Peter Schiff: Janet Yellen Much Ado about Nothing - Gold And Golden Cross MUX TNR.v GLD GDX ABX NG

Gold Has Completed The Golden Cross, Major Bullish Reversal Is Underway MUX TNR.v GLD GDX

  Gold has completed The Golden Cross and major Bullish Reversal is underway after this "FOMC week" correction. Now we should move much higher and Goldman Sachs with its call for Gold $1,050 by the end of the year is the very good contrarian indicator. 

  By the way, very interesting situation was happening today with McEwen Mining. Somebody from Goldman Sachs was all over the bids and MUX was traded with total volume of 20.7 million shares and Up 8%. (Update: Now with all after hours trades accounted the total volume between NYSE and Toronto stands at 30.8 million shares vs average volume of 3.5 million shares). That Somebody was caught Very Short after McEwen Mining run this year up to $3.74 and this "FOMC Week" That Somebody was "coincidentally happy" with MUX hitting low of $2.66 before very strong rebound and close at $2.88. Can we talk about manipulation again? One trade was particularly notable in the after hours: at 16.32 9.5 million shares were traded at $2.8804. Last month at the end of February  the total short position in MUX was reported at 25.5 million shares, so somebody used this week the opportunity to close at least part of it.
  The upgrade from Cowen and Company has added to the fire: McEwen Mining Price Target increases to $4.57. One more reason for the huge volume spike was mentioned as the rebalancing in GDXJ - Junior Miners ETF. We will see in a week time the change in the short position in McEwen Mining to find out the real picture.
  Now we have the Volume Buy Signal in McEwen Mining and this rebalancing has coincided very nicely with the "FOMC Week" Gold sell off and shaking the weak hands out of the company stock. We will see what will happen next week and will monitor the Gold Golden Cross media talk this weekend.

  Small change games around TNR Gold could be ended in tears for the "players" as well very soon. The penny stock was sold into 3 cents on no volume again today. Next move in McEwen Mining and very strong announcements from International Lithium this week will change the picture very fast, TNR Gold holds 25.5% In International Lithium, shares of McEwen Mining and back-in right into Los Azules Copper project with McEwen Mining.

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Gold Breaks Above $1,300: Yellen Pledges Continuity; Rickards Says Prepare For A 'Taper Pause' In June TNR.v MUX GDX

  Jim Rickards was spot on the money with his last call on Gold just before its breakout of the $1270 level. Now he is calling again for the Taper Pause in June. Today Gold was knocking on $1,300 with the highest print of $1,303 so far and shorts in the Gold market can experience the Blood Friday tomorrow if Gold can manage to close above this psychological level.

  The real driver is the unprecedented demand of 2,181 tons of Gold from China in 2013:

Unprecedented Total Chinese Gold Demand For 2013 Was 2,181 Tons TNR.v, MUX, GLD, GDX, RGLD

  "Yesterday WSJ, Reuters and Bloomberg have created a lot of buzz in mass media about unprecedented Chinese Gold demand of over 1,000 tons in 2013. Koos Jansen reports that actual demand was almost double that and stands at 2,181 tons of Gold, excluding PBOC purchases! Koos Jansen makes the great work of the forensic investigation of the real Gold market in China and his work is highly recommended for all interested in the gold market.
  Gold is trading higher today at high $1287 in Asia after breaching $1270 level. The Mother Of Short Squeeze has finally arrived in the Gold market and Janet Yellen testimony today will provide the catalyst."

Jim Rickards: Gold Set for Massive Rally TNR.v, MUX, GDX, GLD, SLV, RGLD, ABX, GG

  "Jim Rickards presents his hew book and talks about the real fundamentals supporting his call for the much higher price of Gold. It is the very good piece to continue our conversation about the state of the Gold market and its ongoing manipulations this weekend."

Toby Connor: The Great Inflation Of 2014 - Gold And Silver To Rise TNR.v, MUX, GDX, GLD, SLV

"Toby Connor provides very interesting technical view on the general markets, Commodities, Gold and Silver. Nobody can find inflation these days and his take on the final rise and bust in the general markets is very intriguing. Our own observations confirm the CRB - Commodities Index breakout and that Gold is knocking on the $1270 with huge break out to the upside after that. Supply and Demand picture provides further support to the technical observations in Gold and Silver markets these days. Where the Gold will come from in the future with China record buying continued? M&A activity will be driving the next Bull market in Gold and Silver miners."

