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Each truth passes through three stages before being recognized : first it is ridiculed, second it is opposed, third it is regarded as self-evident
Arthur Schopenhauer  
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Perth Mint Blog
Who Are The Greatest Coin Collectors?
Numismatics is the name given to the study and collecting of coins and medals, and is derived fromnomisma,the Greek word for coin. It is probable that coins were prized for their aesthetic qualities in the ancient world, while their importance in socio-economic development was appreciated by Herodotus, the 5th century Greek historian.
Wednesday, October 22, 2014
Chris Powell - GATA
James G. Rickards: In the year 2024
Writing for The Daily Reckoning, fund manager, author, and geopolitical strategist James G. Rickards imagines life in the year 2024 as being under the totalitarian control of a world central bank that has outlawed not only gold but also markets and money itself. While Rickards' nightmare scenario is the perfectly logical consequence of the trend of central banking, we still have a few years to push the world toward a different future. Rickards' essay is headlined "In the Year 2024" and it's post
Wednesday, October 22, 2014
Chris Powell - GATA
Von Greyerz: Swiss gold referendum aims squarely at market manipulation
Swiss gold fund manager Egon von Greyerz today comments to King World News about the opinion poll showing strong support for the Swiss gold repatriation referendum proposal. Von Greyerz says: "The yes campaign starts this Thursday with a press conference. This is when it will put forward its arguments for this initiative. The Swiss government is against this initiative, as all governments are, because it takes away the government's ability to manipulate the currency and gold markets. Switzerlan
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
Reprise: Who Was 'the Frenchman Who Wept' For HIs Country?
Here is an iconic photograph that I have seen in any number of documentaries, generally identified as a Frenchman who weeps for his city as the Nazis march into Paris. I have always been curious about this photo. I wondered where it came from and who this person was.  It has a certain tragic dignity about it. Here is what I have been able to discover. This photo first appeared in print in Life Magazine in their 3 March 1941 i
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Slowly Higher, More Gold Withdrawals
The precious metals managed to drift higher, with some capping action in the late afternoon. There was a rumour this morning that the ECB would start buying corporate debt at the end of this year, and visions of QE European Style had stocks zooming, and the precious metals were in rally mode, even that poor old mule silver. But capping came into play, as stocks continued on their short squeeze, helping to ease the pain that the hedge funds were dealt just a week ago. There seems to be quite a
Wednesday, October 22, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Draghi Racing To Da Moon
Another central bank rumour managed to light a fire under stocks, and the hedge funds ran with it. The rumour this morning, following on Bullard's statement on possibly continuing QE, was that Mario Draghi's European Central Bank might start buying corporate debt as soon as December of this year. And there they go! Existing home sales came in a little better than expected, but pointing to that as some sort of fundamental trigger for this is nonsensical. The underlying fundamentals of US hous
Wednesday, October 22, 2014
Chris Powell - GATA
Forex-rigging fines against banks could reach $41 billion worldwide, Citi report says LONDON -- Probes into allegations that traders rigged foreign-exchange benchmarks could cost banks as much as $41 billion to settle, Citigroup Inc. analysts said. Deutsche Bank is seen as probably the "most impacted" with a fine of as much as 5.1 billion euros ($6.5 billion), Citigroup analysts led by Kinner Lakhani said yesterday, estimating that the Frankfurt-based bank's settlements could reach 10 percent of its tangi
Wednesday, October 22, 2014
Chris Powell - GATA
Poll finds support for Swiss gold repatriation referendum proposal
GoldCore's Mark O'Byrne reports today that the first opinion poll on Switzerland's gold repatriation referendum proposal shows 45 percent of respondents in favor and 39 percent opposed:
Tuesday, October 21, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning 
Gold Today – The gold price closed at $1,246.10 up $8.30 on Friday. Asia and London took it higher to $1,253.40.The euro is stronger this morning at $1.2828 up from $1.2756. The Fix was set $1,251.75 up $10.75 and in the euro at €978.847 up €6.20, while the euro stood stronger at $1.2788. The volumes of gold traded were one seller selling 8,000 ounces and one buyer buying 16,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,249.30 and in the
Tuesday, October 21, 2014
Mark O'Byrne -
First Swiss Gold Poll Shows Pro-Gold Side In Lead At 45%
The first poll of how the Swiss people will vote in the “Save Our Swiss Gold” initiative on November 30th shows that the Swiss are leaning towards voting for the pro-gold initiative.  Gold Initiative Poll Results -  20 Minuten The poll had quite a large sample of 13,397 people from all over Switzerland who participated in the first phase of the 20 Minuten online survey on October 15.  The poll shows that 45% approve the Swiss gold initiative and 39% are against. There are 29% firm yes voters an
Tuesday, October 21, 2014
Jeffrey Lewis
Perpetual Debt Slavery
There is an unspoken difference between debt that is designed to be paid back and debt (disguised as perpetual flow) to finance pre-existing streams of debt service. The second type of debt is a Ponzi large enough to make Bernie Madoff blush.  And crash the system. In the current system, debt is money for nothing used to create asset bubbles. Including the equity lift-off we see today. Giving rise to the pump and dump scams that are very much alive and well.As Zerohedge captured the essence: "To
Tuesday, October 21, 2014
Alasdair Macleod - Finance and Eco.
