BrotherJohnF discusses silver’s technicals and today’s big cartel RAID in his latest Silver Update
In a huge defeat for the new fascist USAA empire, US District Judge Katherine Forrest today upheld her temporary injunction against the NDAA’s military indefinite detention provision, PERMANENTLY banning indefinite military detention against US citizens for voicing 1st amendment protected speech and journalism.
The plaintiffs- a group of writers, journalists, and activists had filed suit against Barack Obama and Congress stating that they held actual and viable fears that their journalistic activities could subject them to indefinite military detention under the NDAA. Judge Forrest ruled permanently in favor of the plaintiffs, upholding the temporary injunction.
Der Führer to appeal Judge Forrest’s ruling (even though he promised the provision would never be used against US citizens) in 3…2….1….
Full ruling below:
USA WatchDog’s Greg Hunter has released an excellent interview with ShadowStat’s John Williams regarding the consequences of the Federal Reserve’s latest plan of ‘unlimited QE,’ or money printing, which Fed governor’s have stated is needed to boost employment.
Williams states, ‘That’s absolutely nonsense. The Fed is just propping up the banks’. Williams goes on to state, ‘You’re likely going to see a dollar sell-off . . . That should evolve into hyperinflation.‘
The ShadowStats Economist states he, ‘Doesn’t see the current system holding together without hyperinflation beyond 2014.‘ He argues that the real annual deficit is ‘$5 trillion per year’ and that the US annual deficit is ‘beyond containment.’
Williams believes, ‘Hyperinflation is virtually assured because the Fed doesn’t have any options left.’
Full Interview below:
While at first we were certain this must have been The Bernanke warming up for a potential ‘Helicopter Drop’ of cash tomorrow, it appears a pair of LA bank robbers were merely making their best Bernanke impersonations by dumping fistfuls of cash out of their speeding vehicle onto LA streets while being chased by the LAPD.
No word yet on whether Time will consider the pair for 2012 Person(s) of the Year.
Watch clip below:
Inspired by SD’s report last week that the US Mint sold nearly 75 times more silver than gold in August for the 2nd consecutive month, SD reader Frank decided to plot a long term chart of the US Mint’s total silver/gold sales since 2009 as a ratio, and the graphic below portrays a STUNNING CONCLUSION: the US Mint’s escalating silver sales volume in comparison with gold is not a short-term phenomenon, but is rather a long-term trend that is accelerating to the upside!
It appears that the silver story is being disseminated among an ever increasing audience, resulting an an exponentially increasing sales pace for PHYSICAL SILVER RELATIVE TO GOLD at the US Mint.
Mannarino states the dollar has entered a terminal phase and is being continually attacked daily by Ben Bernanke and the Fed.
Mannarino states the ECB’s new plan for unlimited sterilized bond buying will cause the Euro make a sustained bullish run relative to the dollar, which will be classically debased as Bernanke ramps up UNSTERILIZED asset purchases and quantitative easing.
Greg concludes by stating that there is a deliberate attack on the dollar, and that the dollar is going to win the race to the bottom!!!
The dollar is being CRUSHED BY A MAN NAMED BEN BERNANKE!
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Our favorite Eurozone politician Nigel Farage has delivered another EPIC RANT, this time completely destroying Barroso’s call for a federal union of European states, informing Barroso that ‘money doesn’t grow on trees (or helicopters).
Farage isn’t satisfied to simply make a fool of Barroso, he goes on to ridicule Godman’s own Mario Draghi and his recent announcement of sterilized, unlimited bond purchases by the ECB (now a moot point as the German court has limited the ESM to €190 billion).
Farage’s rant is a MUST WATCH as always!
After initially popping to $34.20 and $1747 on the German High Court’s ratification of the ESM with conditions, gold and silver have slowly given up all their initial gains as the trading session wears on, as traders have realized that the court effectively voted YES to German participation in a Euro-bailout, but NO to hyperinflation.
Silver has been under pressure throughout the London session, and a new wave of selling emerged with the COMEX open.
Attention will now turn to tomorrow’s FOMC decision, and it looks likely gold and silver will fade this afternoon as traders begin to ponder ‘what if’ Bernanke disappoints and fails to announce monthly outright asset purchases Thursday as is widely expected by the market?
Gold rallied to a 6 month high in dollars after Germany’s top court ruled that Germany can ratify the €500 billion ESM bailout fund but with strict conditions.
Gold ticked slightly higher after the German decision – rising from just under €1,350/oz to €1,354/oz prior to gradually giving up those gains. Equities have seen tentative gains but silver is the largest beneficiary so far – having briefly risen above $34/oz or 1.5%
The FCC court stipulated that a cap of 190 billion euros be set on German liabilities before ESM ratification, unless parliament decides to back extra funds. German liabilities are to be capped which is important and means this is not the bazooka that many market participants were hoping for.
