22 Feb 2012

Gold and silver to be much higher by end of Q1 - Turk

GoldMoney founder James Turk, believes, while one can't predict what the catalyst is going to be that will force gold and silver higher, the bull market remains intact 
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GEOFF CANDY:  Welcome to this week's edition of Mineweb.com's Gold Weekly podcast. Joining me on the line all the way from Spain is James Turk - he's the founder of GoldMoney. James after a sharp fall in December, gold prices have been recovering fairly nicely over the past month and a bit. What's been driving that, do you think?

JAMES TURK:  Yea they bounced from the lows but the reality is that both gold and silver remain in a trading range. The peak in silver goes back to April of last year, the peak in gold goes back to the summer of last year, and since then we've been in this broad trading range. But the interesting this is that we're now back at the high of the trading range and after moving from $1520 at the end of December to early January up to around $1750. We're still around that $1730/$1725 area so that actually demonstrates in my mind a lot of strength in gold and silver doing basically the same thing, so there's a lot of strength in silver and I think this correction we've been in over the past several months in both metals is about to end and you're going to see much higher gold prices and silver prices as we work to the end of the first quarter.

'Qur'an burning shows US political idiocy'

Angry protesters have rallied in Afghanistan for a second day in condemnation of the burning of the Holy Qur'an by the US-led forcesInterview with Abdul Alim Musa, Imam of Masjid al-Islam in Washington Source

Jim Willie CB: Herding Greek Cats from Bondage

Listen to the empty words of the last bailout for Greece. Credibility with the Jackass was lost back on the third bailout, well over a year ago, out of the six bailouts in total. Perhaps it is seven comprehensive final bailouts. The pattern is clear. The politicians, without popular support, forge agreements on debt coverage with the Greek officials. The deals fall through, hit the ground, and expose the lack of support even from the European bankers, led by the Germans. The pattern has been vividly clear for over a year, enough for my dismissal of new accords right away on the basis that the German bankers will not conform and agree to the deals struck. The political leaders in France (Sarkozy) and Germany (Merkel) are due to lose their offices, yet they continue to march around at useless summits attempting to cut last ditch agreements that mean nothing. The people are not willing in Germany to hand over any more than the $3 trillion to date, from the start of the common Euro currency experiment. The bankers, like at the Bundesbank, should attend the summits, but that would be too obvious on where the majority of power is held. What is unfolding is a comprehensive Greek Govt debt default from the inability to contain the situation, the impracticality of the austerity budgets put in place, the wreckage that has come to the Greek Economy, and the intractable solution.

Look Who ISDA is everybody!

It’s isda who decide what a default is... Look who ISDA is everybody:
http://www2.isda.org/about-isda/board-of-directors/ Thanks to flicks

Scandal: Greece To Receive "Negative" Cash From "Second Bailout" As It Funds Insolvent European Banks

Tyler Durden's picture
Earlier today, we learned the first stunner of the Greek bailout package, which courtesy of some convoluted transmission mechanisms would result in some, potentially quite many, Greek workers actually paying to retain their jobs: i.e., negative salaries. Now, having looked at the Eurogroup's statement on the Greek bailout, we find another very creative use of "negative" numbers. And by creative we mean absolutely shocking and scandalous. First, as a reminder, even before the current bailout mechanism was in place, Greece barely saw 20% of any actual funding, with the bulk of the money going to European and Greek banks (of which the former ultimately also ended up funding the ECB and thus European banks). Furthermore, we already know that as part of the latest set of conditions of the second Greek bailout, an 'Escrow Account" would be established: this is simply a means for Greek creditors to have a senior claims over any "bailout" cash that is actually disbursed for things such as, you know, a Greek bailout, where the money actually trickles down where it is most needed - the Greek citizens. Here is where it just got surreal. It turns out that not only will Greece not see a single penny from the Second Greek bailout, whose entire Use of Proceeds will be limited to funding debt interest and maturity payments, but the country will actually have to fund said escrow! You read that right: the Greek bailout #2 is nothing but a Greek-funded bailout of Europe's insolvent banks... and the Greek constitution is about to be changed to reflect this!

