Ned Naylor-Leyland talks to James Turk

"Ned Naylor-Leyland (http://www.cheviot.co.uk ) and James Turk, Director of the GoldMoney Foundation, talk about how the new Pan Asia Gold Exchange (PAGE) will change the price discovery mechanism for gold. Ned explains that the futures market currently takes the lead in price discovery over the much larger spot market and how this may change once PAGE starts to operate.

PAGE will provide a valuable alternative because its fully backed, allocated gold contract will provide a better title, closer to physical, than unsecured unallocated contracts.

This interview was recorded on August 5 2011 in London."

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You Have to Be in Silver!

“I would be less concerned about the timing in silver now than the fact that you must be there. Whether it could correct further from here, I don’t know, but it doesn’t make any difference because the next big move is going to be huge and it’s going to be up. The key is how long can the huge bullion bank short hold its position and continue to try to influence the market...."

- John Embry

Pierre Lassonde - Gold to Attack $2000 per oz in September!

“So we’ve seen a 10% correction, is it the end or is it going to see another 10%? This being the end of August, September is always a good month for gold, it has been for the last ten years. So my feeling is that the correction at $1,700, plus or minus $20 is over. I think we are going to see an attack on the $2,000 level in September. It will probably bounce back off again, you’ll probably get a couple of bounces off the bottom...."

- Pierre Lassonde, via a King World News Interview

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Caution: Another Gold Margin Hike Imminent

Just like Interactive Brokers predicted the last CME margin hike with 100% precision, here it comes again. It is now all too clear that the CME risk managers have decided to do to gold what they did to silver: namely shake out the weak hands with as many as 5 or more margin hikes in a row. Since everyone else is all cash, the CME's attempt to manipulate the market is coming to an end.

Read the full Story at Zero Hedge Here:

http://www.zerohedge.com/news/caution-another-gold-margin-hike-imminent

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And There's Your Perfectly Leaked Explanation: CME Hikes Gold Margins, Again, This Time By 27%

Two weeks after the CME hiked gold margins by 22%, and two days after the Shanghai Gold Exchange sent them higher by 26%, here comes the CME, as we expected, with another 26% gold margin hike (previously: "Should we expect 3 more SGE margin hikes in the next 2 weeks? Or will the CME rightfully accept the baton and do everything in its power to dent the parabolic rise in the alternative reserve currency? We are cautiously looking at what the CME will do today and will advise readers."). And now we know that this particular margin hike was leaked well in advance, and explains the entire $100 plunge in gold today. And as a reminder, the August 1 CME margin hikeworked... for about 30 minutes.

Read the full article at Zero Hedge Here:

http://www.zerohedge.com/news/and-theres-your-perfectly-leaked-explanation-cme-hikes-gold-margins-again-time-27

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John Embry - Asked about the Recent Attack on the Gold Price

“Well it’s standard practice actually. Having dealt in this market for as long as I have and watching the gold cartel, how they do things, this just seems quicker than normal. I mean once gold went through $1,900, they (the cartel) went into full attack mode when the London market opened yesterday and when Comex opened, in came the second leg of the attack to the downside. Then when they got it into the thin access market they really killed it.”

- John Embry via a King World News Interview:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/24_Embry_-_$2,500_Gold_to_End_the_Year_Wouldnt_Shock_Me.html

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Gold Reaches $1,913.50 – Smart Money Moving Into Silver As UBS Says $50 Silver In 3 Months

UBS have raised their 3 month forecast for silver sharply from $30/oz to $50/oz. They suggest that investors are too nervous to short gold and may be preferring to buy silver instead. Silver remains more than 16% below the record nominal high seen in late April 2011 and in January 1980. While gold at $1,888 is now 120% above its nominal 1980 high of $850/oz. The inflation adjusted high for silver is over $130/oz and those who understand the fundamentals of the silver market are positioning themselves for the possibility of a move to these levels in the coming months. Speculative fever in the silver futures market remains muted with COT data showing net longs well below the records seen in April. Silver is volatile but in the current climate what isn’t? Recently, there has been huge volatility in currency and bond markets and entire equity indices have been as volatile as silver. While silver is volatile, what makes silver valuable is the fact that like gold it has no counterparty liability or risk (with silver coins, bars or allocated storage) and therefore cannot go bankrupt unlike banks and sovereign governments. Media coverage of silver remains minimal with big brother gold getting some of the limelight recently.

- Read the full Article at ZeroHedge, here:

http://www.zerohedge.com/news/gold-reaches-191350-%E2%80%93-smart-money-moving-silver-ubs-says-50-silver-3-months

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Peter Schiff - Silver $75 - $100

“Where is it (silver) going to go to? Where is the next stop once it goes above $50? $75 to $100, I think it’s got a ways to go.”

