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Apr 23, 2013

How many more 'buying opportunities' like this can you take?: GATA I THE GATA DISPATCH -April 23, 2013-.

4p ET Tuesday, April 23, 2013

Interviewed this week, our friends the gold market analyst Ronald Stoeferle and Mickey Fulp, editor of the Mercenary Geologist newsletter, join the Tocqueville Gold Fund's John Hathaway and other gold-friendly observers in describing the recent attack on gold as a wonderful buying opportunity.
Stoeferle is interviewed by Tekoa da Silva at the Bull Market Thinking Internet site here --

-- while Fulp's comments come in an essay headlined "A Musing on the Market Correction in Gold" posted at GoldSeek here:

No one associated with GATA is likely to hope that these guys are wrong, and GATA is not an investment adviser, but this "buying opportunity" stuff is getting a little tedious, quite apart from being self-serving when it is offered by people hoping to do the selling.

After all, Tokyo was a "buying opportunity" after its firebombing by the United States in March 1945, as was Hiroshima after its atomic bombing five months later. But anyone except maybe an executive of the World Gold Council might have noticed a little capital destruction in the ashes.
"I have little doubt that the gold market downturn was an orchestrated and manipulated event by powerful market gamers," Fulp writes, adding: "My answer is simple: Get over it; act accordingly. Accept the fact that all markets are controlled and, on occasion, manipulated by big-moneyed banksters. We should learn to live with and profit from their actions."

Of course while getting over it and learning to live with it may be, unfortunately, good investment advice, they are not elements of GATA's charter. GATA's charter is to expose, protest, and if possible litigate against injustice, particularly the injustice of surreptitious intervention in the gold market by Western central banks, agencies of nominally democratic governments.

Being relative youngsters, Stoeferle and Fulp may not be particularly sensitive to this injustice, likely having much more time to get over it than some other investors do. Gold is money but even young people may have heard that time is money as well.

GATA's objective is not to make money (as much as the people in GATA would like to do that) but rather to establish free markets in the monetary metals in the belief that free markets there are the prerequisites of free markets in everything else and that free markets generally are the prerequisites of human progress.

Unfortunately not many people in the monetary metals mining industry understand any of this, and if they don't understand something so elementary, why should people have the confidence to invest in them as Stoeferle, Fulp, and others recommend? After all, a few more "buying opportunities" like the current one and there won't be any monetary metals mining industry left, nor any investors in them.

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

* * *

Join GATA here:
World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
* * *

Syria Used Chemical Arms Repeatedly, Israel Asserts: Top News I Global Update -April 23, 2013-.

The New York Times International Herald Tribune
April 23, 2013
Compiled 20:45 GMT

Global Update


Syria Used Chemical Arms Repeatedly, Israel Asserts

A military official criticized the world community on Tuesday for failing to respond to evidence of chemical weapons attacks in Syria, which President Obama has called a "red line" that cannot be crossed.

Markets Jump on Hopes for European Action

Investors seemed to believe that new recessionary data out of the euro zone would pressure the European Central Bank to cut interest rates next week.

France Legalizes Same-Sex Marriage

The passage of the "marriage for all" law by the lower house of Parliament came after months of sometimes angry debate and a series of major protests.

India Ink

When 'Love Marriage' Needs a Little Help

Forward-looking Indian parents, who agree not to force children into arranged marriages, push kids to wed in other ways.

Op-Ed Contributor

Blocking Syrian Refugees Isn't the Way

Keeping displaced people penned up in Syria is a short-term strategy that cannot ensure their safety.

Key Step in Checking Chemical-Arms Use Is Also Hardest

Independent experts hope to get prompt, unfettered access to the site of any suspected attack, but that is very difficult in the Syrian conflict.

Two Kidnapped Syrian Bishops Freed-Church Official

Kidnappers freed two Syrian bishops on Tuesday who had been abducted in the northern city of Aleppo, a church official said, but the identities of their kidnappers remained uncertain.

Car Explodes Outside French Embassy in Libya

The explosion of a car parked outside the French Embassy injured two security guards, and French authorities called for a rapid investigation.

Indonesia Sees Foreign Investment Surge

While the country's two Asian rivals, China and India, have seen their investment inflows slow or decline, money is gushing into Indonesia.
The Caucus

Hacked A.P. Twitter Feed Jars Markets

The Twitter account for The Associated Press was hacked on Tuesday and erroneously sent out a tweet saying there had been explosions at the White House, injuring President Obama.

