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goldsilverworlds.com / By Mountain Vision / June 18, 2013
This article is an excerpt from the Mountain Vision newsletter, an excellent service which we strongly recommend.
From the WSJ – The lower house of Switzerland’s parliament voted against adopting a plan for banks to step around the Alpine nation’s banking secrecy laws and hand information about their dealings with suspected American tax evaders to U.S. authorities in an attempt to reach a sweeping resolution.
The vote sends the measure back to the upper house, which approved it last week, for further debate.
The proposed plan would have many of the country’s roughly 300 banks start providing details to the U.S. Department of Justice about their past relationships with American clients and the employees who assisted those clients.
The Swiss cabinet, which announced the plan last month, cautioned Parliament to act swiftly to approve it—implying that if banks don’t come forward now, U.S. authorities may ultimately come down hard on them with indictments and heavy fines. Wegelin & Co., Switzerland’s oldest bank, was hit with a U.S. indictment last year and is now defunct.
Episode 133: Alasdair Macleod interviews Jim Puplava from the Financial Sense website. Beginning as a local radio show in 1985, Financial Sense has blossomed into a great source of educational material and a popular weekend financial news and opinion based radio show.
Jim comments on what he sees as the bright spots within the American economy and the effects of growth in domestic energy markets. He believes that an economic renaissance may occur in certain pockets of the country and details why he thinks this may be so.
Jim then shares his thoughts on the broader energy sector within America, from domestic production right through to electric motoring before being quizzed about the interest rate cycle by Alasdair.
Finally Jim comments on the gold market, recent price movements and the gold mining sector.
zerohedge.com / by Tyler Durden / 06/18/2013 15:47 -0400
Demand for physical gold across the world continues to surge at an unprecedented pace leading India to blame its soaring current account deficit, sliding currency and even deteriorating economy on it (even if failing in its attempts to regulate demand for the yellow metal), and yet gold continues to slide. How come? One word - paper, or rather, ETF paper.
One of the most beautiful aspects of the internet is the rise of the citizen journalist and the freedom of the individual to choose his or her own news sources. Whether it is an uprising in Egypt, or an economic data report from the Federal Reserve – the days of governments and corporate behemoths being able to control the news are numbered…provided that the internet is defended as an open platform for the free exchange of ideas and betterment of mankind.
By harnessing the power of the internet – just one person with an idea can indeed change the world. Julian Assange (Wikileaks), and countless others are testament to this fact.
A great example of this type of journalism occurred in the silver market recently. An anonymous YouTuber going by the name of ‘Drutter’ discovered a large divergence between the market price for silver, and the physical demand for Silver Eagles as reported by the US Mint.
‘Drutter’ posted a video online with his findings – and the precious metals community was astounded that a guy working from his backyard with a coffee and a cigarette was able to come up with data that industry heavyweights had missed with the information right under their noses. At the time, the largest bloggers and writers in the gold and silver world jumped on the story…and rewrote it as though they had discovered this anomaly themselves. ‘Drutter’ was left out in the cold, hardly ever being given any kudos for his discovery.
At GoldSilver.com we believe in giving credit where credit is due. In the accompanying video filmed in Sydney in March of 2013, you’ll see Michael Maloney (author of the world’s best selling book on precious metals – Guide To Investing In Gold & Silver) paying tribute to what he coined ‘Drutter’s Divergence’.
This clip is our way of saying thank you to to Drutter, the citizen journalists of the world, and to anyone who defends the freedom of the internet. Long may it continue.
Sentiment has not been so low in silver since the beginning of the bull market ten years ago.
So, is now an excellent time to buy?
The first half of 2013 has seen the US Mint sell a record high number of silver coins amid lower bullion prices. Thus far into 2013, with two weeks of June left, the Mint has already moved 23.3 million ounces of silver coins.
The Mint sold record high number of silver coins in January and April; that is, 7.5 million and 4.1 million ounces of silver respectively. Recently, however, sales of silver coins fell off, with 3.5 million ounces sold in May and merely 1.6 million ounces thus far into June.
