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!

By Ron Paul:

Hurricane Sandy was one of the worst natural disasters the east coast has ever seen.  Clean-up and recovery will take months, if not years and estimates run in the tens of billions of dollars.  Parts of New York and New Jersey will never be the same.  Entire seashore communities have been wiped out, but the determination to rebuild has been lauded as courageous and admirable. Yet as with all natural disasters, Sandy raises uncomfortable questions about the extent to which taxpayers should fund the cleanup and the extent to which government programs create moral hazards.  The greatest compassion brings results, not just good intentions.

By SRSrocco:

I have been spending a great deal of time going over the balance sheets of mining companies to get a better TRUE COST of SILVER PRODUCTION.   I have put out a request for anyone in the accounting profession to assist me in this matter.  After the initial interest, it seems as if these folks have backed off… for whatever reason.  I don’t plan on stopping before I can figure out a BETTER WAY to cost out gold and silver and not the pathetic industry standard of “CASH COSTS”.

Cash costs exclude depreciation, depletion and amortization, accretion, corporate general and administrative expenses, exploration, interest, and pre-feasibility costs.
  How can a mining company or the industry as a whole use CASH COST figures to show the investing public true costs of mining silver?  They do it to MISLEAD the public.

Financial analyst and forecaster Rick Ackerman says Hurricane Sandy came at a time when “the U.S. economy is in a mission critical status. . . . All of the positive effects of this spending are 8 to 20 months down the road.” Ackerman says this disaster is going to be different than in the past because “we’re living off the fatted calf, but the fact is now we’re broke. Where is all this money going to come from?” You can forget the current mainstream media estimates of $50 billion in storm damage. Ackerman says the real cost of Sandy “ is going way, way up into the $150 to $250 billion category.” Ackerman predicts the storm will have a national impact. He says, “There’s no question that what’s happened is going to cut into retail goods, especially high end gifts.” Join Greg Hunter as he goes One-on-One with Rick Ackerman.

Unlike 99.9% of investors, most SD readers are aware (or should be) that unless you have physically taken possession of your equity shares, the actual owner is the Depository Trust & Clearing Corp. (DTCC).
CNN Money has reported that the DTCC vault holding trillions of dollars in equity certificates was breached in the Sandy flood-waters, and trillions in stock certificates and other paper securities may have suffered damage.

While the jokes relating to vaporization of assets from Hurricane Sandy were centered on the gold stored 60 feet below the NY Fed, it appears that in reality, Sandy may have destroyed portions of millions of Americans’ 401k’s, pensions, and stock accounts.

Got PHYZZ?

Turkey’s trade deficit has been shrinking and the country has enjoyed the best bond rally in the emerging markets this year due in part to the contributions of airline passengers transporting gold in their baggage. Statistics from Istanbul’s 2 main airports show $1.4 billion of precious metals were registered for export in September.  Iran is Turkey’s largest oil supplier and Turkey has been paying for the oil not only with liras but also with gold bullion. Turkey exported $11.7 billion of gold and precious metals since March, when Iran was barred from the Society for Worldwide Interbank Financial Telecommunication, (Swift) making it nearly impossible for Iran to complete large international fund transfers. Of the $11.7 billion, $10.2 billion or 90% was to Iran and the United Arab Emirates, according to data on Turkey’s state statistics agency’s website. Turkey’s current account deficit is second in the world at $77.1 billion or 10% of GDP while the US currently holds the top spot.   The problem with Turkey switching from a net importer to a net exporter of gold bullion this year is that the foreign trade data is misrepresented. Turkey’s use of precious metals is a key factor to help turn around its nation’s current junk bond rating status.

By SD Contributor Marshall Swing:

Silver COT Report 11/2/12:

Commercial paper added a significant 1,153 longs on the week and covered but -614 shorts to end the week with 46.37% of all open interest, an increase of +1.20% in their share since last week, and now stand as a group at 268,660,000 ounces net short, which is a decrease of just under 9,000,000 net short ounces from the previous week. 

The legendary Jim Sinclair has sent an email alert to subscribers comparing this week’s terrible situation along the east coast in the wake of Sandy to the coming collapse of the US dollar.  Sinclair states that Ben Bernanke is the only person in US financial management that understands the current situation, and that QE∞ is the only thing delaying a complete systemic collapse.
Sinclair states that if Romney is elected and follows through on his threats to fire Bernanke, it would be the single greatest error made in US financial management ever”, and would result in gold trading above $3,500/oz and a complete US dollar collapse within 6-9 months!

MUST READ!!

Submitted by Deepcaster:

One Reason that the Increasing Inflation is not more obvious to the public is that the Official Statistics are Bogus and not just in the U.S., but in China and other countries as well.  The other is that the Velocity of Money is now extraordinarily low. Higher and increasing Monetary Velocities are associated with higher and increasing Inflation.

Only Operation Twist – in which The Fed sells short-dated Treasury securities and “Sterilizes” those funds by using the same funds to buy long-dated ones – is arguably non-inflationary because the proceeds do not circulate in the economy.  All the other Fed QE and Related Actions are Price Inflationary. But note well that The Fed has nearly run out of short dated securities to sell. Thus ongoing and all further QE will be Price InflationaryIn sum, the Money Printing will continue bringing Hyperinflation even closer. 