- Peter Schiff, interview by King World News:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/22_Schiff_-_When_Silver_Breaks_$50_Shorts_to_Propel_it_to_$75-$100.html

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James G. Rickards talks to James Turk

James G. Rickards (http://www.tangentcapital.com) and James Turk, Director of the GoldMoney Foundation, talk about the European sovereign debt crisis and the European Central Bank buying Italian bonds. They talk about the ECB's role in the crisis and how it is becoming increasingly politicised, in contrast with its predecessor of sorts -- the Bundesbank. They talk about the possible differences between Jean-Claude Trichet and his successor Mario Draghi. James Rickards explains how Europe is developing a common fiscal policy with a common Treasury, in the form of the European Financial Stability Facility (EFSF), which will dictate fiscal policy to many member countries -- such as Greece -- in exchange for rescue funds. Rickards is bullish on the euro, among other reasons because the eurosystem owns 10,000 tonnes of gold.

Rickards and Turk debate whether or not central banks really own the gold they claim to own, and talk about how the current currency war -- with countries competing to see who can devalue their currencies the most -- is a disastrous zero-sum game. They discuss the problems facing countries whose currencies are appreciating rapidly, such as Brazil and Switzerland, and what these countries might do to curb this appreciation.

They comment on the recent debt-ceiling debate and how the compromise reached, despite all the headlines, does not actually include any real cuts, including only cuts in proposed increases. Rickards mentions his four possible scenarios for the future of the international monetary system: SDR, gold, multiple reserve currencies or chaos.

They talk about the potential for hyperinflation as the US government continues to rely on debt, instead of revenue, to finance an increasing portion of its outlays. Jim Rickards sees the potential for both deflation and hyperinflation and explains that it will depend largely on the actions of the Fed, with Bernanke leaning more in the direction of more money printing.

They discuss South Korea's recent acquisition of 25 tonnes of gold, as well as Indian and Chinese buying. Rickards explains that China is trying to bypass the world market by buying directly from miners.

James G. Rickards forthcoming book is: Currency Wars. The making of the next global crisis.

This interview was recorded on August 4 2011 in London.

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John Embry - Silver About to Roar Through $50 All-Time High

John Embry seems to agree with my recent call of going overweight silver in the short term. Here is what he said today in his recent interview with King World News:

“Silver is absolutely explosive. The bullion bank with the large short position has thrown everything but the kitchen sink at the thing on the downside. You had those five margin hikes a couple of months ago as an example and that was all an attempt to hold back something that I don’t think can be held back. All it did was sort of buy two or three more months and now silver is building up power to roar through the $50 all-time high.

Once silver does that (breaks $50), who knows where it’s going to go? All I know is that gold is going a lot higher and the gold/silver ratio is going down and that means silver is going a lot further than gold. So I mean pick your prices, they are going to be dramatically higher for both of them.”

- John Embry, via a King World News Interview:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/19_John_Embry_-_Silver_About_to_Roar_Through_$50_All-Time_High.html

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Next up, Gold Angel $1849

Gold Angel $1764 has been crushed! This has been confirmed and confirmed again. 


We are in Phase 3 of the Gold market now. Next Gold Angel coming up, $1849, which is just a breath away. 


Gold could have a significant correction anytime, which would be healthy. $2100 is guaranteed, but I will be going overweight Silver, at least for the short term.

- Picture compliments of JSMineSet.com

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The Debt Collapse And The Case For $20,000 Gold

Another much watch video by Mike Maloney. As always he is clear concise and sticks to the facts. Show this to everyone you know. His presentations are laid out in such a manner that anyone can understand them.

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Venezuela to nationalize gold sector

Venezuelan President Hugo Chavez said Wednesday he will nationalize the gold industry, including extraction and processing, and use its output to boost the country’s international reserves.


The move follows a dispute between his government and foreign miners who say the rules limiting the amount of gold that can be exported from the South American nation hurt their efforts to secure financing and create jobs...


Read the full story here:

http://www.theglobeandmail.com/report-on-business/international-news/latin-american/venezuela-to-nationalize-gold-sector/article2132413/

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Jon Stewart On The Ron "13th Floor In A Hotel" Paul Media Blackout

Over the weekend, following the Iowa straw poll result, we posed a simple question: why does the media continue to ignore Ron Paul (on both the left andright)? We followed up with none other than Paul's own response to this curious status quo. A few days later, it appears that the media itself has finally caught on to this ironic 'house of mirrors' effect, and while Paul is still not a household name, the self-effacing sarcasm this topic has garnered, has been captured best by none other than Jon Stewart in this entertaining clip that mocks the established mindset of the legacy media to not dare disturb the status quo, confirming that everyone, left and right, are really all just the same. For those who have not seen it yet, this is a hilarious must watch.