Market Report: Gold benefits from market uncertainty
The outlook for gold is now more positive than it has been for some time. After a prolonged period of low volatility as funds invested in ever-greater risk, markets have snapped and volatility has jumped. In short, we are swinging very suddenly from complacency to reality. Financial markets hit a serious air-pocket this week, with a collapse in US Treasury bond yields in a dash-for-cash, illustrated in the chart below. On Wednesday the yield fell from 2.21% to 1.87%, a move of over three whole p
Tuesday, October 21, 2014
Philip Judge - Anglo Far East
A Century Unique In All History 
This last century is unique in all of history, as it tells the story of the first time in all of history, that gold has been completely and officially abandoned as the backing for money. We have said before that maintaining control of the financial systems is the largest single challenge facing the leaders of the world today. This is evidenced in the last two years by the record number of summits and emergency meetings of organizations such as IMF, World Bank, World trade Organization, and the G7. The Plunge Protection Team and Exchange Stabilization Fund have been working overtime, while we have witnessed the setting up and convening of special sub committees of central banks and governmental policy makers, all dedicated to ensuring stability of financial and capitol markets, at all costs.
Tuesday, October 21, 2014
Jesse - Le Cafe Américain
SP 500 and NDX Futures Daily Charts - Shooting Shorts in a Barrel
The wiseguys decided to try and 'take it up' to squeeze the lazy shorts who were overstaying their positions.  As one trader said, 'it is like shooting fish in a barrel.' There was steady buying on relaxed volume for much of the day in the futures. Not much in the way of economic data this week. Have a pleasant evening.
Tuesday, October 21, 2014
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - Post Stock Option Expiration Rally
Gold and even the somewhat hapless silver managed to pull together a modest rally today, after the stock market option expiration we saw last Friday. The miners and associated precious metals plays had been beaten with an ugly stick. So what next? We have a Comex option expiration for the precious netals next Tuesday for the November contracts. I have included a little data from the deliveries in gold, which were a bit more than one would expect for an inactive month. And there continue to
Tuesday, October 21, 2014
Andy Hoffman - Miles Franklin
A New Hope
Long-time readers know I am the ultimate Star Wars fan.  In my view, George Lucas is the Albert Einstein of movie-making; and joining with Disney has only made the franchise stronger.  One of my favorite Star Wars creations is the recently completed, seven-season animated serial “Star Wars-Clone Wars” – of which, I woke up Sunday morning at 3:00 AM to watch the final seven episodes. Star Wars’ creators clearly have very strong political views – in my view, quite similar to the majority of Miles
Monday, October 20, 2014
John Browne - Euro Pacific Capital
Turkey's Position on ISIL Misunderstood
As territory in the Middle East falls under control of the brutal fanatics of ISIL, many Americans may be wondering how this could happen in the backyard of major U.S. allies. In particular, frustration with Turkey's reluctance to move against ISIL, even as it massacres civilians and creates instability on the Turkish border, is growing rapidly. Turkey's political calculation with respect to the crisis reveals just how complex and intractable the crisis may become. Located between Europe and Asi
Monday, October 20, 2014
Jesse - Le Cafe Américain
Lower Gold Prices Prompt Large BRIC Purchases 
Apparently those lower gold prices proved attractive to the BRICS. Not all the economic theorems are utopian myths.  Supply and Demand still works now and then. There was a sea change in the international gold markets around 2005, as central banks became net buyers for the first time in over twenty years, and few even know about it. Russia saw it's largest monthly purchase of gold in 15 years with 1.2 million ounces China's had its third largest flows of gold bullion from Shanghai at 68.4 t
Monday, October 20, 2014
Phoenix Capital - Gains Pains & Capital
The Problem With Letting Academics Run the Economy
There is a common adage that “book learning” is not the same as “street smarts.” In the case of economics PhDs like Janet Yellen, we could adapt this to say that “theory” is not the same as “reality.” Janet Yellen is a career academic. This is not necessarily a bad thing. Career academics play a critical role in terms of both research and teaching future generations of leaders. However, unlike most career academics, Janet Yellen is in charge of the US economy. In this light, one has to ask aloud
Monday, October 20, 2014
Chris Powell - GATA
Koos Jansen: The Chinese precious metals market is on fire 
China's gold demand, as signified by offtake from the Shanghai Gold Exchange, has reached "extraordinary" levels in recent days, while silver is growing shorter in supply as well, according to gold researcher and GATA consultant Koos Jansen, market analyst for Bullion Star in Singapore. Jansen's analysis is headlined "The Chinese Precious Metals Market Is on Fire" and it's posted at Bullion Star here:
Monday, October 20, 2014
Michael Pento - Delta Global Advisors
A Funny Thing Happened on The Way to Raising Rates 
It wasn't too long ago that the stock market was busy celebrating a "great" September jobs report. There were 248k net new jobs created and the unemployment rate dropped to 5.9 percent. Janet Yellen, Ben Bernanke and the rest of Washington D.C.'s central planners deemed it a great time to take a Keynesian victory lap, basking in the delusion that they now have proved you actually can print and borrow your way to prosperity. And, because of their success, the Fed would be able to raise
Monday, October 20, 2014
Julian D. W. Phillips - Gold Forecaster
Gold & Silver Market Morning
Gold Today – The gold price closed at $1,237.80 down $1.70 on Friday. Asia and London took it higher $1,242.The euro is weaker this morning at $1.2756. The Fix was set $1,241.00 up $3.00 and in the euro at €972.647 up €5.762, while the euro stood stronger at $1.2759. The volumes of gold traded were two seller selling 40,000 ounces and one buyer buying 20,000 ounces before the pro rata arrangement kicked in.Ahead of New York’s opening, gold was trading at $1,241.55 and in the euro at €972.09.Silv
Monday, October 20, 2014
Mark O'Byrne -
Euro Risk Due To Possible Return of Italy To Lira - Drachmas, Escudos, Pesetas and Punts?