In January, the Mint temporarily sold out of the 2013 American Eagle Silver Bullion coins due to high demand.. In April, after silver prices fell 16% over two trading days, demand picked up yet again.
nydailynews.com / REUTERS / Monday, June 17, 2013, 9:13 PM
Tens of thousands of demonstrators marched through the streets of Brazil’s biggest cities on Monday in a growing protest that is tapping into widespread anger at poor public services, police violence and government corruption.
Tens of thousands of demonstrators marched through the streets of Brazil’s biggest cities on Monday in a growing protest that is tapping into widespread anger at poor public services, police violence and government corruption.
The marches, organized mostly through snowballing social media campaigns, blocked streets and halted traffic in more than a half-dozen cities, including Sao Paulo, Rio de Janeiro, Belo Horizonte and Brasilia, where demonstrators swarmed past the Congress and Presidential Palace.
While peaceful, and unfolding mostly as a festive display of dissent, Monday’s demonstrations were the latest in a flurry of protests over the past two weeks that have added to unease over Brazil’s sluggish economy, high inflation and a spurt in violent crime.
The marches began this month with a small protest in Sao Paulo against a small increase in bus and subway fares. The demonstrations initially drew the scorn of many middle-class Brazilians after protesters vandalized storefronts, subway stations and buses on one of the city’s main avenues.
But the movement quickly gained support and spread to other cities as police used heavy-handed tactics to try to quell the demonstrations. The biggest crackdown happened on Thursday in Sao Paulo when police fired rubber bullets and tear gas in clashes that injured more than 100 people, including 15 journalists, some of whom said they were deliberately targeted.
goldsilverworlds.com / By Hard Assets Alliance / June 18, 2013
I recently attended John Mauldin’s Strategic Investor Conference, where I heard some of the world’s brightest minds in finance and economics. From Paul McCully to Mohamed El-Erian, David Rosenberg to Noriel Roubini, the best of the best were on stage pontificating on the future.
And now I know exactly what the next five years will bring. Without a doubt, the next five years are sure to bring inflation. Perhaps double-digit inflation.
Unless, of course, we have a sustained period of deflation.
At the risk of being too cute, I’ll just say that there was no consensus among the economists, investors, and attendees. And how could there be, really? I heard well-reasoned and convincing arguments for both sides of just about every major question facing investors today. The arguments for inflation and deflation were equally compelling.
One statement I did not hear was, “Everything is going to be fine.”
There were, however, three common themes that should be of interest to precious metals investors.
thoughtfanwritesstuff.wordpress.com / June 18, 2013
Does anybody know a journalist who might be interested in looking into this? If you do or know someone you think might know someone please forward this or share accordingly. I’ve just been doing some preliminary searching into ICSPA – the International Cyber Security Protection Alliance and am frankly taken aback by what I’ve found. I think it needs someone with investigative resources/criteria who will have their questions taken seriously and someone who also has the means of selling the story – if there is indeed a story – to ensure word gets out on this.
I know ex-forces guys sometimes struggle with what to do with their lives once they leave but this is a cracker! An ex-RAFfie with a lot of connections and too much time on his hands appears to have woken up one morning in 2011 and thought “I know what, I’ll set up an organisation to internationally co-ordinate policy-making and policing of anything internet-related worldwide. We’ll get a load of corporate money together and use our contacts to get some political credibility then become the go-to people for more powerful governments and police authorities to get them to implement what we want whilst using the same political clout to bully governments in developing nations to comply, thus bringing the whole of the internet under our control. In the meantime by portraying the internet as a scary place full of nasty people and organisations we’ll easily push ourselves as being the saviour of the innocent internet user, and by giving ourselves an authoritative sounding title governments, businesses and the people will just believe we are actually a legitimate organisation accountable to… well, actually it doesn’t matter who people think we’re accountable to as long as they don’t realise it is in fact nobody! Excellent, now where did I put David Blunkett’s number?!”
