The Royal Canadian Mint Silver ETR  is simply absurd. This security is a fractional bullion scam!

The new RCM paper form of silver has several embedded issues which can create the inability of the holder to actually receive the physical silver which they think they are investing in. At the end of the day, when you buy an RCM ETR thinking that you are investing in physical silver and thinking that you can take actual delivery if you want, the RCM has made it extremely burdensome to take actual delivery and can cancel your right to take delivery pretty much at its discretion. I don’t know about anyone else, but if I want to own physical bullion, I would not take the risks embedded in the Royal Canadian Mint ETR. It is nothing more than another version of the fractional ownership paper scam. Wash, rinse, repeat!

The Fed issued a statement Friday morning that they are delaying the implementation of the Basel III capital rules which were to go into effect January 1st. 
Apparently JPM and Goldman whined that they were not ready for the implementation of the new rules, so they have been postponed indefinitely.  Is anyone surprised?

Full Federal Reserve statement below:

U.S. regulators on Friday delayed the effective date of a global agreement on greater bank capital buffers reached in response to the financial crisis of 2008.

In his latest update, Greg Mannarino discusses his outlook on crude oil, and why it is black gold.

Mannarino examines the terminal phase of the US dollar’s decline, which means that not only gold and silver, but oil will soon go super-nova priced in US dollars. 

Mannarino states that the middle class will not be able to cope with the rising cost of food and energy as the Fed’s QE policies continue throughout Bronco’s 2nd term, and the remainer of the middle class’ wealth is distributed to Wall Street.

Paul Mylchreest’s latest Thunder Road Report examines various cyclical indications pointing towards a loss in momentum of the artificial recovery facilitated by Fed stimulus/printing actions.

2013 is shaping up to need another major push on the global reflation trade in the form of colossal amounts of money printing by central banks.When in doubt, it’s fairly certain that central banks can be counted on todo even more of the same. They are also facing an additional headwind which has been overlooked. Beginning next year, new regulations (Dodd-Frank, etc) will require an additional one trillion dollars plus of collateral toback the $648 trillion OTC derivatives market.

Full Thunder Road Report Below:

*Update: Silver now up nearly $1 and closing in on $33 with a last of $32.89

After trading down overnight after once again being pushed back exactly at the cartel’s hard $32.50 cap Thursday afternoon,silver has just made a vertical move from $32.15 to $32.89, slicing through it’s $32.50 cap.

After the vertical move is exhausted, look for silver to potentially retest $32.50, and then extend its gains throughout the remainder of Friday’s trading.  Keep an eye out for an access market raid however, as the bullion banks will likely throw the kitchen sick at the metal in order to prevent a weekly close above the crucial level.

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Kitco News’ Daniela Cambone has released an interview with Scotia Bank’s VP of Commodities Patricia Mohr on the Basel III regulations going into effect on January 1st 2013, in which gold will be reclassified as a tier 1 asset.  As gold regains full status as a financial asset (meaning along with cash and treasuries, gold will be able to be used to meet margin calls), the metal should see substantial new demand from the banking sector.

Full interview below:

Gold is 3.35% higher and silver 4.53% higher this week in US dollars in the aftermath of Obama’s re-election.  Gold in euros looks set to break out above €1,400/oz and is 4.1% higher and in sterling gold has risen 3.7% so far this week. Silver is 5.25% higher in euros and 4.8% higher in pounds. Gold and silver are set for higher weekly closes in all fiat currencies which may negate the recent bearish short term technical picture and set the precious metals up for the traditional yearend rally.  The data clearly shows that November is gold’s strongest month and one of silver’s strongest months. December, January and February are also strong months – prior to a period of weakness is often seen in March.

In the latest Keiser Report, Max Keiser and Stacy Herbert discuss Goldfinger at the New York Fed in Lower Manhattan where Germany’s gold did not dissolve in the Hurricane Sandy floods, but $13 trillion in paper assets did. They also discuss Treasury secretaries and Goldman CEOs as the stuff of nightmares. In the second half, Max Keiser talks to our good friend Ned Naylor-Leyland about Germany’s gold, JP Morgan’s shorts and Bart Chilton’s ‘investigation.’

GoldMoney’s Alasdair Macleod has released part 2 of his excellent interview with Jim Willie of Part 2 focuses on the global rush for physical gold and the increasing transfer of wealth from Western countries to their Eastern counterparts, and the hugely bullish picture for silver at the moment.

Willie expects silver to outperform gold 3-fold as the bull market advances.