Make sure read this full article, and watch the video clip. Spread the word about Ron Paul:

http://www.zerohedge.com/news/jon-stewart-ron-paul-media-blackout

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You Haven’t Seen Anything Yet

We have to admit $1764 is a significant level for gold. Above that level and the $1800 plus recent high comes into focus. Above that level the hyperbolic potential of the gold price comes into focus.

Some of the finest minds in gold anticipate a very short but brutal reaction in price. The dollar market seems to not agree with a gold correction here.

Market wise, the Fed has thrown the US dollar into the wind. Under .7400 the dolllar denies a reaction in gold at these levels.

When gold broke out above $524.90 I asked you to please cease trading as gold had moved from phase 1 into a runaway price phase 2. It is this phase that has given you prices in excess of $1650. $1764 has the same significance as $524.90 because it represents phase 3, the point when a runaway price market for gold would gain exponential properties. Because $1764 is such a significant number, you can expect one of the more serious price battles before the price departs to Alf Fields’ and Armstrong’s predictions.

To sum up the situation, you haven’t seen anything yet.

Regards,
Jim Sinclair

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US Debt Ceiling Limit Raised, Now What?

Congratulations! The Debt Ceiling Limit has been raised! Rejoice!

- Picture via JSMineSet.com

Battle of the havens: Gold versus bonds

Since July 22, gold has outperformed bonds, with a 9.6 per cent return versus a 5.6 per cent return for the bond fund. Both assets, of course, demolished the 14.4 per cent slide for the S&P 500.


Over the longer term, though, gold’s lead over bonds becomes more pronounced. In 2011, gold has gained 25 per cent, which is more than double the total return for the bond fund -- although both trounced the 7.5 per cent decline for the S&P 500.


Over the past year, the difference is huge: Gold has soared 46.5 per cent versus a 7.9 per cent return for bonds.


Read the full article here:

http://www.theglobeandmail.com/globe-investor/markets/markets-blog/battle-of-the-havens-gold-versus-bonds/article2126400/

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CME Hikes Gold Margins By 22% And Gold Drops by....0.4%, Resumes Climb

Just after hitting a new all time high of above $1815 in spot gold, the CME immediately sent out a notice to members advising that gold margins for Tier 1 members were increasing by 22% for both initial and maintenance positions, from $4,500 to $5,500. Unfortunately for the CME, this predetermined move was telegraphed to the market weeks ago, and with rumor 57 out of 22 finally turning out correct, this latest move only managed to push gold down modestly, and at last check was once again trading above $1,800. Just like all central bank interventions, which now have a half life between 1 hour and 4 days max, so this latest exchange attempt to subdue prices will fail spectacularly. Naturally, just like in the case of silver, this will merely embolden the CME to proceed with hike after hike, which in turn will kill speculative elements while merely reinforcing the strong hands. End result: in one month gold will be above $2,000 with almost 100% certainty.

http://www.zerohedge.com/news/cme-hikes-gold-margins-22-which-gold-ignores-completely-resumes-climb-above-1800

London Trader - Many Gold Shorts Wiped Out, Lost Everything!

"These guys in London woke up with their asses handed to them and I don’t think some of these guys will ever be short again, if they are still in business. So some of these perennial shorts that have always joined in the party got screwed, I mean literally lost everything. For the ones that didn’t lose everything, they certainly lost an awful lot."


London Gold Trader, as Interviewed by King World News:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/10_London_Trader_-_Many_Gold_Shorts_Wiped_Out,_Lost_Everything%21.html

The Tradition Lives! Gold Explodes, Futures Touch $1801

The traditional inedible religion of barbarians had been oddly patient for most of the day. No longer: next up $2000.


- Tyler Durden of Zero Hedge

Fed expects to keep record low rates for 2 more years

My interpretation of the FED meeting minutes:


Fed expects Gold Prices to rise for 2 more years...




P.S: Gold Angel $1764 is broken, lets see if we close above it. Phase 3 in Gold is here.

Gold Up $41, Hits Record $1761

While the massive drubbing across risk assets has modestly subsided, the global investing herd has finally realized that in the absence of shifting money into bonds (or even in addition to), there is a certain shiny yellow metal that may be just as good a store of value (granted, inedible) that despite a lack of cash flows (and who needs cash flow in a fiat based exchange system which will soon be wiped out anyway), is probably just a good substitute and as of this night is providing 1761 reasons as to why it is becoming increasingly obvious that if anybody listened to Hugh Hendry's presentation from last year in which he suggested people panic, it is the central planners. Should the Fed proceed with announcing QE3 tomorrow in the form of Operation Twist 2, gold will likely resume it vertical ascent to $2,000 which may be breached as soon as Friday. Alternatively, should Bernanke keep mum and disappoint everybody, all bets are off, across every single asset class.

