Saturday, November 14, 2009

Nov 13.09 commentary.

Good morning to you all:
 
Many have called me on the huge number of fake tungsten bars manufactured in the usa.  Most are bewildered by the shear high number of 16,000 tonnes of this stuff circulating around the globe.
 
I personally do not think that these bars are circulating.  They are only "standing in" for the real metal.  The real metal, of course, has been sold.
 
It has been sold as jewellry, and private demand ie. Arabs and coin hoarders etc.
 
The 16,000 tonnes of manufactured tungsten bars certainly puzzled me.  
 
The usa has 8133 tonnes of physical gold to its credit.  Approximately 6,000 tonnes is held at Fort Knox.  Approx. 1700 tonnes of gold is held at West Point.  The remainder
of gold is held at Norad in Colorado, and a tiny fraction at the Federal Bank of New York.
 
The Federal bank of NY however houses foreign gold and at last count, they hold approx 6,200 tonnes of foreigners gold.
 
The Bank of England is the world's second largest foreign depository of gold.  They supposedly hold 4000 tonnes of foreign sovereign and private gold.
 
There is no question that England and the USA are the financial capital leaders of the Western world. 
 
Could the "tungsten caper" include England?
 
If 16,000 bars were manufactured and sent, there is no doubt that the Bank of England is party to the crime along with the usa.
 
So lets total all the gold at these two sovereign nations depositories:
 
A  USA:                                                                     B   England
 
Fort Knox    6000 tonnnes
West Point  1700 tonnes                                                 Foreign held gold on deposit   4000 tonnes
 
 
 
Norad+ NY   4133
 
 total   8133
 
 
 
  Bank of NY (foreign holdings)
 
 
 
         6200 tonnes
 
 
 
If you add all three we get around 18,000 tonnes.
 
However we do note that many foeign countries have asked the usa to ship back their gold.
Could this be the reason for them doing so?
 
A crime of this proportion is totally mind-boggling. 
I leave the rest to your imagination.
 
Lets start with yesterday's events:
 
Gold (not tungsten) closed up by 10.60 to 1116.60 and a further 2.00 in the access market.
Silver closed up by 11 cents to 17.37.
 
The open interest on comex gold rose by 2740 contracts to 518070.  The silver OI lowered fractionally
by 347 contracts to 133987.
 
This is, of course, as of Thursday.  Remember that on Thursday, we had a terrible day and gold fell by
10.00 in the regular market and another 4.00 in the access market.
So its seems that the stronger hands in gold got stronger, the commercials supplied the paper and buried themselves.
 
This will explain Friday's trading.  It looks like the intermediate bankers are now starting to sweat and they too are vacating
the gold premise as they know and are fully aware that a foreign central authority is the ultimate purchaser of  comex gold, and LBMA gold.
 
Jim Sinclair has been pounding the table for the past month, that China is the major long on the comex.
 
As far as silver is concerned, it should go tagging along with gold but it is lagging as there is no real central authority ready to clean
out the silver at the LBMA and Comex...yet!
 
Yesterday, they released the COT and it is total garbage.  It shows the commercials are completely abandoning both gold and silver
and the paper is being supplied by the smaller specs.  This is total nonsense and these past 2 COT reports are total nonsense!
 
Here is the COT report for you to see for yourself:
 
 
COT Gold, Silver and US Dollar Index Report - November 13, 2009


-- Posted Friday, 13 November 2009 | Digg This ArticleDigg It! | Share this article | Source: GoldSeek.com 

Gold COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

280,398

42,338

73,337

98,290

381,074

452,025

496,749

Change from Prior Reporting Period

874

4,133

6,956

6,502

5,434

14,332

16,523

Traders

210

74

66

38

52

283

164

 

 

Small Speculators

 

 

 

Long

Short

Open Interest

 

 

78,480

33,756

530,505

 

 

 

22,182

19,991

36,514

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Monday, November 09, 2009

 

Gold COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

301,150

28,343

181,679

162,979

482,034

645,808

692,055

Change from Prior Reporting Period

3,305

2,062

16,345

8,804

12,129

28,454

30,536

Traders

248

76

156

45

57

338

250

 

 

Small Speculators

 

 

 

