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| RATIOS & INDEXES |
| Gold / Silver | 61.28 |
| Gold / Oil | 14.30 |
| Dowjones / Gold | 11.20 |
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 | Articles related to Spain |  |
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 | Jesse - Le Café Américain |
 Marking the Field: US Stated Gold Reserves and Gold Held at the Fed - World Gold and Gold Swaps |
| The US Treasury says that it holds 261,499,000 fine troy ounces in its international reserves.
The gold is valued on the books at $42.2222 per fine troy ounce. This represents a total value of $11,041,063,078.
Since there are 32,150.7466 troy ounces in a tonne, the US Treasury has 8,133.53 tonnes of fine gold on its books. Note that the number as presented on a copy of the official US Treasury statement shown below includes 'gold swaps.'
A discussion of the procedures and nature of goldMonday, May 20, 2013 |
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 | The Gold Report |
| Gold and Bitcoin: Currencies of the Future?James Turk |
| The Gold Report: James, from your perspective in Europe, is the region in as bad a financial crisis as it appears in the headlines here in the U.S.?
James Turk: Yes, it really is. However, Europe is a big place, and you have to look at the individual countries one by one to understand the situation. Generally speaking, the Mediterranean countries are in the worst shape. Germany has been in the best shape, although recent economic data indicate it may be falling into a recession again. France isSaturday, May 18, 2013 |
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 | Mish - Global Economic Analysis |
| Brussels Puts Spain Under Surveillance; Brussels Denies Putting Spain Under Surveillance |
| Here is an amusing set of back-to-back headlines regarding Spain.
Via Mish-modified Google translate from La Vanguardia Brussels Puts Spain Under Surveillance for Economic Imbalances
Spain will be placed under European supervision and its political leeway in deciding what reforms the economy agree will be reduced.
European monitoring will take place in the labor market and a review of the pension system and some economic reforms from now must be agreed with Brussels. Spain gets "two extra yeThursday, May 16, 2013 |
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 | Nathan Lewis - New World Economics |
| The "Bail-In" Is Another Bankster Scam |
| (This item originally appeared in Forbes.com on May 3, 2013.)
http://www.forbes.com/sites/nathanlewis/2013/05/03/the-cyprus-bank-bail-in-is-another-crony-bankster-scam/
A new strategy has been unveiled around the world, with the first
test run in Cyprus. Despite early denials, the “bail-in” strategy
for insolvent banks has already become official policy throughout
Europe and internationally as well.
At first glance, the “bail-in” resembles the normalTuesday, May 14, 2013 |
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| Mish - Global Economic Analysis |
| Social Mood Darkens in Europe, Especially France, as Eurozone Economy in Freefall |
| A PEW study on European Attitudes shows social mood is darkening in the Eurozone, but especially in France.
The 78 page study "The New Sick Man of Europe: The European Union" is worth a look in entirety, but let's turn the spotlight on France.
France in Free Fall
The euro crisis first undermined France’s economy, and now there is strong evidence that it has severely eroded French public attitudes toward the economy, the European project and the country’s domestic leadership. Moreover, FranceTuesday, May 14, 2013 |
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 | Ranting Andy - Miles Franklin |
| NIRP VS. Gold, Part II |
| Read the Friday Afternoon Wrap-Up for 5/10/2013 and the Monday Morning Commentary for 5/13/2013
Last summer, yet another European crisis prompted short-term interest rates to plunge BELOW ZERO. Several nations even mandated short-term “NIRP” – or Negative Interest Rate Policy – to force investors to pull funds from banks and spend them; as discussed in my July 18, 2012 RANT, “NIRP VS. GOLD”
Two days later – on July 20th – the ECB printed €100 billion to (temporarily) bail out the Spanish bankinMonday, May 13, 2013 |
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| Mish - Global Economic Analysis |
| Read Between the Lines: IMF Admits Spain is Bankrupt; Get Your Money Out While You Can |
| It should be obvious to anyone reading this blog that Spain is in an economic depression as well as bankrupt. It is equally obviously that eurozone imbalances and a flawed treaty are to blame.
Finding mainstream organizations willing to admit Spain is bankrupt is another matter. Yet today, Jeremey Warner writing for The Telegraph says just that.