Boeing Acknowledges Tests Underestimated 787 Battery Risks

At a hearing by the National Safety Transportation Board, Boeing's chief engineer on the 787 said the calculation that a battery would fail only once every 10 million flight-hours did not include possible manufacturing flaws.

Stern Words, and a Pea-Size Punishment, for Google

In the latest example of a meager fine for corporate wrongdoing, German regulators assessed Google $189,225 for violating privacy laws with its Street View project.

Subscribers Help Propel Netflix Gain

The company's stock passed $200 a share in after-hours trading for the first time since 2011 after it reported robust first-quarter earnings.

Internet Sales Tax Bill Gains Ground in Senate

A bill to help states force online retailers to collect sales taxes cleared a hurdle in the Senate, and even its fiercest opponents are looking to the House for a last stand.

Greek Basketball's Adopted Son Ponders Major Goodbye

Vlado Jankovic, the son of a beloved player paralyzed 20 years ago, has had a breakthrough season with his father's former club. But he may soon leave the team.

Wimbledon Joins In by Hiking Its Prize Money

After receiving major prize-money increases from the Australian Open, the French Open and the U.S. Open, the players were given the biggest prize-money boost of all by Wimbledon.

Gayle Stuns With 175 in T20 Match

Chris Gayle of the Royal Challengers Bangalore on Tuesday struck the bowlers of Pune Warriors for 175 not out, beating the highest previous Twenty20 score of 158.

Boston Suspect Cites Islamic Extremist Beliefs as Motive

Dzhokhar Tsarnaev, the surviving suspect in the Boston Marathon attacks, said he and his brother were not connected to any known terrorist groups, law enforcement officials said.

For Wounded, Daunting Cost; for Aid Fund, Tough Decisions

Many of the people wounded in the Boston bombings could face staggering bills for care and rehabilitation, and compensation fund administrators must decide what to cover.

Officials Say They Had No Authority to Watch Older Suspect

Senior officials will have to explain to a Senate panel their actions before and after Tamerlan Tsarnaev's six-month trip last year to Chechnya and Dagestan.
Op-Ed Columnist

The Confidence Questions

Is there a relationship between gender and self-confidence? Dear Readers, please ponder the matter in your own lives and send in written reflections. We seek responses from men and women.

More Help for Syrian Rebels

The cautious response from President Obama is still the right approach to a confused war.

Economist Polleit acknowledges gold market rigging: GATA I THE GATA DISPATCH -April 23, 2013-.

Economist Polleit acknowledges gold market rigging

4:11p ET Tuesday, April 23, 2013

Investment banker and economist Thorsten Polleit today acknowledges to financial journalist Lars Schall, writing for Matterhorn Asset Management's Gold Switzerland Internet site, that the gold market is anything but free.

"A free market means that there is a free supply of and a free demand for gold that determines its purchasing power," Polleit says. "However, government-sponsored central banks also play a role in affecting the supply of and demand for gold through, for instance, lease transactions. In that sense market conditions are influenced, and at times greatly so, by government interference -- and therefore do not correspond with the principles guiding a free market."

Schall's interview with Polleit is headlined "It Isn't Capitalism That Has Caused the Crisis" and it's posted at Gold Switzerland here:

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

MarketWatch I Wall Street at Close Report -April 23, 2013-: U.S. stocks rise for third consecutive session

By Kate Gibson, MarketWatch 
NEW YORK (MarketWatch) U.S. stocks rallied on Tuesday, recouping after an erroneous tweet pushed the market down 1% in seconds, as investors embraced earnings and less-dismal-than-anticipated corporate forecasts.

“The good news is guidance is still being cut by a majority of companies, but not all that much, or at a lesser rate. We’re not seeing major slashes to second-quarter expectations,” said Nick Raich, chief executive at The Earnings Scout in Cleveland, Ohio. 

Of the more than 130 S&P’s 500 companies that have reported quarterly results so far, 70% beat earnings estimates but only 48% exceeded sales expectations, according to Raich. 

The Dow Jones Industrial Average DJIA +1.05%  gained 152.29 points to end at 14,719.46, with 24 of its 30 components rising, led by DuPont Co. DD +4.13% , up 4.1%, after its first-quarter earnings more than doubled as drought conditions prompted farmers to buy more of its drought-resistant seeds and other products to protect crops. 

