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Oct 30, 2012

GATA | THE GATA DISPATCHES -October 30, 2012-: Jim Sinclair: Gold confiscation rumor control

Jim Sinclair: Gold confiscation rumor control

9:52p ET Tuesday, October 30, 2012

Jim Sinclair tonight dismisses concerns about gold confiscation and makes an important point about the confiscation undertaken by the U.S. government in 1933. Sinclair writes:
"In the 1930s gold was to the monetary system what 'quantitative easing' is today -- a means of increasing the supply of money for Federal Reserve and Treasury Department discretionary use. The secretary of the treasury and President Roosevelt set the gold price higher arbitrarily at their daily breakfast -- higher because, to create money then, the system required a higher value of gold to have more money outstanding. This is why Roosevelt ordered the confiscation of gold -- to unfold his type of monetary stimulation, his QE. This is what confiscationphiles simply do not know."
Indeed, some market analysts, like Stewart Thompson of the Graceland Updates letter --
http://www.gata.org/node/9955
-- and the economists and fund managers Paul Brodsky and Lee Quaintance of QB Asset Management in New York --
http://www.gata.org/node/7673
-- long have argued that central banks now are arranging a controlled ascent for gold to devalue their currencies for monetary stimulation, what GATA has called a controlled retreat with the longstanding gold price suppression scheme.
Like Sinclair, GATA also has been skeptical about any new confiscation of gold insofar as the justification offered for it in 1933 simply doesn't apply today. That is, gold no longer constitutes a significant part of the money stock of the United States and the government already owns (or claims to own) the better part of the gold within the country's borders.
But there is no absolute assurance about what the U.S. government will do as it grows more power-mad every day. As it confirmed officially to GATA in 2005, the Treasury Department claims the power, upon proclamation of an emergency by the president, to seize or freeze not only any gold or silver or gold- or silver-related asset but also to seize or freeze any financial asset. GATA's correspondence with the Treasury Department is posted in the "Confiscation" section of our Internet site here:
http://www.gata.org/node/5606
Seize or free anything -- that's the land of the free and the home of the brave for you these days.
Sinclair's commentary, "Gold Confiscation Rumor Control," is posted at JSMineSet here:

http://www.jsmineset.com/2012/10/30/gold-confiscation-rumor-control/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

GATA | THE GATA DISPATCHES -October 30, 2012-: the German magazine Der Spiegel today snickered a lot about concerns for the security of Germany's gold reserves vaulted abroad without ever posing the crucial questions | The production and supply constraints for gold that are likely to support the price | Germany's gold vaulted abrod has been lost before

Der Spiegel snickers about Germany's gold but avoids the serious questions

5:16p ET Tuesday, October 30, 2012

In the commentary appended here, the German magazine Der Spiegel today snickered a lot about concerns for the security of Germany's gold reserves vaulted abroad without ever posing the crucial questions:
1) Does the Bundesbank have gold swap arrangements with any agency of the United States government or any other government?
2) Have such gold swap arrangements ever been implemented and, if so, how and why?
3) Exactly what are the "strategic activities" facilitated by the Bundesbank's placement of the German gold reserves abroad, "strategic activities" admitted by the Bundesbank to GATA consultant Rob Kirby in August 2009 and to the German journalist Lars Schall in December 2010?:
http://www.gata.org/node/7713
http://www.gata.org/node/9363
Maybe our German friends can force-feed these questions to Der Spiegel, other German news organizations, and members of the Bundestag.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Why Germany Wants to See its U.S. Gold
By Sven Boll and Anne Seith
Der Spiegel, Hamburg
Tuesday, October 30, 2012
http://www.spiegel.de/international/germany/german-politicians-demand-to...
Bundesbank President Jens Weidmann wanted to personally convince Peter Gauweiler that the German gold was still where it should be. Early this summer the head of Germany's central bank took the obstinate politician from the conservative Christian Social Union (CSU), a party that is a member of the government coalition in Berlin, and a number of his colleagues into the Bundesbank's inner sanctum: the gold vault.
There 6,000 gold bars are stacked on industrial-strength shelves in a purpose-built building in Frankfurt. An additional 76,000 bars of bullion are stored in four safe boxes, in sealed containers.
But even this personal inspection wasn't enough to reassure the visiting member of parliament -- on the contrary: "The Bundesbank monitors its domestic gold in an exemplary fashion," Gauweiler says, "and this makes it all the more incomprehensible that the bank doesn't look after its reserves abroad."

