This is the must-see...
And this is the must-hear...
Eric King interviews Jim Sinclair
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14 comments:
Grayson rocked. I saw him taking some flak over at ZH, but I disagree with the "inconsequential grandstanding" depictions. He was deadly serious IMO, and I couldn't care less if he is a self-described progressive. He is a man I can agree to disagree with on other issues.
I know there was gold at the NY Fed in 1976. I saw it as part of a group tour of the facility. Seems they were more willing to show it off back then ;-). It is(was?) segregated by country in large metal-fenced/caged-off areas/spaces, marked with each country's name. We could see but not touch, of course. Transactions are be easy to do - simply move bars from one cage to the other as required by ownership changes. Even so, that's still not quite the same thing as taking physical delivery imho.
Ragnarok
When an entity claims physical gold on its balance sheet, one should consider whether it distinguishes between gold in the ground, in the vault, out on loan, or any combination thereof. Are third party custodial accounts involved? What kind of geological surveys have been done for gold held in the ground? Is the gold held as collateral against anything? In what form is it held? Good Delivery bars, kilo bars, uniquely fabricated ingots? Is any gold held off balance sheet?
What is interesting about that video is that the subject of gold even came up.
The Sinclair interview is one of his best ever.
This is a kind of timely counterpoint to my post yesterday on gold and silver.
I am among those searching for further guidance on allocation and diversification strategy.
Last night Joe Meyer and Bob Chapman were on radio shows and talked about gold and silver.
Economist Joe Meyer told Art Bell on Coasttocoastam silver would be used in the monetary system with gold. He said it was always money in places like Latin America. I'll have more on this later.
Chapman was on shortwave with Melody Cedarstrom and later on shortwave and internet with Alex Jones early on and again in the last segment. He said gold and silver were tangible assets that would break free of the paper markets and many other things about the economy, dollar, and geopolitics.
Jones said Chapman was an army intelligence officer in Berlin, a stock broker, a gold broker, a major newsletter writer, then retired before he came back with his Internationalforecaster letter.
@Ragnarok: The NY Fed still gives free tours of their gold vault:
http://www.newyorkfed.org/aboutthefed/ny_tours.html
Here's relevant excerpts from the "show recap" at http://www.coasttocoastam about last night's show's first segment with Joe Meyer and Art Bell. We're hearing more and more visions of the economic future which converge around these ideas but it'll be a lifetime process.
"Economic Meltdown & Spiricom Fraud
...In the first hour, financial advisor Joe Meyer provided an update on the current (and future) economic meltdown. Meyer believes the rally in the stock market will end soon. The Dow Jones Industrial Average, which closed at 9665 on Friday, will go back down to 6470, he said. If that number gets violated, Meyer warned, the next stop could be 4123 and possibly even 2450 as a final panic bottom.
He predicted a second wave of home mortgage defaults when rates reset in 2010 and 2011. Meyer said the next bubble to burst will be commercial real estate...
Meyer pointed out that 10 states have unemployment rates above 10%, but thinks the true number is much higher, around 16-17%. He suggested setting up programs to put people to work in the public works sector, building and improving roads, bridges, ports, and other infrastructure. Meyer also talked about the end of the U.S. Dollar as a world reserve currency, the commodities bull market, and his recommendation that people buy precious metals, such as silver."
What do you make of the discrepancy between these two charts for yesterday, 9/25?
Chart 1
Chart 2
Here are some charts to watch for backwardation. Don't see any yet.
http://www.commoditycharts.com/quote.asp?sym=GCZ8&mode=i
http://www.nymex.com/gol_fut_cso.aspx
http://www2.barchart.com/dfutpage.asp?sym=SI&code=BSTK§ion=metals
The Latest World Official Gold Holdings
From the World Gold Council this week…
Sales reported to date under the final year of the current Central Bank Gold Agreement (CBGA 2), which ends on September 26, appear to total less than 160 tonnes. France has been the heaviest seller disposing of 83 tonnes by the end of July and the European Central Bank has been the next heaviest seller, disposing of 35.5 tonnes. With sales of 13.5 tonnes by 7thSeptember, Sweden is 1.5 tonnes shy of its 60 tonne target.
Taking account of available published information, the WGC expects sales for the current CBGA agreement to total between 1880 and 1900 tonnes, over 600 tonnes shy of the 2500 ceiling for the duration of the Agreement.
The third term of the Agreement (CBGA 3) will commence on September 27, 2009, for a period of five years.
Next week the market might have to absorb a stark dip (China&Russia=wild cards?):
"Silver market analyst Ted Butler was interviewed for about 10 minutes Friday by Eric King of King World News. They talked about the continuing record short position of the commercial traders in gold and silver, which Butler is inclined to think will force a breakdown in prices, and about the origin and prospects for the silver market investigation being conducted by the U.S."
For the whole of it just go to GATA. Might be a carnage for some and an opportunity for others.
Well, actually GATA may also be a bunch of morons. They link that A. Evans Pritchard permanently without analysing his articles. AEP is an UKIP member, against Europe and cannot be taken for serious.
"
American capitalism had a terrible shock last week. But Americans are right to believe their bank deposits are safe and that over the long run their financial institutions will deliver good investment returns to savers. The USA is a single nation with a single Federal government, and clear lines of responsibility from its central bank and official agencies to the private sector banking system. That is why the Federal rescue will work."
OR:
"M3 money has been falling at a 5 percent rate". How can a good jurnalist be asssociated with such idiots and how can GATA involve with him???
"Huge monetizing still needed to avert debt deflation"....
says AEP. Yes, please! The sooner the better for the rest of the world but not for USSA!
Snip from Uncle Harry's latest;
The simultaneous deflation & depression will later lead to/trigger a hyper-inflationary explosion due to the collapse of confidence in the state & thus its currency (US,UK fore mostly). That transition could occur in the wink of an eye, virtually overnight.
S
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