Read the full story at ZeroHedge Here:

http://www.zerohedge.com/news/gold-41-hits-record-1761

The Next one to Downgrade the United States? - Moody's cautious about U.S. deficit cuts plan

Ratings agency Moody's Investors Service on Monday warned it might also downgrade the U.S. government's credit rating if its planned measures to reduce its budget deficit turned out to be not "credible" after all.

In his first comments after the move by rival rating agency S&P, Moody's analyst Steven Hess sounded a note of caution about Moody's rating of the U.S., repeating that the August 2 plan to cut deficits by $2.1 trillion was positive for the U.S. credit standing, but not enough to keep its rating on a stable outlook...

Read the full story here:

http://www.reuters.com/article/2011/08/08/us-usa-ratings-moodys-idUSTRE77713K20110808

GOLD UP OVER $70 in ONE DAY!

I guess the politicians were right, it doesn't matter if one of the largest credit rating agencies in the world downgrades the largest economy in the world. No one will even notice!


Well gold has noticed...

You Can't Make this Stuff up - "Is There A Risk The US Could Lose Its AAA Rating?" Tim Geithner: "No Risk"

Peter Barnes “Is there a risk that the United States could lose its AAA credit rating? Yes or no?”

Geithner’s response: “No risk of that.”

“No risk?” Barnes asked.

“No risk,” Geithner said.


Read the full article here:


http://www.zerohedge.com/news/and-just-because-there-risk-us-could-lose-its-aaa-rating-tim-geithner-no-risk

News Hits the Main Stream: S&P downgrades United States credit rating

The United States lost its top-notch AAA credit rating from Standard & Poor’s on Friday in an unprecedented reversal of fortune for the world’s largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about the government’s budget deficits and rising debt burden. The move is likely to raise borrowing costs eventually for the American government, companies and consumers...


Read the full story here:

http://www.theglobeandmail.com/report-on-business/sp-downgrades-united-states-credit-rating/article2121658/

S&P Downgrades US To AA+, Outlook Negative - Full Text

Well, so much for the conspiracies. S&P has just released a scathing critique of the total chaos that this country's government has become. "The political brinksmanship of recent months highlights what we see as America's governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability." What to expect on Monday: " it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021." And why all those who have said the downgrade will have no impact on markets will be tested as soon as Monday: "On Monday, we will issue separate releases concerning affected ratings in the funds, government-related entities, financial institutions, insurance, public finance, and structured finance sectors." Translation: unpredictable consequences: you are welcome!

Mr. Gold - Jim Sinclair, We will Soon enter Phase 3 in Gold

Dear Friends, I am in London this evening in my room posting as much serious material as possible to help you understand the new nature of gold; a nature fraught with unprecedented volatility. I will deliver my presentation tomorrow. Right now we have to talk. Gold from $248 to $524.90 was an arithmetic uptrend based on a re-birthing of gold's currency roll. When gold broke out above $524.90 I asked you to please cease trading as gold had moved from phase 1 into a runaway price phase 2. It is this phase which has given you prices in excess of $1650. $1764 has the same significance as $524.90 because it represents phase 3, the point when a runaway price market for gold would gain exponential properties. Because $1764 is such significant a number you can expect one of the more serious price battles before the price departs to Alf Fields' and Armstrong's higher potentials. To sum up the situation you haven't seen anything yet. As strange as it sounds right now, soon you will begin to see the bearish cabal on mining shares looking for cover where gold will be sold for correct precious metals shares. Keep the faith. $1650 has been the minimum upside since $248, not the most likely top. Respectfully, Jim Sinclair

Margin Calls Force Start Of Gold Liquidation

As expected, the massive global rout is shifting to the best performing asset: gold, which courtesy of pervasive repo desk margin calls (which are merely trying to preserve capital for their TBTF holding companies) is seeing liquidations to satisfy collateral margin requirements. It will be interesting if the only real dip worth buying will see buyers come out of the woodwork or if gold will proceed to plunge alongside everything else.


Read the full article at ZeroHedge, here:


http://www.zerohedge.com/news/margin-calls-force-start-gold-liquidation

London Trader - Expect Gold & Silver Spike From Short Covering

The action is very positive.  If there is a pit (Comex) close above $1,680, gold will race to $1,705 because of all of the buy stops above $1,680.  There are a tremendous number of shorts in the gold market and a significant number of them will capitulate and close out their shorts above that level.” 


- London Trade, King World News


http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/8/4_London_Trader_-_Expect_Gold_%26_Silver_Spike_From_Short_Covering.html