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.

Our friends at Demonocracy have released another excellent infographic, this time detailing the shocking failure of the Federal Reserve’s money printing policy of QE∞ to bring any semblance of real recovery to the economy.

The Federal Reserve’s Money Printing FAILURE: The Infographic

MUST SEE!!

While Obama’s re-election and Colorado and Washington’s legalization of marijuana are receiving all of the media attention this morning, the real news is that California’s Prop 37 was defeated 53% to 47%, meaning that genetically modified foods can still be sold and marketed without any labeling of their toxic contents.

Proposition 37 appears to have failed at the ballot box in California, according to the California Secretary of State ballot measures results. The GMO labeling ballot measure, which would have required food companies to label the GM content of foods, was defeated with the use of over $45 million in fraudulent advertising and dirty tricks funded by Monsanto, PepsiCo, Coca-Cola, Kellogg, General Mills, DuPont, Bayer and other food and pesticide companies.

After being capped overnight during London trading at $1730 and $32.50, gold & silver have just been smacked down to pre-Obama victory levels of $31.50 and $1712. 

View this morning’s weakness as a gift from the cartel, as both metals will be heading exponentially higher over the medium-long term as the Fed’s QE∞ policy has been rubber stamped by an American public re-electing Barack Obama.

The Royal Canadian Mint announced Monday the completion of the purchase of 3.1 million ounces of silver to complete it’s IPO of the silver exchange traded receipts fund launched Oct 12th.

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. 

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?