German bunds and UK gilts (10 year) sold off quite a bit with yields rising sharply to 1.64% and 1.83% respectively. ESM concerns are weighing on bunds and UK downgrade concerns on gilts.
- German Constitutional Court approves ESM
- Court caps German contribution to bailout at € 190 billion
- So much for Draghi’s unlimited bond purchases…unless he can somehow convince his masters at Goldman to foot the bill….not likely
- Gold and silver respond with vertical moves to $34.20 and $1747
The USDX has broken below 80 and set a 4 month low today. Look for massive volatility in forex as well as the metals as the German Constitutional Court is set to rule on the legality of the ESM in a few hours, followed by Thursday’s FOMC statement.
Gold and silver are up during Wednesday Asian trading as the algos remain in place prior to the German announcement.
(AP:NEW YORK) The euro rose to four-month high against the dollar Tuesday as traders wait to see if the Federal Reserve will announce additional steps to help the U.S. economy later this week.
Bill Murphy, who forecast big, big moves in silver beginning in August told our friend Elijah of UnconventionalFinance Monday that silver is in the midst of a big move to $50-60, and stated ‘it won’t be long before we hit $100.‘
Murphy states that if the JP Morgan scandal breaks as he is expecting, ‘there is no telling what silver could do on the upside due to a short squeeze as JPM holds naked short positions 3 times the deliverable silver available on the COMEX!‘
The CFTC has announced position limits related to swap dealers will go into effect Oct 1th, 2012. The CFTC will give some dealers until Dec 31st, 2012 to comply.
CFTC Staff Responds to Questions on Timing of Swap Dealer Registration Rules
Washington, DC — Today, Commodity Futures Trading Commission (CFTC) staff is responding to questions from market participants and other interested parties on the timing of when entities will be required to register as swap dealers.
The headlines today tell two different narratives about the US stock market. According to Bloomberg, stocks “advance ahead of Fed decision,” but according to the Financial Times, the “rally loses steam ahead of the meeting.” Whether you believe the headlines or not, they underscore the impact of macro-trends on the markets today. Our guest, David Kotok, of Cumberland Advisors, explains why the markets are addicted to QE and the consequences of this dependence.
Also, tomorrow the German Constitutional Court is expected to rule on the constitutionality of the ESM, a vote that is viewed as key to the Eurozone’s future stability. David Kotok, chairman of Cumberland Advisors, will explain why this action in Europe can be summed up in a single dance: the “dance of the fireflies.”
A week after Jim Willie claimed Morgan Stanley is experiencing liquidity concerns and their senior managers have been selling legacy stock positions, the Wall Street Journal reports today that in an agreement with Citigroup, Morgan Stanley will gain access to $48 billion in former Smith Barney brokerage deposits by 2015.
Regulators require new capital requirements in an effort (far too little, too late) to protect the financial system from derivatives, and the TBTF banksters mark b***s*** to fantasy to meet the new capital requirements by allowing customers to swap junk bonds in return for qualifying collateral such as T-bonds.
Meanwhile, the CME has begun accepting accepting as collateral bonds rated merely 4 levels above junk as acceptable collateral for derivatives.
You just can’t make this stuff up!
What do you expect when there hasn’t been a single criminal charge filed against a real bankster in 15 years?
JPMorgan Chase & Co. (JPM) and Bank of America Corp. are helping clients find an extra $2.6 trillion to back derivatives trades amid signs that a shortage of quality collateral will erode efforts to safeguard the financial system.
Rather than The Doc opining his beliefs on what happened that day and igniting a fierce debate between those who believe the official story and those who believe otherwise, we decided to open up this thread to allow readers to remember those lost, take a moment to reflect, and to discuss how those of us who remain can best fight to keep our rapidly deteriorating freedom in what used to be the US of A.
We all can agree that 11 years after 9/11/2001, Freedom is an endangered species in the new USSA.
9/11 OPEN THREAD
In this excellent Keiser Report, Max Keiser talks to Bill Still about his latest film: Jekyll Island. Still also discusses the problems with the gold standard, the controversy of whether any gold remains in Fort Knox, and the bullion banks’ fractional gold banking system, aka paper gold futures.
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Gold and silver have gone vertical once again on today’s COMEX open, with gold jumping $12 just shy of $1740, and silver up .50 to $33.95.
Look for the metals to continue their rally ahead of today’s COT cutoff as the cartel likely attempts to hide the true extent of their net shorts from scrutiny in the COT report, as well as free up fresh shorts with which to potentially attempt to smash the metals Wednesday or Thursday after the German Constitutional Court and the FOMC make their respective announcements.