For quite some time now Gauweiler has been pestering the government and the Bundesbank with questions concerning where and how the country's reserves are stored and how often they are checked. He has submitted requests and commissioned reports on the topic.
Last week Gauweiler celebrated his greatest triumph to date in his gold campaign, which has been a source of some amusement for many fellow German politicians: A secret report by the Federal Audit Office had been made public -- and it contained stern criticism of the German central bank in Frankfurt. The Bonn-based auditors urged a better inventory system, including quality checks.
This demand, which even the bank's inspectors saw as nothing more than routine, alarmed the Berlin political establishment. Indeed, the partially blacked-out report read like the prologue to an espionage thriller in which the stunned central bankers could end up standing in front of empty vaults in the United States.
For decades German central bankers have contented themselves with written affirmations from their American colleagues that the gold still remains where it is said to be stored. According to the report, the bar list from New York stems from "1979/1980." The report also noted that the Federal Reserve Bank of New York refuses to allow the gold's owners to view their own reserves.

Not surprisingly this prompted strong reactions in Berlin: The relevant Bundesbank board member Carl-Ludwig Thiele was summoned to Berlin to provide an explanation to the parliamentary budget committee. Heinz-Peter Haustein of the business-friendly Free Democratic Party (FDP) was even quoted by Germany's mass-circulation Bild newspaper as saying that "all the gold has to be shipped back."
The Bundesbank's otherwise reserved Thiele said that he found at least "part of the debate" to be "rather grotesque." His financial institution currently has more pressing problems. Bundesbank head Weidmann, for example, is desperately fighting the European Central Bank (ECB) decision to buy unlimited quantities of sovereign bonds from crisis-ridden countries as a way of lowering their borrowing costs. In addition, the Bundesbank has already pumped nearly E700 billion ($906 billion) into primarily southern European countries as part of the euro-zone central bank transfers known as Target II.
Germany's gold reserves are currently worth some E144 billion and are not stored "with dubious business partners," as Thiele stresses, but rather with "highly respected central bankers."
There is in fact nothing unusual about how Germany deals with the precious metal. Many other central banks store a portion of their gold reserves abroad. The Netherlands, for example, places its trust in its colleagues in Ottawa, New York, and London.
But the relationship Germans have with their gold is a special one. Germany hoards nearly 3,600 metric tons of the precious metal -- only the US has more. Much of this gold treasure was amassed under the Bretton Woods international monetary system, in which the dollar served as the world's key currency and was directly convertible to fixed quantities of gold.
Before the gold standard was terminated in 1971, the current account surpluses generated by Germany's "economic miracle" were partially balanced out in gold. Thousands of U.S. bars of gold alone were transferred to German ownership.
Since the euro is not backed by gold, such vast reserves are actually no longer necessary. Nevertheless, the Germans continue to resolutely defend them -- and every attempt to use this treasure has been met with dismay.
There has been no lack of proposals: Former German President Roman Herzog wanted to sell the gold to form the basis for a capital-based nursing care insurance scheme. In 2002 FDP parliamentary floor leader Rainer Bruderle proposed a fund for natural disasters. Former Bundesbank head Ernst Welteke added to the debate by suggesting the foundation of a national educational fund. But none of these ideas were ever taken seriously.
Most recently German Chancellor Angela Merkel of the conservative Christian Democratic Union (CDU) shot down an idea by the euro partners to use the reserves as collateral for euro bonds.
As a result, in addition to safeguarding the reserves of over 60 countries, the Federal Reserve Bank of New York continues to hold 1,536 metric tons of German gold -- or nearly half of Berlin's reserves. This enormous hoard of gold is stored in the fifth subfloor of the bank's building on Liberty Street, 25 meters (80 feet) below street level, and 15 meters below sea level. According to the bank's website, the vault rests on the bedrock of Manhattan Island.