I kid you not! Two years later ICSPA runs out of this office in Chesham, Bucks; they have a video from David Cameron saying why he supports the organisation, they appear to have both Europol and City of London Police in their pockets, they’re establishing a foot-hold in Latin America and they’re given two pages of the official G8 magazine to lobby participating delegates as to why Bitcoin and all new money-transmitting technologies should be banned (using the usual 3-excuse-rhetoric of child porn, terrorism and money laundering), with the exception of the ‘trustworthy’ existing credit card and banking names and technologies thus keeping all internet-related financial transactions in the hands of the existing oligopolies.
zerohedge.com / by Tyler Durden / 06/18/2013 14:24 -0400
A week ago we showed a chart from Charles Gave which does a terrific job at explaining why the modern economic “science”, in conjunction with the Fed’s negative rate environment, have failed at their ultimate stated mission – to stimulate growth. The reason: the Keynesian multiplier, which has tracked the nominal US GDP 7yr average change with a very high correlation, is now negative. From Gave: “shows that the marginal efficiency of public debt, at least in the US (public spending in emerging markets from a low base usually improves productivity) has been declining structurally since 1981. And it seems that this marginal efficiency has now reached a negative level.”
The good news, at least over the past two decades, is that for all the failings of globalization, there were other developing countries and regions around the world, that had the credit capacity to inject debt momentum into their and, in an infinitely fungible world, the global economy. This is why China was so instrumental as a growth counterweight during the great financial crisis following the Lehman failure.
thedailybell.com / By Staff Report / TUESDAY, JUNE 18, 2013
Tilting at windmills in Germany … The wheels are falling off of Germany’s green energy revolution … The quiet backwater in the Ruhr, close to Düsseldorf, is the proposed site for the biggest converter station in Europe. This vast installation will transform high-voltage direct current to alternating current. It will be an important link in Germany’s new “power highway”, a network of transmission lines that will send electricity generated by wind farms in the north of the country, and offshore in the North and Baltic Seas, to the manufacturing belt in the south. Osterath’s residents reckon it will be a monstrous eyesore, and intend to stop it. This kind of nimbyism is only one of many problems facing Germany’s Energiewende. The literal translation is energy change or turn … – The Economist
Dominant Social Theme: Green energy can be difficult to implement but is worthwhile, nonetheless!
Free-Market Analysis: This Economist blog article starts out in a promising way by analyzing the reality surrounding Germany’s power industry: State policies are contradictory and not working.
In fact, the Energiewende was destined not to work because Germany’s energy policy, like Europe’s, is basically a political construct. The muddle is complicated by the entire “green” debate. Green alternative power is simply not as reliable or cheap as coal and oil … or even nuclear.
Asummer storm may be brewing for stocks, warns Huffington Post’s Natalie Pace, and gold may yet again shine for investors.
Pace points out a trifecta of bad news on the horizon for the stock market:
The federal debt ceiling was breached on May 19 — to almost zero notice in the media. The Treasury suspended investments in federal worker retirement funds in order to remain solvent. This has bought the government until around Labor Day to come up with a deal to raise the ceiling… which will almost certainly come to another last-minute budget battle. Stocks will buck at the debt battle like they did the last several times this happened.
He’s got quite the gall, considering Kanada is not even in the top eight GDP countries on Earth. Three countries that are not even included in the G8 have a higher GDP than Kanada (Brazil, India and China). And, ahem, China is #2 on Earth and still gets excluded!
Kanada sits at number 11, behind Russia.
Yet, Stephen Harper has the nerve to say that Russia should not be included in this ignominious meeting of the top criminals from a select few of the top economies rated by GDP?
We’ll get to the reason for this statement further below.
zerohedge.com / By Tyler Durden / 06/18/2013 15:21 -0400
No matter how much pushing on the market- or economic-string a central planner tries, eventually the risk-based pricing of credit (as opposed to nominal price based stocks) turns the corner from accepting rising leverage as potentially good thing for growth to worrying that cash flows are at risk from an over-generous management transfer to shareholders. The four-year bullish period of this credit cycle is nearing its historical average and leverage is near its cycle highs with near record numbers of firms raising leverage YoY suggesting the credit cycle is over.
In the world of investing, there’s a lot to be said for buying undervalued assets.
Occasionally the market provides some incredible opportunities to pick up high quality assets so cheap that, to paraphrase acclaimed investor Jim Rogers, all you have to do is walk over and pick up the money lying in the corner.
