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To: IngotWeTrust who wrote (100463)5/10/2012 4:58:07 PM
From: FreedomForAll
2 Recommendations   of 101078
 
Their real goal posts haven't moved. They don't want us to know the goal.

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From: Alex5/11/2012 9:52:04 AM
   of 101078
 
"Gold ‘Will Go To $3,000/oz’ – David Rosenberg
Highly respected economist and strategist David Rosenberg has told that Financial Times in a video interview (see below) that gold “will go to $3,000 per ounce before this cycle is over.”

Markets are repeating the downturns of 2010 and 2011 and it is time to search for safety, David Rosenberg of Gluskin Sheff tells James Mackintosh, the FT Investment Editor.

Rosenberg sees a “very good opportunity in gold” as it has corrected and seems to be “off the radar screen right now”.

He sees gold as a currency and says the best way to value gold is in terms of money supply and “currency in circulation.”

As the “volume of dollars is going up as we get more quantitative easing” he sees gold at $3,000 per ounce.

Mackintosh says that Rosenberg’s view is a “pretty bearish view”.

To which Rosenberg responds that it is “bullish view on gold and gold mining stocks.” Mackintosh says that it is “bearish on everything else”.

Rosenberg says that it is not about being “bullish or bearish,” it is about “stating how you view the world” and he warns that the major central banks are all going to print more money and keep real interest rates negative “as far as the eye can see.”

This is “critical” as one of the key determinants of the gold price are real short term interest rates.

The longer they stay negative “the longer the bull market in gold is going to be.”

Rosenberg sums up that “this is not about being bullish or bearish, it is about how do we make money for our clients.”

The interesting interview can be watched here"


news.goldseek.com

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To: Alex who wrote (100465)5/14/2012 11:11:47 AM
From: lorne
   of 101078
 
After years of selling it, IMF plans to buy $2 billion in gold
gata.org

Submitted by cpowell on Mon, 2012-05-14 13:13. Section: Daily Dispatches

From Commodity Online
Ahmedabad, India
Monday, May 14, 2012

tinyurl.com

NEW YORK -- The International Monetary Fund is planning to purchase more than $2 billion worth of gold on account of rising global risks. The IMF currently holds around 2,800 tonnes of gold at various depositories

"The Fund is facing increased credit risk in light of a surge in program lending in the context of the global crisis. While the Fund has a multi-layered framework for managing credit risks, including the strength of its lending policies and its preferred creditor status, there is a need to increase the Fund's reserves in order to help mitigate the elevated credit risks," Bloomberg quotes a report by an IMF staff while also adding that a $2.3 billion gold purchase is in the planning.

The IMF's borrowers include Eurozone countries like Greece and Portugal. Greece is IMF's biggest borrower and the nation is currently caught in a political deadlock that seems bent on denying itself the much needed bailout fund.

Countries like Spain are also officially in recession after first-quarter GDP contracted. Other nations in the Eurozone region are also showing increased signs of slow manufacturing activity and economic growth.

In such a risky financial environment, the IMF's move could be considered wise and can be seen as an indication of how much trust the mainstream financial community now has on precious metals like gold.

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To: lorne who wrote (100466)5/15/2012 2:30:32 PM
From: IngotWeTrust
   of 101078
 
Acc'd to Michael J Kosares' USA GOLD headlines/commentary, that headline posted by Commodity Online, that has been retracted.

It now reads: commodityonline.com

More now you see the gold/now you don't news from the newsmakers. GATA got into a big hurry to pounce/pronounce that one.

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To: Alex who wrote (100465)5/18/2012 11:06:58 AM
From: lorne
   of 101078
 
Checking the Vaults
Germans Fret about Their Foreign Gold Reserves
05/15/2012
spiegel.de


A large portion of Germany's massive gold reserves are stored abroad, mainly in the Federal Reserve in New York. But are the bars really where they are supposed to be? A dispute has broken out over whether the central bank needs to check on its gold, or if Germany can trust its international partners.
Germany has gold reserves of just under 3,400 tons, the second-largest reserves in the world after the United States. Much of that is in the safekeeping of central banks outside Germany, especially in the US Federal Reserve in New York. One would think that with such a valuable stash, worth around €133 billion ($170 billion), the German government would want to keep a close eye on its whereabouts. But now a bizarre dispute has broken out between different German institutions over how closely the reserves should be checked.