Copper M&A Heating Up: OZ Minerals Gets Approaches on $2.7 Bln Copper Project MUX TNR.v CU GDX

 "Copper M&A is heating up and now Australia's largest unmined copper deposit is in play. Rob McEwen should be using this momentum now in the market place and put Los Azules copper deposit on the industry radar screens. TNR Gold and McEwen Mining will be very well positioned for this upturn in the market place. CRB index is breaking out and increasing M&A activity is signalling that the bottom is in place for the resource sector.  Meanwhile McEwen Mining has breaking out to the upside above CAD3.0 with Gold in a breakout mode."

Jesse: COMEX Registered Gold Falls To 587,235 Ounces - Claims At 63 To 1 GLD, MUX, TNR.v, GDX

  

  It looks like that any guessing about The Taper, QE and FED's further actions can not print more Gold for COMEX. Jesse reports that registered Gold falls to 587,235 ounces and leverage in Fractional Gold Reserve System has reached another record high of 63.

Bitcoin Heist And Jim Rickards On Taper, Janet Yellen and Gold GLD, MUX, TNR.v, GDX

  "In this very interesting episode RT is reporting about the hunger for the FIAT Currencies alternatives and how it is driving the Bitcoin Bubble, but it is not The New Gold or even close to it - as we have written before. New security concerns are reported with the cryptocurremcy and Jim Rickards dissects the Currency War situation in the ECB, BOJ and FED race to the bottom. You will find out why Janet Yellen can not Taper and what is behind the Gold and why Gold Standard is still valuable option even today. 

  After our yesterday US dollar chart observations it has fallen out of bed so far today - maybe somebody already has received Janet Yellen's testimony for tomorrow's nomination hearing."

Jesse: COMEX Claims Per Deliverable Ounce Up Again To 62 GLD, MUX, TNR.v, GDX

 "Jesse reports that in Fractional Gold Reserve System the leverage has reached the all-time-high of 62 owners per ounce of Gold. With Janet Yellen set for hearing tomorrow we can expect another hit and run Gold accident in the DC area, but so far US Dollar has fallen out of bed today and Gold is holding up at its four weeks low. Where LBMA is going to get the physical Gold for delivery at this level of prices? We doubt that China will accept Bitcoin instead of Gold for its currency reserves any time soon."

Jesse's Cafe Americain:

COMEX Registered Gold Falls To 587,235 Ounces - Claims At 63 To 1

There was a rather large adjustment into eligible gold storage at the HSBC warehouse as 51,617 ounces left the deliverable 'registered' category.

This is not such a big short term issue since November is a' non-active delivery month' for the Comex precious metals futures markets.

But in fact there is so little actual physical delivery activity taking place there anymore, even in an 'active month,' that one might argue that the New York metals market is approaching practical insignificance, long before it can reach the storiedpermanent backwardation.

However, one must keep up appearances, since the Comex still effectively sets the metals price for much of the free world, if only aspirationally these days for Asia.

More charts will be added as they are updated later this evening.

Earlier today in a piece about price premiums in India I included a link to the online section of Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds.

You might want to have a quick glance over the chapter regarding John Law's highly innovative dalliance into the théorie monétaire moderne that was adopted by the nation of France, almost to the point of its demise.  It is a useful reminder that truly, there is nothing new under the sun.

As theoretical as all these pricing antics and market manipulations might seem, exercises in price setting for personal greed or policy considerations have real world consequences, especially when they are applied over long periods of time, and with some resort to coercion.

The longer that valuations are maintained against the market, the stronger the coercion to sutain them must become, to the demise of freedom, and the point of exhaustion and collapse.   The Soviet ruble is a possible case study for what happens when the unsustainable meets the inevitable, even with a hairy knuckled police state backing it up. 

We might start thinking about 2014 as the year of financial consequences.

Weighed, and found wanting.

Stand and deliver.

Yellen's Remarks Released Early, Says "Fed has More Work To Do' Assuring More Dovishness GLD, MUX, TNR.v, GDX

  This system is rotten to the core, after our jokes during the day with observations that US dollar was falling out of bed, we know the reason from ZeroHedge report now. People in the know were playing it already yesterday as we have noticed in the USD print. Now US Dollar is falling hard towards 80.00 and Gold is spiking up.

  In the big picture preparations to install Janett Yellen were started long time ago with countless attacks on Gold and ECB Rate Cut, just to allow the FED room for her upcoming policies and save the US dollar from the waterfall.