One of the benefits of traveling the world so extensively is that I’m constantly exposed to these sorts of opportunities. And occasionally surprised when I’m not.
When visiting Bangladesh a few weeks ago, for example, I was surprised that asset prices were so expensive. The Dhaka stock market index was trading at nearly 20x earnings… hardly a bargain.
This only further solidified my view that Quantitative Easing in the West (specifically in the United States) has really taken a toll around the world in creating spectacular asset bubbles. But that’s a different story.
Here in Chile, there’s a number of asset classes that are undervalued. I’ve been very vocal over the last year or two that farmland prices in Chile are some of the most attractive in the world.
blog.milesfranklin.com / By Bill Holter / June 18th, 2013
I was going to write a piece today about the current Fed meeting which we will hear a statement tomorrow. It used to be that the term used was “exit plan” from QE (monetization) now the politically correct term is “tapering.” “Exit plan” I guess just sounded too scary, too final to be used. It sounded like throwing a 5 year old into the water with no life preserver and walking away (my Dad did this but didn’t walk away…yes, I learned how to swim). Neither the markets nor the economies can deal with this because of the lead weight tied to their necks…debt, too much of it.
“Tapering?” Nope, it cannot happen. They might talk about it and maybe even try it for a week…until both the stock and bond markets lock up like a crack addict going cold turkey. It is either pedal to the metal or the markets will implode within 72 hours. The economy which is merely treading water will slip below the surface and drown. I have written several times, “What can they say?” when referring to these Fed meetings. Unfortunately the answer is not much, unless they want to upset and turn over the apple cart. I would not expect anything Earth shattering as the Fed understands the fine line that they’ve confined themselves too.
These Journalists are basically communists. Their view of “integrity” that everyone should pay their taxes rather than looking at the corruption in government that is causing widespread rise in taxes that is fueling the economic decline and rising unemployment is just astonishing. Britain is now moving to shut down all offshore tax havens. In Singapore, unable to get the government cooperation, governments are paying bribes to staff to to turnover citizen names of offshore accounts. The ICIJ has ASSUMED that any entity with a nominee director must be for hiding taxes and they want government to seize everything.
With the Fed kicking off its two-day meeting, today James Turk warned King World News that investors need to be prepared for global markets and the banking system to “literally collapse.” Turk also spoke about what Western central planners face going forward and the accompanying market risks and dangers.
Turk: “One of the most basic principles on which the Federal Reserve under Ben Bernanke has been operating is going to be severely tested tomorrow, Eric, when we get the Fed’s announcement after this current FOMC meeting concludes.
The Fed believes that its announcements can control and move the markets in whatever direction these central planners desire. So for example, the Fed believes that expectations about inflation are more important than the speed at which it is expanding its balance sheet and the quantity of money….
Discussion of the bill was rejected by 126 votes to 67
bbc.co.uk / 8 June 2013 at 13:49 GMT
The lower house of Switzerland’s parliament has refused to debate a bill that would allow Swiss banks to pass client information to the US tax authorities.
The bill is the result of pressure from the US following revelations that Swiss banks had helped American account holders to evade taxes.
The US had demanded action by 1 July, but the Swiss parliament summer session ends this week.
The bill will now return to the Senate.
The lower house decided by 126 votes to 67 not to discuss the bill. A second rejection by the lower house would effectively kill the draft law.
The bill would allow Swiss banks to sidestep strict secrecy laws and release information relating to clients’ accounts.
When NSA whistle-blower Edward Snowden wanted to talk to reporter Glenn Greenwald, he insisted that they use encrypted chat. Unfortunately, Greenwald didn’t know how to go about setting that up. In fact, he needed a tutorial in how to do it. Indeed, many people do. I was looking at the download figures of various encryption programs, and they are not impressive (about 52,000 for one popular program). Apparently, this approach to securing conversations is far from mainstream.
Why should anyone bother? Encrypted chat is like the “cone of silence” in the old Get Smart series, except that it actually works. It makes conversations impossible for outsiders to listen to. So far as snoops are concerned, the conversation might as well have not happened.