Tourists are allowed to venture below street level to see the vault. After descending in an elevator, they stand in front of an enormous steel cylinder that pivots like a door in a 140-ton steel-and-concrete frame. But not even the owners are allowed to view their own gold. According to the Federal Audit Office report, the Fed explained that "in the interest of security and of the control process" no "viewings" are possible.
Finally, in 2007, "following numerous enquiries," Bundesbank staff members were allowed to see the facility, but they reportedly made it only to the anteroom of the German reserves.
In fact, auditors from the Bundesbank made a second visit in May 2011. This time one of the nine compartments was also opened, in which the German gold bars are densely stacked. A few were pulled out and weighed. But this part of the report has been blacked out -- out of consideration for the Federal Reserve Bank of New York.
"I would like more transparency on the issue," says Bundesbank board member Thiele. The Americans are very sensitive, though, when it comes to security procedures in their gold storage facilities. In their second major depository, the legendary Fort Knox, practically no one in recent decades has been allowed to view the gold reserves.
Such intense secrecy fuels legends. Many conspiracy theorists have suspected for decades that the German gold has long since disappeared. Others believe that it has been lent out. They contend that there are only promissory notes of little worth stored in the bank's vaults.
Another myth that has been making the rounds in nationalist-oriented German circles is that the United States refused to hand over the treasure and threatened during the Cold War to withdraw its troops from Germany if the Germans demanded their gold back. Former Bundesbank head Karl Blessing, according to the theory, had to provide the United States with written confirmation that he would never do such a thing.
This letter, as it happens, actually exists, as Blessing confirmed in his last interview with Spiegel in 1971 -- except it doesn't concern the German gold but rather U.S. gold reserves. Until 1971 every dollar could be exchanged for the precious metal. Blessing thus promised the U.S. Federal Reserve that he would no longer convert the colossal German dollar reserves to gold because this would have caused the currency's value to plummet.
Today this historic document is even available online.
-----
GATA EDITOR'S NOTE: Yes, the Blessing letter was obtained by the German freelance journalist Lars Schall in January 2011 and published at GATA's Internet site here:
http://www.gata.org/node/9547
-----
But that hasn't silenced those who oppose stockpiling German gold abroad. Instead, the debate over a collapse of strictly paper-based currency is experiencing a renaissance -- as is the dispute over the gold reserves. Even Green Party financial expert Gerhard Schick has joined the fray: "I think the question of how much gold is available in an emergency is a valid concern."
From a purely logistical perspective, though, returning the reserves seems outlandish. One cannot simply pack 1,500 tons of gold into an Airbus A380 super-jumbo jet and fly it back to Germany.
The Bundesbank also objects to this notion for another reason. It says the gold is supposed to act as an emergency buffer. In the extreme situation of a currency collapse, the bankers say that the gold bars could easily and quickly be exchanged on location for pounds or dollars to pay urgent bills.
In a bid to calm the debate, the Bundesbank has pledged to bring back and inspect 150 tons of gold from abroad over the next three years. Furthermore, there are plans to count and weigh the gold bars stored in one of the nine chambers at the Fed in New York -- although no date has been set for this.
Bundesbank board member Thiele was also recently in New York where he took a look behind one of the vault doors. He had good news for the members of the parliamentary budget committee: "There was no paper in there, just gold."
But that's not enough for CSU politician Gauweiler. He is prepared to put the matter to rest only when the central bank has thoroughly inspected all the German reserves throughout the entire world. His credo: "The Bundesbank is independent, but it can't do what it wants."
-----
Translated from the German by Paul Cohen.