Warner says Spain is officially insolvent: get your money out while you still can
I'd not noticed this until someone drew my attention to it, but Saturday, May 11, 2013 |
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| Bullion Vault |
| Gold "Still Bearish" as Western Buying "Cools", But Indian Festival Demand Seen Matching |
| London Gold Market ReportSPOT GOLD PRICESslipped back below $1470 per ounce Thursday morning in London, drifting as world stock markets failed to follow Wall Street higher, where equities yesterday hit new all-time highs.Silver held above $24.00 per ounce, just shy of last week's finish, as commodities slipped overall.A rise in Sterling after the Bank of England held its monetary policy unchanged drovegold pricesdown to £942 per ounce for UK investors. Government bond prices meantime rose everywThursday, May 09, 2013 |
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 | John Browne - Euro Pacific Capital |
| Germany Under Pressure To Create Money |
| Currently, central banks around the world are walking in lock step down a dangerous path of money creation. Led by the Federal Reserve and the Bank of Japan, economic policy is driven by the idea that printed money can be the true basis of growth. The result is an unprecedented global orgy of currency creation. The only holdout to this open ended commitment has been the hard money bias of the German-dominated European Central Bank (ECB). However, growing political pressure from around the world,Thursday, May 09, 2013 |
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| Mish - Global Economic Analysis |
| Self-Serving Recommendation of the Day: Visa Asks Spain to Lower Limit on Cash Transactions |
| Spain's underground economy is reportedly 19% of GDP. Is it? Who knows? Whatever it is, Visa has its eyes on transaction fees while holding a carrot in front of the Spanish government regarding more taxable income.
Via Mish-modified translation from Libre Mercado, please consider Visa recommends Spain further limit the use of cash transactions.
The black market economic activity is beyond the control of the Treasury, and is one of the major objectives of the government during the current crisWednesday, May 08, 2013 |
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| Mish - Global Economic Analysis |
Senior Eurozone Official: "As Spain Goes, So Goes Slovenia"  |
| The spotlight is once again on Slovenia. Olli Rehn, the European commission’s economic chief is unhappy with economic progress in Slovenia and is threatening to put the country into an "excessive imbalances procedure" by the end of the month.
The problem is, Spain is in a similar "excessive imbalance" state prompting an unnamed eurozone official to state "As Spain Goes, So Goes Slovenia".
Please consider Brussels trains its sights on Slovenia.
The European Commission is being pushed to take aMonday, May 06, 2013 |
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| John Browne - Euro Pacific Capital |
Gold Recovers Amidst Uncertainty  |
| The selloff in gold that captured the world's attention in mid-April has revealed some truths about how the market trades and the sentiments of many of the investors who have piled into the trade over the past few years. While the correction does highlight a higher degree of uncertainty than many of the most ardent gold advocates had anticipated, it does not represent the historic "end of an era" reversal that the many in the media have so gleefully suggested. In many ways, the market has shownFriday, May 03, 2013 |
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 | Peter Schiff - Euro Pacific Capital |
 The Great Gold Redemption  |
| The most puzzling part of the investment business is seeing how the vast and largely economically illiterate masses interpret any given piece of news. Take the recent gold selloff: many large players were motivated to sell by news that Cyprus will have to liquidate its gold stockpiles to pay off acute debt obligations. But just a moment's reflection shows this reaction to be knee-jerk.The real story behind Cyprus' deal has much more profound ramifications - and they are positive for gold.The RigFriday, May 03, 2013 |
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 | Jon Matonis - The Monetary Future |
| Fincen's New Regulations Are Choking Bitcoin Entrepreneurs |
| More than a decade ago, regulators nearly suffocated PayPal. Now it looks like they’re trying to squelch another disruptive, innovative payments system.
At least three exchanges in the U.S. that traded the digital currency Bitcoin have shut down, apparently as a result of guidance
issued last month by the Financial Crimes EnforcemeThursday, May 02, 2013 |
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| Ranting Andy - Miles Franklin |
| End of Austerity |
| Read the Tuesday Afternoon Wrap-up for 4/30/2013 and the Wednesday Morning Commentary for 5/1/2013
Of all the words I never expected to be associated with finance, “austerity” is atop the list; particularly in today’s world of GLOBAL, UNFETTERED MONEY PRINTING.
Thus far, it has been associated principally with Europe; although comically, some try to term America’s budget sequestration in 2013 an “austerity” measure; when in fact, its measly $1 trillion of back-end loaded spending cuts over the nThursday, May 02, 2013 |
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| Mish - Global Economic Analysis |
| S&P Predicts 20% Drop in Spain's Housing Prices Over Next 4 Years; Bad Bank to Dump Distressed Prope |
| Spain's "bad bank", Sareb to speed up distressed property sales in an ambitious new timetable for liquidation.
The bad bank is hoping to sell almost 42,000 housing units in the next five years. This is about half of the properties in its €50 billion (£42.5 billion approximately) portfolio.
However, falling house prices and a desire among buyers for modern properties in prime locations could hamper these plans for swift sale. Already the value of assets is being slashed by Sareb to clear theiThursday, May 02, 2013 |
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