How can we be sure? The best case is precisely that Snowden trusted it. He knew exactly what the NSA could surveil and what was invisible. He knew that this level of encryption was NSA-proof. Otherwise, he would not have taken the risk.
Why would anyone but a whistle-blower need it? Let’s say you want to talk about a business deal with a remote party and it is extremely important that there be no security breaches. You would be crazy to use email, but even chat is a mistake. One party has a full record of it even aside from all issues of surveillance.
You don’t have to be breaking the law to use this technology. It might be useful for talking about health records or household finances or some issue that might be embarrassing to have on record or dragged up and put in your face later. There is a good reason for privacy. Encryption makes it possible.
Dirty Wars is the title of a new documentary film released earlier this month, claiming to document the covert US actions in Afghanistan, Yemen, Somalia, and elsewhere in the name of the phoney “War on Terror.” Narrated by and starring Nation / Democracy Now alumnus Jeremy Scahill, it is co-produced by Anthony Arnove and Brenda Coughlin and directed by Richard Rowley, and its trailer gives a hint of its slick, modern Hollywood docudrama sensibility.
The documentary has already won raves, predictably enough, from Scahill’s colleagues at the Nation and Democracy Now, as well as other sympathetic “progressive” outlets. It has even brought Scahill himself a certain level of celebrity in mainstream circles, something that a cursory glance at Scahill’s Twitter feed is enough to confirm is greatly important to him—that feed containing many more photos of the celebrities he meets and hangs out with than news or information about the Dirty War he is supposedly documenting. His mainstream pop culture icon status was cemented during his recent appearance on the Tonight Show with Jay Leno.
But is Scahill’s documentary worthy of the endless praise that is being heaped on it? Sadly, according to researchers like Douglas Valentine in his scathing review of the film, “Dirty Wars and Self-indulgence” the answer is a resounding ‘no.’ As its critics—few and far between as they may be—have been at pains to point out, the documentary fails to explore the meaning or history of the phrase it has taken for its title, Dirty Wars, or examined the people (and the agency) which has had the biggest hand in conducting these operations in the past: the CIA.
thedailybell.com / By Staff Report / TUESDAY, JUNE 18, 2013
EU and US ‘in biggest trade deal’ … UK Prime Minister David Cameron has announced plans for what could be “the biggest bilateral trade deal in history” between the EU and the US. He announced the start of formal negotiations on a trade deal worth hundreds of billions of pounds, aimed at boosting exports and driving growth. Mr Cameron said a successful agreement would have a greater impact than all other world trade deals put together. The talks were announced ahead of the G8 summit in Northern Ireland. US President Barack Obama said the first round of negotiations would take place in Washington in July. They aim to conclude by the end of 2014. – BBC
Dominant Social Theme: The wise man of Downing Street has a deal for YOU.
Free-Market Analysis: British Prime Minister David Cameron is under attack on all fronts. The British economy is sprawled on the world stage like road-kill, British unemployment remains agonizingly high and the furor over Britain’s continued presence in the European Union is causing Cameron serial headaches.
So what to do? How about a trade agreement? That’s what we learn from the BBC in this excerpt above. And not just any trade agreement but the biggest, most expensive and “best” yet.
The idea is surely to advance the notion that the European Union is a free-market and democratic kind of outfit. It’s to the advantage of power brokers not just in the EU or Britain but in the US, as well.
In truth, the British and the US have been behind the European Union. Dominating Europe after the war, globalists on both sides of the pond decided the best way to create more internationalist government was to build a United States of Europe.
zerohedge.com / By Tyler Durden / 06/18/2013 13:52 -0400
It appears the plethora of talking heads discussing the FOMC’s potential decision to ‘Taper’ – and the subsequent sell-offs in a number of risk-assets – believe this action has stemmed from better economic data(as the‘manipulated’ unemployment rate has drifted faerie-like towards their target – but don’t call it a threshold). However, as Barclays notes and we have been warning, there is another interpretation that is more worrisome for the market – that is a change in the Fed’s ‘reaction function’. As is clear from the minutes of the latest FOMC meeting, there is a growing concern over bubbles, technical dislocations, and the cost-benefits of a QE program out of control. The market’s reaction to these two reasons for ‘tapering’ will be significantly different and reading the Fed tea-leaves even more critical than ever.
