*Update: While we are confident that it will not be long until the Treasury takes the penny out of circulation and at least debases the nickel, the author of this story has apparently issued a retraction to the story.
Our thanks to SD reader Mark for alerting us.
-Doc

Is it time to stack copper and nickel as well as silver?
Timothy Geithner reportedly has announced plans by the US Treasury to completely remove both the penny and the nickel from circulation beginning in January 2013, with plans to potentially also remove the dime from circulation in 2014. 
Will the American people finally wake up to the currency debasement of the US dollar when 3 of the 4 main US coins in circulation are no longer minted due to currency devaluation?

Earlier this week Canada announced that they would be phasing out their penny coin.  On the heels of the Canadian announcement, U.S. Treasury Secretary, Tim Giethner stated in a press conference today that the U.S. Mint will remove the penny and nickel coins from circulation, starting early in January 2013.

By SRSrocco:

I used to believe that the gold and silver miners were being manipulated as per the industry’s largest spokesmen… Jim Sinclair. However, I now believe the HEDGE FUND TRADE of being Long the Metal and Short the Miners is not particularly a manipulative trade to keep these gold and silver companies depressed. Rather, I think they may be making a smart trade.

Early this year, Eric Sprott informed SilverDoctors that the cartel MO on silver manipulation had changed from smashing the metals on jobs reports days to whenever the ChairSatan opened his mouth.
That continued today as Bernanke began his speech at the New York Economic Club at 12:15 today titled The Economic Recovery and Economic Policy.  Gold silver were smashed exactly at 12:15.

  • The Bernank’s big headline from the speech:  The fiscal cliff poses a SUBSTANTIAL THREAT to the US economy.  

Translation: QE TO INFINITY is going to get bigger.  And yet the metals are slammed.

Bernanke’s full speech below:

The dollar’s days as the global reserve currency are numbered as the Peterson Institute for International Economics reports in its latest research that China has moved much closer to its long-term goal to make the renminbi the global reserve currency.

Asian economies turn to yuan

A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said.

Citigroup apparently believes that QE to INFINITY…AND BEYOND!!! will cause commodity price to decrease their rate of ascent over the past decade.  You likely won’t be surprised that our professional opinion differs.

Citigroup’s Global Head of Commodities Research, Edward L. Morse, spoke to reporters yesterday and said that gold can continue to rise 8-15% per year based on central bank purchases and despite the end of the commodity “super cycle”.  “It is now clear that the commodity super cycle is over,” Morse was reported as saying by Bloomberg. “No longer will a pure long-only strategy bring the returns expected in 2002 to 2008. Nor will conditions approximating those of the last decade return any time soon.” The “super cycle” of commodity price gains has finished as China’s economy moves to slower growth and supplies increase.
Prices won’t climb “sharply” higher even though quantitative easing from global central banks lift growth and bullion demand rebounds by the end of 2013 wrote analysts at Citigroup Inc.

SRSrocco might have something to say about any expected supply increases in silver.

India’s central bank has banned banks from lending money for the purposes of buying gold.

It is advised that no advances should be granted by banks for purchase of gold in any form, including primary gold, gold bullion, gold jewellery, gold coins, units of gold Exchange Traded Funds (ETF) and units of gold mutual funds” said a statement issued by the Reserve Bank of India Monday.

India is traditionally the world’s biggest gold buying nation.

Moments ago, Moody’s lowered the boom on France, slashing the core Eurozone member one notch from AAA to Aa1, leaving France’s outlook as negative for further downgrades. 

Perhaps SD’s acronym of F(rance)UK US PIIGS can now start to gain some traction as it becomes obvious that first France, then the UK, and finally the US will entire the Western fiscal/debt crisis.

Full release below:

In the latest Hayman Capital Management newsletter, Kyle Bass states that quantitative easing will not lead to prosperity and will result  in leading the American sheep to slaughter, exposes the fallacy of the European bank bailouts, and states that the Western debt crisis is likely to lead to all-out war.

How convenient for our bankster friends!  Blame the Western financial collapse on WWIII, when in reality, it is the collapse of the Keynesian fraudulent Western fiat system that will likely instigate WWIII.

Hayman’s full MUST READ latest below:

The Pension Benefit Guaranty Corp (Federal agency that guarantees bankrupt pension funds) reported Friday that it ended it’s fiscal year with a $34 billion deficit, a 31% increase from the $26 billion deficit reported for the prior year.

QE to Infinity…AND BEYOND!!! will continue to grow exponentially as Social Security, Medicare, Medicaid, the Postal Service, FDIC, PBGC, and innumerable Federal spending programs are all bankrupt, and must either default or have their debts counterfeited away.
Which choice do you supposed Congress, the Treasury, and the Fed will choose?

Bloomberg News’ Al Hunt sat down with our favorite Turbo Tax expert and Treasury Secretary Timothy Geithner for his thoughts on the fiscal cliff and the debt ceiling negotiations in Congress.

When Hunt asked whether the US should get rid of the debt ceiling altogether so that Congress can spend to infinity and the Treasury and Fed can counterfeit to infinity, Geithner responded: “Absolutely”.

In the latest Keiser Report, Max Keiser and Stacy Herbert present the two year anniversary special of their Crash JPM, Buy Silver campaign. They discuss JP Morgan doing everything to protect the Queen of their massive silver short position – a position that has DOUBLED in the past two years according to Rob Kirby of GATA and Kirby Analytics. They also discuss Central Banks pulling on their own little bungee cords by printing money. In the second half, Max Keiser talks to James Turk about the link between liberty and gold and the shooting war to follow the currency war. The also discuss the gold/silver ratio and why silver today is like gold at $600.

MUST WATCH!!

Money manager Eric Sprott says, “The central banks’ gold is likely gone with no realistic chance of getting it back.” Don’t expect this revelation to get any coverage by the mainstream media. In an interview with Bloomberg last week, Sprott’s analysis was met with words such as “gold bug” and “conspiracy theory.” Sprott answers that sort of disrespect by saying, “We’ve had so many conspiracies, I don’t know why anyone would think this was unusual.” To back up his point, he named “LIBOR, electricity markets in California and the Madoff” scandals. Sprott’s analysis shows a “flat supply” and at least a “2,500 ton net increase in gold demand” since 2000. “Where’s all the gold coming from?” asks Sprott. He says Western central banks “. . . keep supplying this market with product in order to keep the price down so nobody knows how vulnerable the situation is.” Sprott, who manages nearly $10 billion in assets, boldly proclaims, “We have a shortage of gold.” Join Greg Hunter as he goes One-on-One with Eric Sprott of Sprott Asset Management.

In this week’s Peak Prosperity podcast,, Chris talks with Jeff Clark, Senior Precious Metals Analyst at Casey Research.  They tackle head-on many of the questions weary precious metals investors are wondering after enduing the volatile yet range-bound price action of gold and silver over the past year:

  • Have the fundamentals for owning gold & silver changed over the past year? No
  • What are they? currency devaluation/crisis, supply-chain risk, ore grade depletion
  • How should retail investors own gold? Mostly physical metal,  and ETFs only for trading
  • Is gold in a bubble? No
  • Could gold get re-monetized? Quite possibly
  • Where is gold flowing? From the West to the East. At some point, capital controls will be put in place

Full interview below:

The yellow metal soared 4.9% in euros in one week from the 11 week low set November 2nd and has since fallen 1.3%.  The rebound from the November dip means prices should recover to reach the all-time euro high set last month, before rising to the point-and-figure target at 1,395 euros, said the bank’s research.