Bitcoin Heist And Jim Rickards On Taper, Janet Yellen and Gold GLD, MUX, TNR.v, GDX

  "In this very interesting episode RT is reporting about the hunger for the FIAT Currencies alternatives and how it is driving the Bitcoin Bubble, but it is not The New Gold or even close to it - as we have written before. New security concerns are reported with the cryptocurremcy and Jim Rickards dissects the Currency War situation in the ECB, BOJ and FED race to the bottom. You will find out why Janet Yellen can not Taper and what is behind the Gold and why Gold Standard is still valuable option even today. 

  After our yesterday US dollar chart observations it has fallen out of bed so far today - maybe somebody already has received Janet Yellen's testimony for tomorrow's nomination hearing."

US Dollar And Gold This Week - Taper Talk And Who's Gonna Make The Walk GLD, MUX, TNR.v, GDX

  "We have quite an interesting print in US Dollar today - with all Taper assured talk from both side of the FED's mouth, US Dollar has ended with a big hesitation question mark. We do not know what to take here with all ongoing market manipulation, but would like to point it out and will be watching this week action in USD very closely.

Action in USD will be crucial for the Gold direction. We can expect another Gold hit and run accident around DC area with Janet Yellen going for nomination. Gold miners are showing diversion for the second day after Friday, even if today it was not so strong."

Peter Schiff: With ECB Rate Cut FED Has More Room To Increase QE Now GLD, MUX, TNR.v, GDX, SLV

 "Peter Schiff warns everybody: do not be fooled by all this Taper talk, the moment FED removes the QE we are going in recession. ECB Rate Cut gives more room for FED to increase QE now.

  The action in Gold and Gold miners will be the very good indicator of the real state of the financial markets. Any discussions will stay only the words without money flowing into the sector. China is buying record amount of Gold this year and now you can add countries like Thailand and Turkey into the mix as well. Thailand's biggest domestic gold importer expects to more than double purchases this year to 200 t from 92 t last year. Turkey's gold imports have doubled this year and purchases have reached already 251.4 t from January - the biggest tonnage increase since at least 1995, according to ZeroHedge.
  What do they know the others don't? The real situation with Gold at the Central Banks being leased out or Record Low COMEX inventories?"

ZeroHedge:

Yellen's Remarks Released Early, Says "Fed has More Work To Do' Assuring More Dovishness

Just as the market was expecting, and may have been leaked once again, Janet didn't let anyone down. Today's exuberance in stocks matched only by confirmation that Janet Yellen has gained her helicopter pilot's license and is ready to take over the reigns of printer-in-chief from Bernanke.

• YELLEN SAYS ECONOMY, JOBS `PERFORMING FAR SHORT' OF POTENTIAL
• YELLEN: SUPPORTING RECOVERY IS PATH TOWARD MORE NORMAL POLICY

The word cloud of the 914 words in her prepared remarks.

Key extracts, including Credit Suisse's take:

• Support demand /lower for longer -"supporting the recovery today is the surest path to returning to a more normal approach to monetary policy"
• No hurry to taper - "A strong recovery will ultimately enable the Fed to reduce ... reliance on unconventional policy tools such as asset purchases"
• More transparency (think consensus FOMC projections) - "have strongly supported this commitment to openness and transparency, and will continue to do so"
• Sup and Reg for bubbles not tighter policy " I am committed to using the Fed's supervisory and regulatory role to reduce the threat of another financial crisis"
• And of course, status quo continues:  I believe the Federal Reserve has made significant progress toward its goals but has more work to do

In short: Get to work Mr. Chairwoman, and allow Congress to keep doing more of what they have been doing under the Fed's central planning: nothing.

* * *

Full testimony:

Vice Chair Janet L. Yellen

Confirmation hearing

Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

November 14, 2013

Chairman Johnson, Senator Crapo, and members of the Committee, thank you for this opportunity to appear before you today. It has been a privilege for me to serve the Federal Reserve at different times and in different roles over the past 36 years, and an honor to be nominated by the President to lead the Fed as Chair of the Board of Governors.

I approach this task with a clear understanding that the Congress has entrusted the Federal Reserve with great responsibilities. Its decisions affect the well-being of every American and the strength and prosperity of our nation. That prosperity depends most, of course, on the productiveness and enterprise of the American people, but the Federal Reserve plays a role too, promoting conditions that foster maximum employment, low and stable inflation, and a safe and sound financial system.

The past six years have been challenging for our nation and difficult for many Americans. We endured the worst financial crisis and deepest recession since the Great Depression. The effects were severe, but they could have been far worse. Working together, government leaders confronted these challenges and successfully contained the crisis. Under the wise and skillful leadership of Chairman Bernanke, the Fed helped stabilize the financial system, arrest the steep fall in the economy, and restart growth.