Bank of America Corp. BAC +2.99% added 3% after Morgan Stanley upgraded the Dow member’s shares to overweight from equal weight. 

Another Dow component, Travelers Companies Inc. TRV +2.09% , rose 2.1% after the Dow member and insurer reported a jump in first-quarter profit. 

But the session was not lacking in drama, as the Dow lost more than 150 points in a matter of seconds, briefly trading down nearly 13 points on the day, before springing back after the Associated Press said its Twitter account was hacked. The AP’s Twitter feed had erroneously said that there had been two explosions at the White House. 

“The mini crash and recovery does say something about the impact Twitter feeds can have,” Bruce McCain, chief investment strategist at Key Private Bank. 

And, “it probably does reveal a little bit about the skittishness of this market, not that it wouldn’t have had an impact in any case, but the market has struggled with confidence,” said McCain, who cited the defensive tilt of the market in the last month or so, with health care, consumer staples and utilities outperforming more economically sensitive sectors. 

The S&P 500 index SPX +1.04%  added 16.28 points to 1,578.78, with finance and tech leading the gains that included all of its 10 major industry sectors. 

The tech-heavy Nasdaq Composite COMP +1.11%  climbed 35.78 points to 3,269.33.
For every stock on the decline, four gained on the New York Stock Exchange, where 684 million shares exchanged hands. Composite volume surpassed 3.5 billion. 

The price of oil slipped, with crude CLM3 +0.13%  down 1 cent at $89.18 a barrel and gold GCM3 -0.51%  off $12.40 to end at $1,408.80 an ounce.

Sequestration impact

Netflix Inc. NFLX +24.44%  surged 24% a day after the online-video provider’s earnings beat Wall Street forecasts

Coach Inc. COH +9.80%  shares advanced after the maker of luxury handbags reported fiscal-third-quarter results that topped estimates and hiked its dividend by 15 cents to $1.35 a share. 

Euro-zone crisis faces up to new reality
Recent data showing the euro-zone slowdown spreading to Germany suggests that new tactics will be needed to counter the malaise gripping the region. Photo: Getty Images 

United Technologies Corp. UTX -0.79%  shares slid after the diversified manufacturer on Tuesday reported a better-than-estimated profit but its chief financial officer said the government’s scheduled budget cuts have begun to dent orders. 

Lockheed Martin Corp.’s LMT +1.26% shares climbed after the weapons supplier reported per-share earnings that beat Wall Street’s estimates, but also warned U.S. budget cuts could bring full-year revenue down to the lower end of its prior guidance. 

Listening to what corporate bosses have to say, “it’s a cautious tone, and usually these CEOs are cheerleaders. They’re using excess cash to buy back shares and increase dividends, as opposed to reinvesting in their business and hiring people,” Raich said. 

U.S. stocks climbed Monday, rebounding after their worst week in months, as investors anticipated earnings from the technology sector. 

Apple Inc. AAPL +1.87%  reports after the market close on Tuesday. Shares of the consumer-technology have dropped nearly 30% over the past 12 months amid warnings over slower iPhone sales. Read more on lessons from Apple’s time at the top of the market-cap ranking. 
Apple’s shares gained 1.9% on Tuesday. Read streaming coverage of Apple’s earnings report.
The decline in sovereign-debt yields, including in Spain and Italy, also bolstered the case for equities.
“Several countries are reporting record-low yields for their sovereign debt across maturities ranging from two years to 10 years,” noted Fred Dickson, chief investment strategist at Davidson Cos. 

Data showed that U.S. sales of new single-family homes rose 1.5% in March to an annual rate of 417,000 from 411,000 in February. 

Other data Tuesday had the Federal Housing Finance Agency’s home-price index rising 0.7% in February and Markit’s “flash” U.S. PMI for April sliding to a six-month low. 

In China, HSBC Holdings and Markit Economics released its initial purchasing managers’ index reading of 50.5 for April. 

“We’re getting a flow of increasingly disappointing news from China and some of the overseas markets. And our economy is not strong enough to simply go it alone,” said Key Private Bank’s McCain. 

Kate Gibson is a reporter for MarketWatch, based in New York. Follow her on Twitter @MWKateGibson.

