: Questions about Custodian

Hello xxxxx:

CIBC Bank is the custodian of Central Fund's gold and silver bullion.
Central Fund's bullion is held in a segregated vault at the bank and is only
accessible to our Board of Directors, our independent auditors and the bank
personnel TOGETHER AT ONE TIME. CIBC has no legal claim to Central Fund's
holdings just the same as your bank would not have claim to your safety
deposit box contents.

CIBC Bank has been an excellent custodian for Central Fund's holdings and we
do not expect to lose confidence in them at any time in the near future. IF
there might be a reason presented, then Central Fund could certainly choose
another custodian and transfer its holdings if the company chose to do so.
However, considering the dollar amount of the safekeeping fees we must pay
to CIBC Bank, they would not be foolish enough to cause us to leave them.

Yours truly,
Marda Jeffrey, Investor Services
Central Fund of Canada Limited
905-648-7878

[misericordia]

[QUOTE=Goldies;10803]A chart that explains the next two months.




I see your two triangles and raise you two tea cups.