Thursday, May 24, 2012


There's so much happening today, it's almost impossible to keep up. Events appear to be moving rapidly. Here is a short selection of points and other snippets of interest from the 'wild' internet.

* Spain had their hand out today as they are desperately in need of cash to help in the bailout of their banks - Organ

* Futures market analyst Dan Norcini tells King World News today that hedge funds are battling central banks in the gold market and that the hedge fund trade of shorting gold and silver mining shares seems to be reversing

* to get some perspective on how tiny the Silver market is, the American Silver Eagle (the most popular coin in the world) has sold a little over 300 mil. coins from inception (1986) or about $9 bil. at today's prices. By comparison, the marketcap loss on the Facebook IPO from the low $40s to the low $30s is equal to roughly the same amount - Jesse

* Greek bonds are crashing and now have fallen in excess of 50% from their post PSI bond swap.  The loss to bond swap holders is now higher than 90%.

* Pressure on Greece increased dramatically on Wednesday night after Germany's central bank called for a suspension of financial support to Athens and eurozone finance ministries agreed to draft contingency plans for a Greek exit from the euro - The Telegraph

* Facebook is turning out to be the poster child for everything that is corrupt on Wall Street.  From fraudulent representation of financials to the fleecing of widows and orphans - Dave in Denver

* Regardless of how hard the days may seem, there is no question as to what the end game is. I suggest you put your mind on other subjects until the madness of bullied markets is over, which it will be soon - Jim Sinclair

* "Now, please don't misunderstand what I'm telling you here. I'm still extremely excited about where the metals are headed, particularly silver" - Turd Ferguson

* ​In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its illegal, as was done in the case of gold (in the 1930s). If everyone decided, for example, to convert all of his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payments for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. Therefore, the financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves - Alan Greenspan (1966)

* I don’t often make market calls or indicate when to buy or sell, but...if you have been waiting to buy gold, or have a dollar-cost averaging strategy in play, today served up a very compelling buy signal for gold - Chris Martenson

* PM Key says NZ Government would delay move to surplus beyond 2014/15 and borrow more if Euro crisis worsens considerably -

* Gold prices are in a process of bottoming, it could decline further before the start of another rally upwards -

Gold in New Zealand dollars: $2078.54 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)

Silver in New Zealand dollars: $37.05 per oz
Previous all-time high: $59.19
per oz (30 Apr, 2011)

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