Long

Short

Open Interest

 

 

91,583

45,336

737,391

 

 

 

21,655

19,572

50,108

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Monday, November 09, 2009

 

 

Silver COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

43,862

5,908

30,051

34,800

93,546

108,713

129,505

-1,880

-36

5,100

2,103

1,866

5,323

6,930

Traders

69

33

41

35

30

135

82

 

Small Speculators

 

 

 

Long

Short

Open Interest

 

 

33,081

12,289

141,794

 

 

 

7,231

5,624

12,554

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Monday, November 09, 2009

 

Silver COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

45,231

2,208

60,906

41,785

106,923

147,922

170,036

-1,551

-263

6,139

1,987

2,359

6,575

8,236

Traders

86

27

59

36

35

149

102

 

Small Speculators

 

 

 

Long

Short

Open Interest

 

 

38,639

16,524

186,560

 

 

 

8,080

6,419

14,654

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Monday, November 09, 2009

 

 
 
 
 
end.
 
 
This commentary on the COT came from Bill Murphy. 
 
 
The gold Commitment of Traders Report has gone dysfunctional the way I see it. It showed the small specs increasing their long positions by 22,182 contracts and also increasing shorts by 19,991. This huge increase in activity by the small specs is so far out of whack from the historic norm as to render their entire report useless. The only reason I can think of for this anomaly is to disguise the growing Commercial Signal Failure.
 
 
 
 
 
end.
 
 
As far as I can tell, the CFTC recognize that they have a real problem on their hands especially, if word gets to them that China is going to take delivery of all the gold at their facility.
 
How is the CFTC going to handle the silver positions limits in December?
 
All I can tell you is that December is going to be a very interesting month.  I am not going away so I will report daily on delivery notices.
 
 
Here are some numbers for yesterday.  Nothing earth shattering, other than the dollar collapsing:
 
 
 
The yield on the 10 yr T note dropped to 3.42%.

The dollar fell .39 to 75.29. The euro gained .0056 to 1.4912. The pound gained .0104 to 1.6689. The yen rose .64 to 89.64. It was a bad day all around for the dollar.

Crude oil sank 59 cents per barrel to $76.35.

The CRB fell .08 to 269.12.

The DOW rose 73 to 10,270 and the DOG gained 16 to 2165.
 
 
end.
 
 
I would like to comment on the huge volumes orchestrated over at the gold comex:
 
On Thursday, estimated volume was 171000 contracts with 22% of the volume coming in the last 1/2 hour. or 37000
contracts.
 
This can only be short selling as the physical market had already closed in London.
 
Yesterday, we got the official numbers for Thursday are reported here from John Brimelow:
 
 
The CME website indicates that yesterday's down $8 day was associated with a 2,740 rise in open interest (8.52 tonnes). Volume at 195,366 contracts was 13.9% above the estimate. The Mitsubishi analyst is quoted saying some were looking to go short yesterday: the open interest data supports this idea.
 
First, of all, the comex cannot even come close to actual numbers. If errors are occuring, one should see overestimation on some days.  I have never seen one number on the estimated
side that becomes higher than the real official number.
 
It should also be reported that there were few switches ie. a roll from a December contract to a Feb or April contract.
 
If the volume was close to 200,000 on Thursday, you can bet the farm that the volume was higher on Friday. Probably in excess of 220,000
 
 
 
The huge volume of contracts and the non liquidation from the strong speculators certainly frightened our cartel members
to seek higher ground.
 
We will have to wait until Monday to see the OI but you can be assured that it is rising again.
 
In the words of my number 4 son Stephen who called me yesterday:
 
"Dad, the cartel got stuffed today"!
 
Lets go to some economic news:
 
 
Yesterday, at 8:30 they released the all important trade data and it was not pretty:
 
 

:30 Sep Trade deficit widens to $36.5B vs. consensus $31.8B
Aug deficit revised to $30.8B from $30.7B. 
* * * *

U.S. trade gap widens 18.2 pct in September

WASHINGTON, Nov 13 (Reuters) - The U.S. trade deficit widened in September by an unexpectedly large 18.2 percent, the most in more than 10 years, as oil prices rose for the seventh straight month and imports from China bounded higher, a U.S. government report showed on Friday.