Germany's federal audit office, the Bundesrechnungshof, which monitors the German government's financial management, is unhappy with how Germany's central bank, the Bundesbank, keeps tabs on its gold. According to media reports, the auditors are dissatisfied with the fact that gold reserves in Frankfurt are more closely monitored than those held abroad.

In Germany, spot checks are carried out to make sure that the gold bars are in the right place. But for the German gold that is stored on the Bundesbank's behalf by the US Federal Reserve in New York, the Bank of England in London and the Banque de France in France, the German central bank relies on the assurances of its foreign counterparts that the gold is where it should be. The three foreign central banks give the Bundesbank annual statements confirming the size of the reserves, but the Germans do not usually carry out physical inspections of the bars.

'No Doubts'

According to German media reports, the Bundesrechnungshof has now recommended in its confidential annual audit of the Bundesbank for 2011 that Germany's central bank check its foreign gold reserves with yearly spot checks.

The Bundesbank has rejected the demand, arguing that central banks do not usually check each others' reserves. "The scope of the checks that the Bundesrechnungshof wants does not correspond to the usual practices among central banks," the Bundesbank said in a statement quoted by the Frankfurter Allgemeine Zeitung newspaper. "There are no doubts about the integrity and the reputation of these foreign depositories."

Now the finance committee of the German parliament, the Bundestag, has gotten involved. Parliamentarians apparently demanded to see the Bundesrechnungshof's audit report on the Bundesbank after they were alarmed by a report in the influential tabloid daily Bild, which claimed that the central bank had not checked its gold reserves in five years.. The Bundesrechnungshof will now provide the committee with its report, a spokesman for the federal auditors confirmed on Monday.

Germany moved some of its gold reserves abroad during the Cold War to protect them from a possible Soviet attack. Some of the gold was moved back to Frankfurt after the collapse of communism. But the Bundesbank argues that it still makes sense to store some gold in major financial centers so that it can be sold quickly if necessary. Although the Bundesbank does not provide exact details about the distribution, it has revealed that the largest share of Germany's gold is held in New York, followed by Frankfurt, London and Paris.

Skeptical about the Reserves

In times of uncertainty about the future of Europe's common currency, gold is a hot topic, and some Germans take a dim view of the fact that much of the country's gold -- which theoretically belongs to the people -- is held abroad. Some members of parliament have even expressed doubts as to whether the foreign gold reserves really exist. Philipp Missfelder, a member of the conservative Christian Democratic Union (CDU), wanted to see the gold for himself and traveled to New York in person to inspect the holdings, according to the newspaper Frankfurter Rundschau. His trip was apparently unsuccessful, though. When he visited the Fed's safes in New York, staff were either unable or unwilling to show him exactly which bars belonged to Germany.

Peter Gauweiler, a Bundestag member with the CDU's Bavarian sister party, the Christian Social Union (CSU), is also skeptical about the foreign gold reserves. In recent years he has attempted to gain more information about Germany's gold through parliamentary questions. Last year, he had an economics professor prepare an expert report on the subject, which concluded that the Bundesbank was not fulfilling its inventory regulations by failing to physically inspect the gold.

In July 2011, SPIEGEL reported that Bundesbank employees had physically seen the gold in New York within the previous six months. However, the last time it had been checked before that was in June 2007.

Gauweiler doubts that the Bundesbank would have immediate access to all its gold if necessary, suggesting that part of the gold may have even been lent out -- a claim that the Bundesbank rejects.

Bringing Back Home


Some Germans even want to bring the gold reserves back to Germany. An initiative called "Gold Action" is campaigning under the slogan: "Repatriate Our Gold!" Its petition has been signed by prominent industrialist Hans-Olaf Henkel and Frank Schäffler, a parliamentarian with the business-friendly Free Democrats who is known for his euroskeptic views.

The initiative alleges that there is an "acute" danger that the German gold could be expropriated as a result of the financial and debt crisis. They argue that the German government could soon be forced to sell gold to cover the costs of the crisis.

But the Bundesbank wants to leave the gold where it is. Observers point out that apart from the high cost of transporting the gold back to Frankfurt, the symbolic effect of Germany repatriating its gold reserves might unsettle the nervous financial markets, who could see it as a sign of an impending collapse of the euro.