After the standard COMEX open raid this morning, gold and silver have traded strongly throughout Thursday’s session, and have rallied exactly to the cartel’s caps of $32.50 and $1735 in the afternoon access session.  7

Once $32.50 and $1735 are taken out to the upside, look for explosive moves to quickly commence in gold and silver.

Our favorite European politician has delivered another epic speach to the European Parliament, this time delivered to none other than German Chancellor Angela Merkel.
Farage informs Merkel that the Eurozone experiment simply isn’t working, that the UK cannot join the Eurozone on their journey towards less democracy and further centralization of power, and that the time has come for the UK and the rest of the EU to agree to an amicable divorce, as it is time for the UK to leave the European Union!


In his latest update, Greg Mannarino discusses his outlook for the markets in the wake of Obama’s re-election.  With the looming fiscal cliff, massive tax increasing set for 2013, the Fed preparing to take QE supernova, Mannarino states a major market sell-off and financial collapse is coming in which many people will LOSE EVERYTHING!   Mannarino believes that the coming crash will be so intense that the DOW could potentially hit 4,000!

He concludes by stating investors should be buying metals across the board at current levels, and hold for the long term.

Full update below:

Marc Faber of the Gloom, Boom, Doom report was on Bloomberg for this MUST WATCH interview, in which Faber stated a 20% market sell-off is imminent, and that investors must protect their assets with a machine gun!  (That is, if they’re not confiscated first by the Obama administration)
Faber, who previously stated that ‘if you put a gun to my head and told me to choose Obama or Romney, I would say please shoot!‘ states that with the re-election of Obama the ‘market should be down at least 50%’, and that ”I think Mr. Obama is a disaster for business and a disaster for the United States”, and shockingly predicts that Obama will not complete his 2nd term due to multiple scandals that will lead to impeachment!!

Full MUST WATCH interview below:

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While US consumers invest in the latest I-phone (with many actually now taking out loans for the latest tech gadget) Chinese consumers and investors continue to ramp up their physical gold purchases.  The GFMS said Thursday that China is set to surpass India as the world’s biggest gold consumer on an annual basis.   China’s annual gold demand is nearing a mind-boggling 1,000 tons!

The Bank of England Thursday prematurely halted it’s Quantitative Easing program at £375 billion, ending it’s QE3 early.  Governor King stated he has no plans for further bond purchases, and that the BOE will shift their focus to stimulating bank lending.

Apparently all of Europe including the UK will now allow Uncle Benny and the inkjets to perform their dastardly counterfeiting for them.

With Chinese demand for gold and silver surging depositories are looking to cater to the huge growing swathe of wealthy Chinese and this is leading to increasing vaulting services being offered in Singapore, Hong Kong and now even Shanghai. China is on its way to overtake India as the world’s biggest gold consumer this year, as India’s gold demand has taken a blow on record rupee prices and higher import tax while Chinese consumers’ appetite for gold remains resilient.  We have firsthand experience of this increasing preference for secure bullion storage  as we have seen an increased preference for storage in Zurich and Hong Kong. Zurich remains the preferred destination for most western investors and of investors internationally but we and other bullion providers are seeing some western clients opt for secure storage in Asia.  There is a definite sense amongst some of our American and European clients that storing gold in Zurich and Asia is safer than in London, New York, Delaware or elsewhere in U.S. and this trend is set to continue.

Smith & Wesson gapped up on Wednesday’s open

In the wake of Obama’s re-election, long-time gun control advocate Senator Dianne Feinstein (D-CA) is reportedly drafting legislation to ban thousands of guns including ALL assault (semi-automatic) rifles, high capacity magazines, and pistol grips.

Perhaps this explains today’s surge in stock of firearms manufactures such as Ruger and Smith & Wesson in the midst of the largest stock market rout in over a year today.

Ed note: We originally reported last week that this Russian cargo ship contained 700 tons of gold, this was incorrect, the ship in fact carried 700 tons of gold ore.

The Kyiv Post reports that search and rescue times have located the Russian cargo ship carrying 700 tons of gold ore that went missing on Oct 28th when automatic distress signals were issued.  Divers found no signs of the ship’s missing 11 crew members.

Well, that didn’t take long…and you thought Obamacare was a tax increase!
Less than 12 hours after Obama was officially re-coronated, and reports are coming out that Obama will push massive Cap and Trade carbon taxes to cut the US deficit during his 2nd term.

Barack Obama may consider introducing a tax on carbon emissions to help cut the U.S. budget deficit after winning a second term as president, according to HSBC Holdings Plc.