The monthly trade gap grew to $36.5 billion, from a slightly revised estimate of $30.8 billion in August. Wall Street analyst had expected the shortfall to grow modestly in September to around $31.65 billion.

Both U.S. exports and imports had their best month since December 2008. But in a sign of renewed U.S. economic growth, imports grew 5.8 percent in September, the biggest monthly gain since March 1993, while exports rose 2.9 percent.

Imports of industrial supplies and materials showed the biggest gain, suggesting that U.S. manufacturers are ramping up for production.

The average price for imported oil leapt to $68.17 per barrel and imports from the Organization of Petroleum Export Countries increased to $11.9 billion in September, both the highest since November 2008.

The closely watched U.S. trade deficit with China widened 9.2 percent to $22.1 billion as imports grew 8.3 percent to $27.9 billion, both also the highest since November 2008.

The overall U.S. trade deficit, including with China, has fallen significantly this year in response to the worst economic downturn in decade.

But the gap with China narrowed just 15.9 percent in the first nine months of the year, compared with much bigger declines for Canada (79.6 percent), the European Union (42.0 percent) and OPEC (71.8 percent).

That has reinforced ideas that China's currency remains overvalued against the dollar, giving Chinese companies an unfair trade advantage.

President Barack Obama is expected to raise concerns about China's exchange rate regime when he meets with Chinese leaders next week in Beijing. On Friday he was in Japan for talks before heading to Singapore for this weekend's annual summit meeting with leaders of the Asia Pacific Economic Cooperation forum.

With U.S. unemployment the highest in 26 years, Obama has said he would press for a rebalancing of world economic growth where countries in Asia would open their markets to more American goods and rely less on exports to the United States and more on their own domestic demand.

-END-

 
 
 
 
 
 
 
 
We see that the usa imported more stuff than they exported and that is why the trade deficit increased.  Also remember that there is a huge importing of auto parts to manufacture cars in
the usa.  The cash for clunkers probably caused a huge imported bill as this was a "major" component in the stimulus bill.
 
The spin in the usa number is that a higher import number means the economy is expanding.  Not so according to this next piece.
 
This is a commentary from Peter Schiff from Euro capital on this issue:
 
 
Job Losses Demystified

By: Peter Schiff, Euro Pacific Capital, Inc. 


-- Posted Friday, 13 November 2009 | Digg This ArticleDigg It! | Share this article | Source: GoldSeek.com 

As the unemployment rate crossed the double digit barrier for the first time since Michael Jackson learned to moonwalk, President Obama announced that he will convene a "jobs summit" to finally bring the problem under control. Using all the analytic skill that his administration can muster, the President is determined to figure out why so many people are losing their jobs and then formulate a solution. That's a relief; for a while there, I thought we were in real trouble! In fact, the absolute last thing our economy needs is more federal government interference. If Obama really wants to know what's behind entrenched joblessness, he should start by looking at the man in the mirror.

Obama is pursuing, with unprecedented vigor, the same policies that have for decades undermined our industrial base and yoked us to an unsustainable consumer/credit driven economy. This doubling down on Washington's past failures is destroying jobs at an alarming rate. Today we learned that the September trade deficit surged by 18.2%, the largest gain in ten years. Much of the deficit resulted from Americans spending Cash-for-Clunkers stimulus money on imported cars – or "American" cars loaded to the sunroof with imported parts. In exchange for more domestic debt, we have succeeded only in creating foreign jobs.

An article in this week's New York Times by veteran writer Louis Uchitelle confirmed a fact that I have been alleging for years. Uchitelle pointed out that foreign outsourcing of component manufacturing has led to consistent overstatement of U.S. GDP and productivity. The connection goes a long way to explain why we keep losing jobs even as GDP is apparently expanding.

As our economy becomes less competitive due to higher taxes, burdensome and uncertain regulations, and capital flight, more manufacturing and services will be outsourced to foreign firms. However, the flaw in GDP calculation allows the output of those foreign workers to be included in our domestic tally. Since we count the output but not the worker responsible for it, government statisticians attribute the gains to rising labor productivity. To them, it looks like companies are producing more goods with fewer workers.