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To: IngotWeTrust who wrote (100467)5/24/2012 10:13:02 PM
From: lorne
   of 101078
 
sprott.com

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From: Alex5/28/2012 3:46:21 PM
2 Recommendations   of 101078
 
"It's been a week since shares in Bankia plummeted on reports, later denied, that customers were pulling deposits out of the Spanish lender. Fears of a full-scale bank run in Greece have not yet materialised. But the possibility of a deposit run in Europe's peripheral states is still very much alive. It is also the thing that policymakers are least prepared for."


economist.com

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To: Alex who wrote (100470)5/29/2012 2:54:36 PM
From: lorne
   of 101078
 
Lloyd's of London preparing for euro collapse

The chief executive of the multi-billion pound Lloyd's of London has publicly admitted that the world's leading insurance market is prepared for a collapse in the single currency and has reduced its exposure "as much as possible" to the crisis-ridden continent.

By Andrew Cave
27 May 2012
telegraph.co.uk


Richard Ward said the London market had put in place a contingency plan to switch euro underwriting to multi-currency settlement if Greece abandoned the euro.


In an interview with The Sunday Telegraph he also revealed that Lloyd's could have to take writedowns on its £58.9bn investment portfolio if the eurozone collapses.


Europe accounts for 18pc of Lloyd's £23.5bn of gross written premiums, mostly in France, Germany, Spain and Italy. The market also has a fledgling operation in Poland.


Lloyd's move comes as a major Franco-German provider of credit insurance for eurozone trade, Euler Hermes, said it was considering reducing cover for trade with Greece because of the risk the country might leave the eurozone.


When a company goes bust, it is often sparked by withdrawal of credit insurance for suppliers wanting to trade with it.
A spokesman for Euler Hermes, Bettina Sattler, told Bloomberg: "The outcome of the new elections in June remains highly uncertain. Consequently, the situation is further deteriorating. The risk of Greece exiting the eurozone has been revived.

"In light of the recent developments, Euler Hermes will most probably have to switch to a more prudent approach. [We have] maintained a high level of cover for [our] customers until today. But now we are confronted with a changing situation."

Lloyd's fears are likely to be shared by a number of European businesses, which are watching developments in Greece.

On Saturday, Juergen Fitschen, co-chief executive of Deutsche Bank, described Greece as a "failed state" run by corrupt politicians.

"I'm quite worried about Europe," Mr Ward said in one of the first admissions by a major UK business leader of the scale of the crisis that would be prompted by a eurozone collapse.

"With all the concerns around the eurozone at the moment, we've got to be careful doing business in Europe and there are a lot of question marks over writing business in the future in euros.

"I don't think that if Greece exited the euro it would lead to the collapse of the eurozone, but what we need to do is prepare for that eventuality."

Mr Ward says Lloyd's had been working hard on contingency planning and had the capability to switch settlement of European underwriting from euros to other currencies.

"We've got multi-currency functionality and we would switch to multi-currency settlement if the Greeks abandoned the euro and started using the drachma again," he said.

Lloyd's has de-risked its asset portfolio in recent years, with investments split equally into cash, corporate bonds and government bonds, mostly in the US, UK, Canada and Australia. "We have de-risked the asset portfolio as much as possible," he said.

The contingency planning comes as German politicians piled the pressure on Greece ahead of elections on June 17.

A conservative member of German chancellor Angela Merkel's cabinet said today Germany would not "pour money into a bottomless pit".

On Sunday, Swiss central bank chief Thomas Jordan admitted his country is drawing up an action plan in the event of the euro's collapse.

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To: lorne who wrote (100471)5/29/2012 3:28:05 PM
From: Alex
1 Recommendation   of 101078
 
"Banking capital adequacy ratios, once the domain of banking specialists are set to become center stage for the gold market as well as the wider economy. In response to the global banking crisis the rules are to be tightened in terms of the assets that banks must hold and this is potentially going to very much favor gold. The Basel Committee for Bank Supervision (or BCBS) as part of the BIS are arguably the highest authority in banking supervision and it is their role to define capital requirements through the forthcoming Basel III rules.

In short, they are meeting to consider making gold a Tier 1 asset for commercial banks with 100% weighting, rather than a Tier 3 asset with just a 50% risk weighting as it does today. At the same time they are set to increase the amount of capital banks must set aside as well. A double win potentially."


resourceinvestor.com

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To: Alex who wrote (100472)5/30/2012 1:14:18 PM
From: IngotWeTrust
   of 101078
 
Alex scoops Sinclair, AGAIN !! -vbg-

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