DealBook P.M. Edition -April 23, 2013-.: MF Global Trustee Sues Corzine Over Firm's Collapse Home |Business Day| Video The New York Times

Tuesday, April 23, 2013
Jon Corzine, former chairman and chief executive of MF Global.
MF Global Trustee Sues Corzine Over Firm's Collapse A bankruptcy trustee has sued Jon S. Corzine and other former MF Global executives, claiming they were "grossly negligent" in the lead-up to the brokerage firm's collapse.
For the latest updates, go to »

At S.E.C., White Adds to Her Roster of Top Officials Anne K. Small, a special assistant to President Obama, will join the Securities and Exchange Commission as its general counsel.
Sheila Birnbaum Leaves Skadden for Quinn Emanuel Sheila Birnbaum, a top product liability defense lawyer, is leaving Skadden, Arps, Slate, Meagher & Flom and joining Quinn Emanuel Urguhart & Sullivan.
HSBC to Cut 1,150 Additional Jobs in Britain The job cuts are separate from a cost-cutting plan that HSBC announced in 2011, when it said it would reduce about 30,000 positions over the next three years.
Credit Suisse Sells Private Equity Business to Blackstone The Blackstone Group will buy Strategic Partners, a private equity business owned by Credit Suisse that specializes in buying stakes in funds from other investors. The unit has $9 billion of assets under management.
A group controlled by Dhanin Chearavanont last year completed the purchase of a 15.6 percent stake in the Ping An Insurance Group of China from HSBC Holdings.
Thai Billionaire Offers $6.6 Billion for Discount Retailer The Thai operator of 7-Eleven convenience stores that is owned by the billionaire Dhanin Chearavanont is acquiring the discount retailer Siam Makro in the biggest takeover announced in Asia this year.
Breakingviews: Thai Magnate Loads Up on Debt for Big Deals Peter Thal Larsen says that the latest deals for Thailand's richest man, Dhanin Chearavanont, only make sense as long as Southeast Asia's financial boom keeps the cash flowing.
Buzz Tracker
Baucus, Powerful Finance Chairman, Will Leave Senate Senator Max Baucus will retire from the Senate after 36 years, Jonathan Weisman reports for The New York Times. No other lawmaker on Capitol Hill has more former aides working as tax lobbyists, representing blue-chip clients that include financial firms, according to an analysis of lobbying filings.
Economic Reports Data to be released on Wednesday include durable goods orders for March.
Corporate Earnings Companies scheduled to release quarterly results on Wednesday include Barclays, Boeing, Corning, Credit Suisse, Daimler, Eli Lilly, Ford Motor, General Dynamics, GlaxoSmithKline, Hershey, Northrop Grumman, Novartis, Procter & Gamble, Sprint Nextel, Waste Management, Whirlpool, Qualcomm and Zynga.
In the United States On Wednesday, the Senate Banking Committee will conduct a hearing on the Consumer Financial Protection Bureau's semiannual report to Congress; the House Financial Services Committee will hold a hearing about the housing finance system and impediments to private investment capital; a House Financial Services subcommittee will conduct a hearing on United States contributions to the International Monetary Fund; and a House Oversight and Government Reform subcommittee will hold a hearing about the Energy Department's loan to Fisker Automotive.
For the latest updates, go to »

Quotation of the Day
"Defendants, in their capacities as officers, breached their fiduciary duties of care, loyalty, and oversight over the company, and failed to act in good faith."
Bankruptcy trustee's lawsuit against Jon S. Corzine and other former MF Global executives.

BIV Today's Business News -April 23, 2013 I Politics and Policy: $25,000 on parking meters: City report reveals big and little buys

Politics and Policy

$25,000 on parking meters: City report reveals big and little buys

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If a Liberal government won't accept B.C.'s Auditor General John Doyle's criticisms of the Pacific Carbon Trust, an NDP government will, says NDP leader ... READ MORE

Mining and Energy


B.C.-only environmental review for two coals mines approved

Federal Environment Minister Peter Kent has given the go-ahead for environmental reviews to be conducted by B.C. alone for two new coal mines, and is ... READ MORE

Economy and Finance


Taxes have increased more quickly than incomes: Fraser Institute

The average Canadian’s tax bill has outpaced the growth of the consumer price index, according to a Fraser ... READ MORE

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Vancouver native quits FIFA’s anti-corruption panel over inaction

Home ownership is a hurdle for Generation Y

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