The reality is that we are producing less with fewer workers. The added "productivity" comes from higher unemployment and larger trade deficits. This is a toxic formula that will have lethal economic consequences.

Don't expect the brain trust at the President's job summit to fret much about these details. That public relations stunt will likely ignore the root cause of the economic imbalances and instead stress the need for government spending on training and education, i.e. more public debt. The unemployed do not need government theatrics, they need actual jobs. But as long as the government props up failed companies, soaks up all available investment capital, discourages savings, punishes employers, and chases capital out of the country, jobs will continue to be lost.

To really fix the unemployment problem, the President must look past his peers in government and academia to understand how jobs are actually created. In the private sector, all individuals have a choice to either work for themselves or someone else. Since labor is far more productive when combined with capital (office equipment, machinery, business models, and intellectual capital), those who lack these assets themselves often choose to work for others who have sacrificed to accumulate them. This increased productivity is shared between the worker and the owner of capital, and both are better off.

However, for one person or company to choose to offer a job to another, there must be an incentive to do so, and they must have the necessary capital. In the first place, employers must commit to paying wages and benefits, comply with government mandates and regulations, and subject themselves to potential lawsuits from disgruntled employees. All of these costs must be measured against the extra profits an employer hopes to earn by hiring an additional worker.

If profit opportunities exist, jobs will be created. Otherwise, they will not. Of course, anything the government does to raise the cost of employment, such as a higher minimum wage, mandated heath care, or greater regulatory burdens, not only prevents new jobs from being created but also causes many that already exist to be destroyed. Anything that diminishes the profit potential of extra hiring will diminish the number of job opportunities that are created. Also, since it is after-tax profits against which employers measure risk, the higher the marginal rate of income tax, the less likely employers will be able to hire.

Finally, in order to hire workers, employers must have access to capital to expand operations. Anything the government does to discourage capital formation automatically diminishes job creation. By running the largest federal deficits in history, Barack Obama is diverting all available capital to the Treasury, and is in effect waging a war against private capital formation.

If the President's summit truly intends to find the root cause of unemployment, his advisers don't need Bureau of Labor statistics or complex modeling software, just the courage to drop their dogmatic belief in central planning and embrace the laws of economics.

For a more in-depth analysis of our financial problems and the inherent dangers they pose for the U.S. economy and U.S. dollar, read Peter Schiff's 2008 bestseller "The Little Book of Bull Moves in Bear Markets" and his newest release "Crash Proof 2.0: How to Profit from the Economic Collapse." Click here to learn more.

More importantly, don't let the great deals pass you by. Get an inside view of Peter's playbook with his new Special Report, "Peter Schiff's Five Favorite Investment Choices for the Next Five Years." Click here to dowload the report for free. You can find more free services for global investors, and learn about the Euro Pacific advantage, at www.europac.net.


-- Posted Friday, 13 November 2009 | Digg This Article | Source: GoldSeek.com

- Peter Schiff C.E.O. and Chief Global Strategist

end.
 
 
OK, next we heard from the important Michigan consumer confidence number and it surprisingly fell very badly.
This is a measure on the consumer and the consumer is 70% of the GDP.  This is a very important number:
 
 
 

Nov Preliminary Univ of Michigan Consumer Confidence 66 vs. consensus 71.0
Compares to final Oct reading of 70.6 
* * * * *

US consumer sentiment falls in November - survey

NEW YORK, Nov 13 (Reuters) - U.S. consumer sentiment fell in early November to the weakest in three months amid grim expectations for job and income prospects, a survey showed on Friday.

The Reuters/University of Michigan Surveys of Consumers said its preliminary index of sentiment for November fell to 66.0, the lowest since August, from 70.6 in October. This was well below economists' median expectation of a reading of 71.0, according to a Reuters poll.

The index of consumer expectations fell to 63.7 in early November from 68.6 in October.

"Confidence tumbled in early November due to the grim financial realities faced by consumers as well as weaker economic prospects for the year ahead -- importantly, the decline in confidence was already in place before the announced increase in the unemployment rate to 10.2 percent on Nov. 6," the Reuters/University of Michigan Surveys of Consumers statement said.