zerohedge.com / By Tyler Durden / 06/18/2013 13:25 -0400
It appears that while investors seem loathed to sell their underlying positions, they are actively (and anxiously) hedging in equities and credit today…
The credit ETF (and CDS) market provides liquidity for active hedging – as does the VIX ETF and futures market…
gainspainscapital.com / By Graham Summers / June 18, 2013
The big question on every investors’ lips today and tomorrow is: “will the Fed announce or hint at tapering QE?”
Over the last two years, one of the biggest tools in the Fed’s arsenal has been verbal intervention: the act of saying something in order to push the market up. Time and again 2011-2012 saw various Fed Presidents appear at key points to push the market higher by promising more action or stimulus.
With that in mind, we have to keep our eyes on the bond markets. The Fed is most closely linked to the Primary Dealers. These are the banks that help the Fed and the Treasury with Treasury Auctions (when the US issues debt). These banks, more than any other financial entities on the planet, have access to the Fed’s insights.
It looks like common sense has prevailed in a Virginia school district. We told you about a couple of little boys who were simply pretending that their pencils were guns and were suspended in Suffolk County, Virginia because of its “zero tolerance” for weapons policy. Well now, it seems someone on that Board got a brain and began to think through the issue. They have now revised their policy to a more “common sense” approach.
Under the revised policy, school administrators can look at factors such as intentions of harm and whether the object is listed as a weapon to determine the punishment. Ordinary objects will not be considered weapons
blog.milesfranklin.com / By David Schectman / June 18th, 2013
The other day I watched a presentation by Porter Stansberry that was on the one hand, very alarming and on the other hand nothing that I haven’t been writing about for the last three years. The video was very well done and it presented all of the key issues together, at one time.
You can find it on the internet if you are interested, but it is really nothing more than a great presentation that is geared to get you to subscribe to his newsletter. Not a bad idea. I have not had the best success with his investment recommendations, but then most investments have suffered for the last year (outside of selected stocks in the stock market) so it is not surprising.
I am going to highlight a few of his predictions and I happen to agree with all of them and have written as much in the past. His presentation is a wake up call to Americans. These life-changing events are coming, and sooner than most of you are willing to believe.
Porter Stansberry says:
A specific event will take place in America’s very near future which could actually bring our country and our way of life to a grinding halt.
This looming crisis is related to the financial crisis of 2008 but it is infinitely more dangerous.
Anyone holding substantial deposits (read over $/€100,000) in G-8 banks: consider this your formal warning.
All data about such deposits will soon be shared among all “developed” countries, and any (every) country which needs to “resolve” its failing banking sector will use the Cyprus bail-in model and use “tax evaded” deposits to provide a liquidity buffer to its crumbling, and NPL-impaired assets. Oh, and what insolvent socialist manifesto can be released to the public without at least one mention of the phrase “fair taxes.” Welcome to the second ComIntern, this time with extra global oomph.
Private enterprise drives growth, reduces poverty, and creates jobs and prosperity for people around the world. Governments have a special responsibility to make proper rules and promote good governance. Fair taxes, increased transparency and open trade are vital drivers of this. We will make a real difference by doing the following:
Tax authorities across the world should automatically share information to fight the scourge of tax evasion.
Countries should change rules that let companies shift their profits across borders to avoid taxes, and multinationals should report to tax authorities what tax they pay where.
A record seven million students will graduate from universities and colleges across China in the coming weeks, but their job prospects appear bleak – the latest sign of a troubled Chinese economy.
Businesses say they are swamped with job applications but have few positions to offer as economic growth has begun to falter.
The Chinese government is worried, saying the problem could affect social stability, and it has ordered schools, government agencies and state-owned enterprises to hire more graduates at least temporarily to help relieve joblessness.
"We are fast approaching the stage of the ultimate inversion: the stage where the government is free to do anything it pleases, while the citizens may act only by permission; which is the stage of the darkest periods of human history, the stage of rule by brute force." - Ayn Rand