 

GoldMoney’s Andy Duncan has released an excellent interview with Thomas Jacob, President of the Swiss Gold Franc Association — a group campaigning for the reintroduction of physical gold money in Switzerland. The group currently enjoys cross-party political support, and is attracting more attention owing to the eurozone’s debt crisis and central bank money printing (not least from the Swiss National Bank).

 Jacob comments that “there is nothing as powerful as an idea whose time has come“, noting that his is a “non-threatening” means of reintroducing gold as currency again. His group is seeking a constitutional amendment in support of this initiative. Jacob calls it a “complementary” currency, and is emphasizing its function as a means of allowing people to save rather than as a medium of exchange.”

Full interview below:

By Morris Hubbartt

The market that will be most damaged by QE bond purchases is the US dollar. The destructive action of quantitative easing is somewhat hidden, because other central banks are also damaging their own currencies.  Technically, the US dollar is somewhat overbought, and the counter-trend rally is failing. The key number is 80.50 and an additional monthly close below that key level sets the stage for a substantial downside move.

Right now, the normally-volatile silver mining stocks are the star of the precious metals show.  The incredible resiliency of silver stocks during this correction, implies that they could run like the wind once the bull trend resumes.   A move higher in silver stocks also sets up the underlying metal, for a solid move to the upside.  Please note the position of the MACD indicator, as well as the very bullish volume pattern.  Silver stocks, and silver, may be about to soar!

Unlike the government red tape and price controls which have resulted in up to 7-10 hour waits for gasoline in New Jersey as an estimated 80% of NJ gas stations remain closed (either out of gas, no electricity to pump it, or both), the free market is willing to provide necessary fuel…at the right price of course.
Which apparently is currently $25 a gallon in East Rutherford, New Jersey.

Unfortunately, NY and NJ residents are currently experiencing collapse-type scenarios as large portions of Manhattan and New Jersey have now been without electricity, gasoline, heat, and available food and water for nearly a week.  Should a long-anticipated US dollar collapse ever materialize, the rest of the nation will likely experience very similar disruptions in the supply chain as the East Coast is currently experiencing.

The time to prepare is NOW.  To that end, we thought it was apropos to bring back this video documenting the likely chain of events during the first 12 hours of a US dollar collapse.

MUST WATCH!!

In the wake of the devastating Hurricane Sandy, numerous reports tonight indicate that Martial Law has been declared in Seaside Heights, NJ and surrounding towns.  Large portions of NJ remain without power, and many NJ police departments are reportedly beginning to run out of gas. The situation appears to be rapidly deteriorating for much of the NJ coast.

*With the horrible tragedy transpiring this week along the East Coast in the wake of Storm of the Century Sandy, and reports of massive shortages of food, gasoline, and basic necessities, we thought it apropos to bring back AGXIIK’s exhaustive prepping manual.  Are you prepared for a collapse of the grid and the banking system, along with the just-in-time delivery system?

Prepping is partly buying a grocery list of items you need to stock, as well as a mind set that moves beyond the physical act of getting supplies in the cupboard. Stocking up is a great place to start. Stocking also buys you invaluable time to assess situations as they crop up while keeping you safe.

Preppers have a situational awareness of what might affect them in unexpected ways and unpredictable directions. Every plan comes unglued when it encounters the real world so having backups to your plan will smooth your way to safety.
Some of those are in this short guide.
Without these plans the alternatives are always less than optimal.

According to NetDania’s volume (which approximates volume from 5 separate sources and is not an exact indicator of volume data)  38,400 contracts, or 191.99 million ounces of paper silver (nearly a quarter of annual global silver production!) were dumped on the market in only 10 minutes between 8:30 and 8:40am EST upon the release of the NFP data.

Screen shot of the paper dump (with 3rd wave of attack in progress) below:

By SRSrocco:

Well, it looks like Nov 2nd, will go down as another LOUSY day in the PAPER TRADING of the precious metals.  I stopped worrying about the short term moves and instead have spent my time researching the medium and longer term implications in the gold and silver mining industry.

Meanwhile, it looks like things have gone from BAD to WORSE for BARRICK as the major gold producer now has a NEGATIVE FREE CASH FLOW.  In the first nine months of 2012, Barrick recorded a negative $772 million free cash flow compared to a positive $1 billion+ the same period last year.

In his latest update, Greg Mannarino discusses the economic impact of Hurricane Sandy, which is now estimated to have caused over $100 billion in damages.  Mannarino explains why contrary to what the MSM would have you believe, the massive destruction wrought by Sandy is NOT beneficial to the economy- it is a massive destruction of wealth!  Only Keynesian crack-pots believe that destroying real wealth (real, tangible assets) is beneficial to an economic system.
Mannarino also discusses the US debt approaching $16.2 Trillion- a mere $190 billion from the latest debt limit (likely to hit before the end of 2012), and rapidly approaching $17 trillion.  Big US debt downgrades are inevitable and coming soon.  As the bond vigilantes finally turn their focus to the US dollar, gold and silver will respond spectacularly to the upside.