Today the economy is significantly stronger and continues to improve. The private sector has created 7.8 million jobs since the post-crisis low for employment in 2010. Housing, which was at the center of the crisis, seems to have turned a corner--construction, home prices, and sales are up significantly. The auto industry has made an impressive comeback, with domestic production and sales back to near their pre-crisis levels.

We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession. Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. At the same time, inflation has been running below the Federal Reserve's goal of 2 percent and is expected to continue to do so for some time.

For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy.

In the past two decades, and especially under Chairman Bernanke, the Federal Reserve has provided more and clearer information about its goals. Like the Chairman, I strongly believe that monetary policy is most effective when the public understands what the Fed is trying to do and how it plans to do it. At the request of Chairman Bernanke, I led the effort to adopt a statement of the Federal Open Market Committee's (FOMC) longer-run objectives, including a 2 percent goal for inflation. I believe this statement has sent a clear and powerful message about the FOMC's commitment to its goals and has helped anchor the public's expectations that inflation will remain low and stable in the future. In this and many other ways, the Federal Reserve has become a more open and transparent institution. I have strongly supported this commitment to openness and transparency, and will continue to do so if I am confirmed and serve as Chair.

The crisis revealed weaknesses in our financial system. I believe that financial institutions, the Federal Reserve, and our fellow regulators have made considerable progress in addressing those weaknesses. Banks are stronger today, regulatory gaps are being closed, and the financial system is more stable and more resilient. Safeguarding the United States in a global financial system requires higher standards both here and abroad, so the Federal Reserve and other regulators have worked with our counterparts around the globe to secure improved capital requirements and other reforms internationally. Today, banks hold more and higher-quality capital and liquid assets that leave them much better prepared to withstand financial turmoil. Large banks are now subject to annual "stress tests" designed to ensure that they will have enough capital to continue the vital role they play in the economy, even under highly adverse circumstances.

We have made progress in promoting a strong and stable financial system, but here, too, important work lies ahead. I am committed to using the Fed's supervisory and regulatory role to reduce the threat of another financial crisis. I believe that capital and liquidity rules and strong supervision are important tools for addressing the problem of financial institutions that are regarded as "too big to fail." In writing new rules, however, the Fed should continue to limit the regulatory burden for community banks and smaller institutions, taking into account their distinct role and contributions. Overall, the Federal Reserve has sharpened its focus on financial stability and is taking that goal into consideration when carrying out its responsibilities for monetary policy. I support these developments and pledge, if confirmed, to continue them.

Our country has come a long way since the dark days of the financial crisis, but we have farther to go. Likewise, I believe the Federal Reserve has made significant progress toward its goals but has more work to do.

Thank you for the opportunity to appear before you today. I would be happy to respond to your questions."

Mike Maloney: The Biggest Scam In The History Of Mankind - Hidden Secrets of Money 4 GLD, MUX, TNR.v, GDX

  Finally, in this episode everything comes together and Mike Maloney presents The Federal Reserve System in all its glory.  With over 1 million views only on this YouTube channel the information is going out now. Mike Maloney has made the great job - everything is explained in crystal clear terms and now you can start move forward and understand why FED is as "Federal" as Federal Express and who owns it, why there is ongoing manipulation of Gold and Silver and nobody can be held accountable for it and what will happen next with QE and Taper. 

China, India, Turkey and Thailand Buying Record Amount of Gold - What Do They Know The Others Don't? GLD, MUX, TNR.v, GDX

"These two charts present the big picture in Gold Supply and Demand the best. When Central Banks are distorting the markets by suppressing the Gold price the increased Demand is overwhelming the diminishing Supply. The Game of Musical Chairs in Fractional Reserve Gold System continues, but it is very close to its logical conclusion with COMEX deliverable Gold being leveraged of 59 times at least."

Peter Schiff: With ECB Rate Cut FED Has More Room To Increase QE Now GLD, MUX, TNR.v, GDX, SLV

  "Peter Schiff warns everybody: do not be fooled by all this Taper talk, the moment FED removes the QE we are going in recession. ECB Rate Cut gives more room for FED to increase QE now.

  The action in Gold and Gold miners will be the very good indicator of the real state of the financial markets. Any discussions will stay only the words without money flowing into the sector. China is buying record amount of Gold this year and now you can add countries like Thailand and Turkey into the mix as well. Thailand's biggest domestic gold importer expects to more than double purchases this year to 200 t from 92 t last year. Turkey's gold imports have doubled this year and purchases have reached already 251.4 t from January - the biggest tonnage increase since at least 1995, according to ZeroHedge.
  What do they know the others don't? The real situation with Gold at the Central Banks being leased out or Record Low COMEX inventories?"