Peter Grant: Supply issues offer additional underpinnings to gold

1:32p ET Tuesday, October 30, 2012

Peter Grant, market analyst for Centennial Precious Metals in Denver, today notes the production and supply constraints for gold that are likely to support the price. Perhaps his most fascinating detail comes when he quotes geopolitical analyst Jim Rickards as saying that China, which is commandeering the entire production of domestic gold mines, is buying gold mines in Western Australia "faster than lawyers can write the contracts."
Grant's commentary is headlined "Supply Issues Offer Additional Underpinnings to Gold" and it's posted at Centennial's Internet site, USAGold.com, here:

http://www.usagold.com/publications/2012octsp2.html

Germany's gold vaulted abroad has been lost before, Turk notes

1:19p ET Tuesday, October 30, 2012

The recent controversy over the foreign vaulting of Germany's national gold reserves isn't the first time the security of those reserves has been in question. In an interview today with King World News, GoldMoney founder and GATA consultant James Turk notes that the Federal Reserve Bank of New York said it had temporarily misplaced Germany's gold reserves when the president of the Reichsbank, predecessor to the Bundesbank, came calling in the 1920s.

Of assurances by central banks that all their gold is in order, Turk says: "I've seen so much trickery, false reporting, and rules being broken that I would really have my doubts."
Since international trade balances are no longer settled in gold, Turk says, it no longer makes sense for central banks to store gold in any vaults but their own.

But such foreign vaulting would make sense for central banks colluding in surreptitious market intervention, which the Bundesbank has admitted to GATA consultant Rob Kirby and financial journalist Lars Schall to be a purpose of its foreign vaultings:

http://www.gata.org/node/7713
http://www.gata.org/node/9363

An excerpt from Turk's interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/30_T..
 CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

DealBook Afternoon Edition -October 30, 2012-: Stock Exchanges Prepare to Open


Tuesday, October 30, 2012
TOP STORY
Stock Exchanges Prepare to Open The New York Stock Exchange and Nasdaq will open as usual Wednesday following an unprecedented storm that flooded many parts of Manhattan and prompted widespread power outages.
Damage to the Financial District, as Viewed on Twitter Images of severe flooding in Lower Manhattan were passed around social media, with many people expressing disbelief and concern.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    Deal Professor: The Risks of Tapping a Retirement Fund for an Alternative Use Steven M. Davidoff says that individual retirement accounts and 401(k)'s are being used increasingly to invest in start-ups or commodities, but such maneuvers can leave users penniless in retirement.
    Lawyer Withdraws From Case by Man Claiming Facebook Ownership The lawyer representing a man claiming to own a substantial stake in Facebook withdrew from the case on Tuesday, just a day after he defended his client in an interview.
    Carlyle to Buy Diversey Japan for $377 Million The buyout giant Carlyle Group has agreed to buy the Japanese sanitation business Diversey Japan from the Sealed Air Corporation for $377 million.
    Bayer to Buy Schiff Nutrition for $1.2 Billion The German pharmaceutical giant Bayer has agreed to acquire the nutritional supplement company Schiff Nutrition International for $1.2 billion.
    UBS headquarters in Zurich.
    UBS to Cut 10,000 Jobs in Major Overhaul The Swiss bank planned a restructuring of its investment banking division as the firm reported a $2.3 billion loss.
    Deutsche Bank Posts $975 Million Profit in Third Quarter Deutsche Bank, Germany's largest lender, said its third-quarter profit declined 3 percent, as a surge in investment banking revenue offset costs related to the firm's legal problems and a cost-cutting program.
    LOOKING AHEAD
    Corporate Earnings Companies scheduled to release quarterly earnings reports on Wednesday include Barclays and General Motors.
    DealBook Video
    TimesCast: Aftermath of Hurricane Sandy
    TimesCast: Aftermath of Hurricane Sandy Field reports in and around New York in the wake of the major storm overnight.


     

NYT Afternoon Update October 30, 2012-: Northeast Suffers Huge Damage in Storm's Path; Millions Without Power

The New York Times
October 30, 2012

Afternoon Update



TOP NEWS

Northeast Suffers Huge Damage in Storm's Path; Millions Without Power

By JAMES BARRON and J. DAVID GOODMAN
The storm moved inland Tuesday after grinding life to a halt for millions of people in more than a half-dozen states, leaving behind the daunting task of cleaning up from the devastation.

