The 3.1 million ounces of phyzz was acquired at the spot price of $31.07.oz.
Investors should prepare for rising prices and more expansionary monetary policy now that President Barack Obama has won re-election, investor Jim Rogers told CNBC on news of the election. The co-founder with George Soros of the Quantum Fund said he expected Obama’s policies to drive up commodities and drive down the U.S. dollar. As the Federal Reserve moves to ‘stimulate’ a stalled economy through debt purchases, Rogers says markets should expect the status quo to remain the same. “If Obama wins, it’s going to be more inflation, more money printing, more debt, more spending.” Rogers told CNBC, saying he expected to sell U.S. government debt and buy precious metals, such as silver and gold. “It’s not going to be good for you me or anybody else.”
Former President George W. Bush reportedly voted for Barack Obama accidentally today in Texas.
Bush stated the mistake was made because ‘everything was very mismaladjusted on the screen. You shouldn’t put the senators and the congresspeople and the presidents all jumbled together like that. It’s too crowded. Just confuses folks.‘
You might be wondering why Bush didn’t simply correct his mistake once he noticed? Well, that would be due to the fact that he attempted to ‘cast away‘ his accidental vote for Obama by selecting Cast Your Ballot.
It appears that Obamney’s victory is coming down to Florida and Ohio, with the possibility of Pennsylvania playing a crucial role as well. Perhaps the most critical measure up for vote in the entire US is Prop 37 on the ballot in California, which if passed would require food products containing genetically modified ingredients to be labeled as such.
As the polls across the Eastern time zone will be closing over the next few hours and projections begin rolling in, keep up with the results with the Results Tracker below as they roll in, and feel free to use this as an open thread for everything related to tonight’s US Elections.
BrotherJohnF also examines the potential that up to $36.5 TRILLION in securities have been lost or damaged in the Sandy floodwaters in his latest Silver Update: DTCC
Does it really matter which bankster puppet is elected today? In his latest update, Greg Mannarino discusses 4 major things the next US President cannot fix.
The first is the economy, which will continue to deteriorate regardless of today’s outcome. The 2nd is US debt which will continue to accelerate to the upside as The Fed increases QE to oblivion. The third is unemployment, which continues to deteriorate. The 4th is the continued decline in salaries in real terms.
GoldMoney’s Alasdair Macleod has released an excellent interview with Jim Willie of GoldenJackass.com, discussing the economy, the impact of a zero interest rate policy, and flaws in economic statistics.
Willie states that the Federal Reserve’s ongoing efforts to debase the US dollar are contributing to a relentless deterioration of the US economy. The Fed is committed to keeping interest rates at zero, and therefore has to continue to intervene in the bond market. As opposed to mainstream economic thought, Willie argues that the extraordinary low interest rates are not stimulating the economy, but rather destroying capital and hindering genuine growth.
Willie emphasises that economic statistics in the US are distorted and that the US has actually been in recession for the last four years — government unemployment statistics are in his view flawed. He expects the recession to accelerate over the coming months.
Full interview with Jim Willie below:
*Update: 2nd leg of vertical move in progress, silver now up over $1 to $32.39 , gold up $30 to $1722!
While we expected little action and a tight range in gold and silver today with all attention focused on the US Presidential Elections, gold and silver have just made a vertical move, with gold jumping to $1722, and silver from $31 to $32.39!
Perhaps this vertical move in the metals (& in the equities) is an indication the Algos have just received word that the fix is in for Emperor in Chief Obama, or are the bullion banks simply attempting to paint the tape ahead of today’s COT cutoff?
In this Bloomberg interview, HSBC’s Chief Commodities Analyst James Steel discusses why a major rally in gold is imminent, and believes gold will end 2012 near it’s all-time nominal high over $1900/oz.
Today is election-day in the United States, and so far, the winning candidate is… gold! Gold is up nicely today, and showcasing an ideal technical situation; the green demand line and the green supply line are parallel to each other.
Whether you use the recent minor highs or the recent minor lows to draw your uptrend and return lines, the result is the same. My interpretation of this chart suggests that gold will now rise towards $1850. Fear must be professionally managed. To do that, it must be compartmentalized. The good news is that the next phase of this market probably won’t require you to compartmentalize any fear. As gold blasts over $1805, it will be greed that we all must manage, and I think you all would agree that a little greed right now, is just what the gold price doctor ordered!
SGTReport.com has released an interview with Andy Hoffman and Bix Weir discussing the latest breaking Wall Street Fraud: The DTCC’s claim that a large amount of their $36.5 Trillion in securities holdings at 55 Water Street in NYC have been “damaged” by flooding from Hurricane Sandy. How convenient. Just when the criminality on Wall Street reaches an apex, they come up with a way to burn (or drown) the evidence of their epic crimes. Just like on 9/11 when WTC-7 collapsed at free fall speed taking along with it all of the documents in the ongoing Enron fraud investigation. You just can’t make this stuff up.
The UK Royal Mint has announced plans to launch a precious metals vaulting service, as well as increase the gold content of the Britannia from 92% to 4 9′s- matching the Canadian Gold Maple in purity.
The Royal Mint of Britain is going to offer a vaulting service to high net worth clients. “We will offer a vaulting service to our larger customers,” Shane Bissett, director of bullion and commemorative coin at the Royal Mint, said in a telephone interview today. “At some stage in the future we may look at offering that to individuals.” Britain’s Royal Mint’s announcement is on the heels of Barclays Plc expansion into opening a precious metals vault for its customers in September and Deutsche Bank will follow suit in March.
In 1968, The Royal Mint of Britain relocated from London’s Tower Hill to Llantrisant, Wales. Britannia coin sales doubled in Q1, and grew “slightly less” in the subsequent months, Bissett said. The mint plans to change gold Britannia coins from 92% pure gold to 99.99%.
As most SD readers are fully aware, a vote for either Romney or Obama is a vote for the banksters. This year, why not vote AGAINST THE BANKSTERS on election day, by BUYING PHYSICAL GOLD AND SILVER!
Forget 1 ounce, why not vote 100 or 1000 times? It’s not even vote fraud, and it’s perfectly legal!