Within the survey, the 12-month economic outlook index fell to 67, the lowest since April, from 81 in October. The 1-year inflation expectation eased to 2.8 percent from 2.9.

-END-

10:08 Univ. of Michigan's Curtin says consumer confidence is likely to decline into holiday season -- Reuters TV
The Nov preliminary reading, just announced, was 66.0 
* * * * *

 
 
end.
 
 
Looks like Sheila Bair of the FDIC has received final clearance for the banks to prepay 3 years of insurance against bank failures.
This is from Bix Weir:
 
 

FDIC and the Big Bad Banks

Hi Bill- 
The FDIC just released the final rule on the 3 year special upfront assessment fee that must be paid by December 30, 2009. 

http://www.fdic.gov/news/news/press/2009/pr09203.html 

That's $45B out of the banksters pockets at a time when the large (bad guy) banks cannot afford it. Of course the ruling let's them "account" for it later....surprise. 

Do you remember the "Bank Stress Test" that declared all those banks were "well capitalized" few months back? That stress test assumed a maximum 10% unemployment rate...the latest release is 10.2%! (although we all know it's closer to 20%). 

Word on the street is Tim Geithner is livid at Shelia Bair of the FDIC for being so mean to his brethren. 

Look for a "too big to fail" bank to fall some Friday night in the near future. 

Sure looks like fun in December! 
Bix
 
 
 

Looks like a lot of people are not happy with Goldman Sachs:
 
 
 

Hundreds of Taxpayers to Converge on Goldman Sachs DC Headquarters Monday

National Mobilization Continues to Demand End to Multi-Billion Dollar Bonuses at Bailed Out Banks and the Too Big To Fail Doctrine, Calls for Congressional Action Now

Washington, DC—On Monday, SEIU President Andy Stern and hundreds of taxpayers will converge on the Washington headquarters of Goldman Sachs to demand an end to multi-billion dollar bonuses and the Too Big To Fail Doctrine and call for immediate Congressional action on real financial reform. This is the latest in a national mobilization launched last month as 5,000 taxpayers from 20 states converged on the American Bankers Association convention in Chicago to demand Wall Street and big banks stop fighting reforms that will protect our families from the next crisis…

http://www.businessinsider.com/protesters-plan-huge-anti
-goldman-rally-in-washington-dc-2009-11

-END-

 
 
 
 
This next story completely floors me.  Obama is going to use TARP money for debt reduction.
 
Tarp money is money that is added to the Federal Deficit..IT IS DEBT MONEY.
 
The world is getting loonier by the day.  Here is Adrian Douglas' commentary on this subject followed
by Bill Holter who also could not believe his eyes when it was announced:
 
 

Commentary No 1:  Adrian Douglas
http://www.marketwatch.com/story/us-ran-deficit-of-176-
billion-in-october-2009-11-12-14800
This is a real hoot if it wasn't so sad:

QUOTE

President Barack Obama's administration is weighing a number of measures to get the deficit under control. The White House is reportedly considering using some of the $700 billion financial rescue package for debt reduction.

END

There must be some fractional reserve accounting going on! How many times can they spend the same 700B$? And the US never had 700B$ because they have a massive debt so this money was created out of thin air as debt so how can it be used for debt reduction??

Why don't they get the FED to treat the Treasury as it does its primary dealers and just issue a POMO for $100 Trillion and the US could be debt free and fund all its unfunded liabilities? Weimar Germany did it to pay off their war reparations obligations. Of course they had a few tricky issues with purchasing power of the currency after they did it! If you are going to play accounting tricks why mess with only chump change of 700B$?
Cheers
Adrian

 
Commentary No 2  Bill Holter
 
 

Bill H:

A new low in stupidity

To all; yesterday the Obaminable administration floated a trial balloon where they would use TARP money to reduce the deficit. Was this a joke? How hard were they laughing in the White House? I am sure they perceive the American public as sleeping, fat and dumb financial idiots, do they think of our creditors in the same manner? Do they really believe the Chinese, Japanese, Arabs etc. are going to buy this financial brainchild?