Vast Area, From Georgia to Maine, in Harm's Way

By JOHN SCHWARTZ and TIMOTHY WILLIAMS
The storm, though vastly weaker than it was when it made landfall in New Jersey, is moving west through southern Pennsylvania, bringing rain and high winds all the way to the Great Lakes.
The Lede Blog

State-by-State Guide to the Storm

By THE NEW YORK TIMES
A state-by-state guide to the storm, with regular updates on evacuations, closings, power failures and flooding and wind damage from North Carolina to Rhode Island.

Storm Pushes Aside Presidential Politics, Mostly

By MICHAEL BARBARO and MICHAEL D. SHEAR
President Obama will spend the day at the White House dealing with the weather and Mitt Romney held a storm-relief event in Ohio.

Still Waiting for the Narrator in Chief

By MATT BAI
Why the president lost his ability to tell a story.
N.Y. / Region

Graphic: Assessing the Damage From Sandy

More than six million customers lost power Monday as Hurricane Sandy felled trees, downed power lines and flooded substations.
Opinion

Op-Docs

'11 Excellent Reasons Not to Vote?'

By ERROL MORRIS
What are the reasons we cast ballots, or don't?
BUSINESS
DealBook

Stock Exchanges Prepare to Open

By SUSANNE CRAIG
The New York Stock Exchange and Nasdaq will open as usual Wednesday following an unprecedented storm that flooded many parts of Manhattan and prompted widespread power outages.
DealBook

UBS to Cut 10,000 Jobs in Major Overhaul

By MARK SCOTT
The Swiss bank planned a restructuring of its investment banking division as the firm reported a $2.3 billion loss.

Ford Sees Little Change in Net Income

By BILL VLASIC
Heavy losses in Europe continued to undercut Ford Motor Company's strong performance in the North American market.

Fiat Turns to High-End Production

By JACK EWING
Distancing itself from its rivals, the automaker said it would not close any of its underused European factories and would instead use them to build more high-margin models.

BP Returns to Profitability and Raises Dividend

By STANLEY REED
The oil giant posted earnings of $5.4 billion for the third quarter, after a loss in the second quarter, and said it would increase its dividend by 14.4 percent.

Business in Vancouver | BIV Today's Business News -October 30, 2012-. :


Transportation

Government asks public for advice on BC Ferries

If you were at the helm of BC Ferries, how would you save it from sinking? The B.C. government will be asking the public just that at November and December meetings designed to get input on how to address a chronic funding shortfall.
 

Feds to release unspent funds for B.C. transport proposals

Ottawa plans to issue a call for proposals in the coming weeks for B.C. transportation projects that will increase trade to Asia, to use up money that was never spent under the Asia-Pacific Gateway and Corridor Initiative.

Small Business

 

CFIB slams Visa’s
plans to increase
credit card fees

The Canadian Federation of Independent Business has announced today that it has strong concerns about Visa Canada’s plans to increase fees and charges, which it says will negatively affect small businesses having difficulties making ends meet after the recession.

Law

B.C. penny stock promoter arrested and charged with fraud

A B.C. man with a string of defunct OTC companies to his name has been arrested, charged and fined for fraud.

Forestry

West Fraser Timber earnings up 76% year-over-year

West Fraser Timber Co. Ltd. (TSX:WFT) announced its third-quarter results Monday, revealing a 76% increase in earnings year-to-date compared with the same period last year.

Education and Research

Royal Roads signs deal with CUPE

In the latest chapter of the CUPE saga, support workers at Royal Roads University reached a tentative agreement yesterday, as yet to be ratified by members of CUPE 3886 and the university.

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Money Show Investors Daily Alert -October 30, 2012-: Are You Ready for a Year-End Rally?