The European status quo and EU elites are becoming increasingly concerned by popular calls in Italy for Italy to leave the European Monetary Union and the euro "as soon as possible" and return to the lira.  Beppe Grillo, the leader of Italy's Five Star Movement has shocked EU elites by launching of a non-binding consultative referendum on the matter which will be put before the parliament.   "We will collect half a million signatures in six months – a million signatures – and we
Monday, October 20, 2014
Bron Suchecki - Perth Mint
Gold market update
At the launch of our Perth Mint Certificate Program Approved Dealer GoldSilver Central today the journalists were interested in the views of Raphael Scherer of Degussa and myself on the gold market. I made a bottom/buy call on 18 September and the price subsequently held above $1180 and has strengthened since then. It is worth noting that not long ago the narrative around gold was quite negative, even in respect of China demand (see here for an example). In that article a dealer was quoted as s
Monday, October 20, 2014
Philippe Herlin - GoldBroker
Regulators and Banks Settle on the Backs of Depositors
In the world of finance, important things often occur during the weekend, when markets are closed, when negotiations and inside rumours cannot have any repercussions or profit to any insiders, as the media is busy with trivial news and the weather. An important agreement was signed on Saturday, October 11, between the large global banks “under pressure from regulators”, as stated in the AFP news release, and it relates to derivatives and, more specifically, the CDSs, or credit default swaps. The
Monday, October 20, 2014
Steve Saville - Speculative Investor
Why is gold mining such a crappy business? 
That gold mining has generally been a crappy long-term investment for almost five decades is evidenced by the following chart. The chart, much of the data for which were provided by Nick Laird of, shows the ratio of the Barrons Gold Mining Index (BGMI) and the US$ gold price from 1920 through to the present*. More specifically, it shows that, relative to gold bullion, the group of gold-mining stocks represented by the BGMI has been in a secular decline since 1968 and is now clo
Monday, October 20, 2014
Jesse - Le Cafe Américain
The Age of Narcissism
"Suddenly, abused and battered wives or children, the unemployed, the depressed and mentally ill, the illiterate, the lonely, those grieving for lost loved ones, those crushed by poverty, the terminally ill, those fighting with addictions, those suffering from trauma, those trapped in menial and poorly paid jobs, those whose homes are in foreclosure or who are filing for bankruptcy because they cannot pay their medical bills, are to blame for their negativity. The ideology justifies the cruelt
Monday, October 20, 2014
Jesse - Le Cafe Américain
'Confidence' Is a Corollary In a Fiat Culture:
"When the political process becomes controlled by multi-national corporate interests, the US government becomes a tool of those interests. When multi-national corporations own the mass media as they presently do, honest democratic debate becomes unlikely. As we witness corporate power becoming a dominate force in international relationships, it will surely continue to diminish independent national sovereignty under the banner of 'free trade.'" Joseph A. Economists are fretting about the current
Monday, October 20, 2014
Florian Grummes - The Silver GoldSpot
Gold and Silver 
Personal note: I have been invited to speak at the Mines and Money London Conference on December the 2nd 2014. My presentation is called "What is the influence of ETFs on gold and silver?" If you would like to join you can receive 25% off your delegate pass by using my discount code: ML875SPK. Update 19th of october 2014 Review: In my last analysis from 7th of September I though that Gold would hold up well above the US1,240.20 level. Obviously I was wrong as Gold had a te
Monday, October 20, 2014
Rick Ackerman
The Death Rattle of Europe’s Statist Dream
Europe’s all-too-predictable relapse into recession is gathering force, threatening not only the pipe dream of economic and political unity, but eroding grandiose illusions that have helped prop up the world’s financial house of cards. The unwillingness of France in particular to play by the EU’s — i.e.,  Germany’s — rules appears to have doomed the EU dream. The idea of a borderless Europe bound by a common currency and a shared desire to forever banish war from the Continent was a lofty one, b
Monday, October 20, 2014