Kurt Haskell: Witness to Government 'False Flag' Underwear bomber

Exclusive: Personal Statement from Kurt Haskell, Delta 253 Passenger Source

Massive Veterans March for Ron Paul was A Huge Success: Adam Kokesh Report

Dear President Obama,
by Adam Kokesh
I am writing to you as just one veteran, just one man, but today, you may see that I am joined by many more. We gather today before you in support of Ron Paul and not because we think he would merely be a better administrator of government than you, but because we believe your policies to be fundamentally immoral. We are demanding peaceful, orderly change through the ballot box. Part 2>>

Anonymous Hacks Greek Ministry Website, Demands IMF Withdrawal, Threatens It Will Wipe Away All Citizen Debts

Tyler Durden's picture
If there is one war that Greece could not afford to join, that is with the global computer hacking collective known as Anonymous. Yet as of minutes ago, that is precisley what happened, after Anonymous, as part of what it now calls Operation Greece, took down the Greek Ministry of Justice (http://www.ministryofjustice.gr/). While the pretext for the hacking appears to have been an arrest of the wrong people, is seems to have angered Anonymous to the point where they have left an extended message of demands on the Greek website, warning that unless the IMF withdraws from the country and the government resigns, all debts of Greek citizens will be wiped clean.

Total Election Fraud Against Ron Paul Documented!

The sad facts are in the system is pulling out all the stops against Ron Paul and the America people.

Nigel Farage - Catastrophe Imminent & Gold to Break $2,500

With Europe desperately trying to stabilize Greece, today Nigel Farage told King World News that, despite the bailout, downside risks in the banking system are still enormous.  He also said a modern day catastrophe is about to occur.  But first, here is what Farage had to say about the ongoing crisis in Greece: I want to just share with your listeners, Eric, the state of things in Greece.  We have 50% unemployment amongst young people in Greece.  25% of all commercial companies have gone bankrupt in Greece in the last 4 years.  We have now thousands of people in Athens literally sleeping in cardboard boxes in the streets.  We have families giving up their kids for adoption because they feel they (the children) would be better off if someone else looked after them because they simply cant feed them.”
Nigel Farage continues:
Let’s empathize with these poor people in Greece.  We (the EU) are driving them into something that is truly appalling.  We saw two weeks ago those television pictures of buildings in Athens burning and 80,000 people outside the Greek Parliament, literally storming the Parliament trying to get in. More + Audio interview here/Source

Marc Faber - "Lucky if you have 50% in 5 years"

Leaked Troika Document Uncovers Greek debt-deal Charade

Eurozone finance ministers reached an agreement for a 130 billion euro bailout of the Greek government. Private holders will take deeper losses than they accepted last month. It's billed as a deal, but is it? The real news, in our view, is that this is still all hocus pocus. Peter Spiegel at the Financial Times obtained a confidential 10-page memo distributed to senior officials in Europe over the last week. It's a "debt sustainability" report prepared by analysts in the troika, essentially showing the baseline assumptions used to negotiate this deal look really rosy. They have Greece's economy, which has been contracting for five years, flat-lining next year and growing again in 2014 after the country has passed the toughest austerity measures seen in memory. They don't even get Greece to the 120% debt-to-GDP in 2020 as European leaders want

Financial Fascism? 'Greeks should revolt against debt slavery!'

It's been a tough night in Brussels where Eurozone ministers have reached a deal on a second bailout for Greece. It took them several hours to agree on the one-hundred-and-thirty-billion euro cash injection, expected to save the country from default. Earlier the Greek Parliament went through a storm of public outrage and several internal conflicts to approve the austerity measures demanded by international creditors. Source

China, India plan Iran oil cuts of 10 percent or more

China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening U.S. sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.

The countries together buy about 45 percent of Iran's crude exports. The reductions are the first significant evidence of how much crude business Iran could lose in Asia this year as Washington tries to tighten a financial noose around Tehran.

The cuts would add to a European Union ban on Iran oil imports, which comes into effect on July 1, to restrict the flow of vital foreign exchange to Tehran under pressure over its nuclear program.