Investors Daily Alert

Political Poll


Special Commentary

The Daily Guru

Jim Jubak on MoneyShow.com

Today's Top Pros' Top Picks
Marvell Hardly a Marvel, Paul McWilliams

Today's Gurus' Views & Strategies

Today's Charts in Play

MoneyShow.com Exclusive Interviews

Ideas from Around the World

Today's Featured Videos & Exclusive Interviews

NFA Notification | Enforcement Actions October 30, 2012-.: NFA fines New York forex firm, Forex Club LLC, and its former CEO Peter Tatarnikov, $300,000



Money Show Traders Daily Alert -October 30, 2012-: What Q3 Earnings Say About Global Stock Marketst:

Traders Daily Alert

Tips for Traders

Options Idea

Charts in Play

Currency Corner

Trading Idea of the Day

Today's Featured Videos & Exclusive Interviews

CBS NEWS | Daily News Summary -October 30, 2012-:: NYC building facade collapses

CBS News.com - Daily News Summary
October 30, 2012 | DAILY NEWS SUMMARY

CBS NEWS TOP STORIES
Video shows the facade of a NYC apartment building collapsing from damage by Superstorm Sandy
Read full story
NYC building facade collapses
Two large explosions at NYC power sub station Two explosions were heard and seen from a Con Edison plant sub station in lower Manhattan, which has widespread power outages

Watch: Brooklyn Battery Tunnel flooded Raw Video: Flooding from the Superstorm Sandy inundated the Brooklyn Battery Tunnel in New York City

Crane dangles 75 stories over Manhattan A crane which snapped due to high winds from Hurricane Sandy has been left dangling hundreds of feet above New York City streets

Video: Dramatic HMS Bounty ship rescue The U.S. Coast Guard came to the rescue when the HMS Bounty, a historical ship used in Hollywood movies, sank off the coast of N.C.

Sandy: More than 7 million without power Utility customers along East Coast left in the dark after powerful storm makes landfall

Inside NYC hospital's near disaster during Sandy Dr. Jon LaPook gives glimpse into high-stakes operation to move patients, some premature newborns, after hospital's power failure

Sandy slams East Coast; Millions in dark Widespread outages as superstorm leaves 16 dead, coastal regions inundated; N.J. town floods after levee breaks

Evacuations after major NYC hospital loses backup power Patients moved out of hospital hours after superstorm passes through

Gold Mineweb Daily News -October 30, 2012-.: India's Gujarat state almost doubles gold imports in Oct.


Mineweb logo

$1,713.05

$32.03

 

 

 

 

TOP STORIES | Tuesday , 30 Oct 2012                                                     

India's Gujarat state almost doubles gold imports in Oct.

As goldsmiths start stocking for Diwali in India, Gujarat takes the lead by doubling gold imports in October.    Tuesday , 30 Oct 2012

Silver prices set to rise in 2013 thanks to China

Consumption in China, the world's second largest user, could climb to record 7,700 metric tonnes next year.    Tuesday , 30 Oct 2012

Royal Canadian Mint launches silver bullion-backed ETRs

Following up on the resounding success of its Gold Reserves' Exchange Traded Receipts program, the Royal Canadian Mint is launching a similar product for its silver reserves.    Tuesday , 30 Oct 2012

Yamana Gold reports record 3Q GEO production but costs, taxes weigh

Yamana Gold's guidance for 2012 production of 1.2 million to 1.3 million gold equivalent ounces remains unchanged.    Tuesday , 30 Oct 2012

Don't let a short-term correction fool you into selling your gold - Holmes

Frank Holmes says the dramatic increase in money suggests that monetary debasement will continue, and this is one of the forces driving higher prices for gold and gold stocks.    Tuesday , 30 Oct 2012

Explorer cum copper-gold producer pushes mining frontier in Albania with mining license

Tirex CEO says 'Albania's open for business' as the junior gets mining licenses for a series of its mineral deposits under joint venture with Ekin Maden.    Monday , 29 Oct 2012

Silver producers in Latin America set for M&A action - Fortuna

Jorge Ganoza Durant, CEO of Fortuna Silver Mines, expects a wave of mergers and acquisitions among its Latin American peers as companies combine to increase their growth prospects.    Tuesday , 30 Oct 2012

Sandstorm bets on buying gold rather than mining it

Sandstorm Gold has risen five-fold by buying and selling gold from mining companies in so-called streaming deals that pay in advance for a percentage of output at a discounted fixed price.    Tuesday , 30 Oct 2012

How a gold digger really spends its money

Harmony Gold's latest annual report illustrates how it actually spends its revenues, with some rather interesting results.    Monday , 29 Oct 2012
 

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