Mike Maloney: Silver & Gold - Hidden Secrets Of Money 3 - Dollar Crisis To Golden Opportunity. GDX, MUX, TNR.v

How China Can Cause The Death Of The Dollar And The Entire U.S. Financial System GLD, MUX, TNR.v, GDX

"Michael Snyder provides a very good summary on the ongoing state level plan by China to diversify its US Dollar denominated reserves and prepare for the End of US Dollar as The Reserve Currency of Choice."

Taper Anyone? China, Interest Expense On The U.S. Debt Outstanding And Gold. GLD, MUX, TNR.v, GDX

  

ZeroHedge.

  US Dollar is running wild today trying to understand the FED's talk. "We will taper at some point data permitting, but will keep ZIRP until 2016 now" - with this kind of double talk from the both sides of the mouth anyone can get confused very soon. What is the best cure from the Taper Impulsive Disorder?  - Higher Interest Rates. ZeroHedge reports that they are moving up fast with the first sign of Taper confusion in the headlines and below you can find the reason why it is impossible to Taper anything now. 

  Amount of US debt is so huge at 17.1 Trillion, that interest expense is one of the largest on record even with record low interest rates and stands at 415.7 Billion in 2103. Now double it and apply to US Economy general statistics, then do the same after listening to John Williams from shadowstatistics.com about the real numbers. We guess that Chinese have run these numbers long time ago and buying all physical Gold now they can get.

Gold Catalyst - John Williams: Very Serious Trouble in this Next Year - Weaker Dollar and Hyperinflation GLD, MUX, TNR.v, GDX

Bankrupting America:

State of the Federal Debt 

National Debt: $17.1 trillion

Debt per American: $53,915(source) Debt per Household: $148,876

Net Interest on the Debt: $415.7 billion   

State of the budget 

Budget Deficit (September): $75.1 billion surplus

Budget Deficit (FY2013): $680.3 billion

Budget Deficit (FY2012): $1.089 trillion

Consecutive Months of Budget Deficit: 0

Revenue (FY2013): $2.8 trillion

Spending (FY2013): $3.5 trillion

TreasuryDirect:

Interest Expense on the Debt Outstanding

The Interest Expense on the Debt Outstanding includes the monthly interest for:

• U.S. Treasury notes and bonds
• Foreign and domestic series certificates of indebtedness, notes and bonds
• Savings bonds
• Government Account Series (GAS)
• State and Local Government series (SLGs) and other special purpose securities.

Amortized discount or premium on bills, notes and bonds is also included in the monthly interest expense.

The fiscal year represents the total interest expense on the Debt Outstanding for a given fiscal year. This includes the months of October through September. View current month details (XLS Format, File size 168KB, uploaded 10/04/2013).

Note: To read or print a PDF document, you need the Adobe Acrobat Reader (v5.0 or higher) software installed on your computer. You can download the Adobe Acrobat Reader from theAdobe Website.

If you need help downloading...

Interest Expense Fiscal Year 2013
September	$19,843,542,012.01
August	$25,487,831,947.93
July	$25,076,777,459.95
June	$93,031,790,187.97
May	$24,378,480,861.09
April	$35,951,751,963.63
March	$23,472,400,737.30
February	$16,901,310,565.17
January	$17,816,590,831.57
December	$95,736,594,801.52
November	$25,068,968,472.99
October	$12,922,741,407.27
Fiscal Year Total	$415,688,781,248.40

** Due to a change in the accounting method for the Department of Defense (DOD) market-based securities, a one time adjustment of $75 billion decreased the Interest Expense on the Public Debt for the month of July.

Available Historical Data Fiscal Year End
2012	$359,796,008,919.49
2011	$454,393,280,417.03
2010	$413,954,825,362.17
2009	$383,071,060,815.42
2008	$451,154,049,950.63
2007	$429,977,998,108.20
2006	$405,872,109,315.83
2005	$352,350,252,507.90
2004	$321,566,323,971.29
2003	$318,148,529,151.51
2002	$332,536,958,599.42
2001	$359,507,635,242.41
2000	$361,997,734,302.36
1999	$353,511,471,722.87
1998	$363,823,722,920.26
1997	$355,795,834,214.66
1996	$343,955,076,695.15
1995	$332,413,555,030.62
1994	$296,277,764,246.26
1993	$292,502,219,484.25
1992	$292,361,073,070.74
1991	$286,021,921,181.04
1990	$264,852,544,615.90
1989	$240,863,231,535.71
1988	$214,145,028,847.73