Last October they told us that if TARP was not passed we would go back to the stone age and be governed under martial law. Now a year later the amount that hasn't been handed out to crony banks is left over and they want to "do the conservative thing" and pay down debt. But wait a minute, didn't they just float a trial balloon a month or so back regarding another stimulus plan because main street "just hasn't responded as well as Wall Street"? Maybe they think that our creditors have the memory span equal to a fart in a windstorm?

So the Fed has stepped up to buy roughly 80% of Treasury and Agency issuance so far this year as foreigners have backed away from our auctions and the White House wants to give some back? Why not just hang on to it until the day the Fed has to fund over 100% of Treasury needs? (The day will come when the Fed will have to fund the Treasury AND purchase from our creditors turned sellers).

Does anyone not see that this is a Ponzi scheme made up of Ponzi schemes that are made up of Ponzi schemes? The Fed magically creates Dollars so they can buy Treasury bonds from a Treasury that is bankrupt and running up against it's "debt limit". DEBT LIMIT? What the heck is this? There is no limit, there won't be a limit, and there can't be. What has me scratching my head is why the FDIC is trying to whack banks over the head (not that they don't deserve it) for 3 years of upfront premiums. This is only going to raise $45 billion or roughly 2 ham sandwiches (imported) and a domestic beer in the grand scheme of things! Why not use the "extra" TARP money? Or better yet, why not just print it? It's only $45 billion!...and just how far do they think this pocket change will go down the road of saving banks? How much would a Citi, or Wells, or BOA death cost? Maybe a tad north of $45 billion?

Nothing even makes sense anymore. The banks got $'s to stay alive and "save" the system by lending which they haven't done and the Treasury borrows more money so we won't go broke (what a concept!). The Social Security "trust fund" has nothing in it except IOU's from a bankrupt Treasury and the FDIC has a negative cash balance (ie., it's broke) which insures $ trillions in bank deposits. The Federal Reserve is neither federal nor a reserve and the stock market at 142 times earnings is "cheap". Our Dollar is backed by nothing at all yet it backs virtually all the fiat currencies worldwide. Gold is a barbarous relic and if you must buy it make sure you get the "paper" type because you wouldn't want to hurt your back carrying the real thing. And as mentioned earlier, take TARP money and use THAT borrowed money to pay down debt!

Like the title implies, a new low in stupidity! Amazing how "oversold" intelligence has gotten. Regards and have a pleasant weekend, Bill H.

P.S. this just in, Jamie Dimon says no more "too big to fail" unless of course it's J P Morgan (though he denies this in his WSJ op ed piece) and government should not put a cap on "size". I think he might have meant too big to bail! Just when I thought I was done writing we get another NEW LOW in stupidness! And...of course CNBC calls Mr. Dimon "one of the greatest minds on Wall Street", thank God the "stupid" people aren't running the show!

 

 

 

end.

 

The following story is happening all around the world for those asking for the silver.

It also happened to my family.  Our silver was not in Toronto but in Hong Kong:

 

Customer story about problem taking delivery on 1,000 ounce silver bar

Dear Bill,
A long-time customer called me yesterday to see if I had any ideas to help him with a problem. In 1984, long before he became a customer of my coin dealership, he purchased a 1,000 ounce silver bar through his brokerage. Ever since, he has paid the broker storage fees for the bar. After reading some of my recent newsletters and seeing th4e news that HSBC was exiting the precious metals storage business, he decided that he would be better off taking delivery of this bar.

When he contacted the broker, he was told that the bar had been stored in a pooled account at HSBC, that they no longer had the bar, and could not deliver it. The only option they offered him was that they could sell the bar back to the broker. He didn't want the cash, he wanted the silver. He said he argued with them for a long time to no avail. He also contacted his local state representative's office who referred him to the state attorney general's consumer complaint website. He also contacted the state attorney general's office and was directed to send a consumer complaint to the same office. He mailed in his complaint October 19 and so far has heard nothing. I told him that it might be possible that the wheels of government were turning so slow that it did not necessarily mean that he was being ignored. I invited him to send me copies of the details of the purchase, storage fees and his complaining letter but he decided instead to just send a follow-up letter to the attorney general's consumer complaint mailbox.

Do you or any of your readers have any suggestions to who this customer might complain. I don't know if there is a particular regulator for stock brokerage firms, national or state level, that would look at this. My customer is really riled up. He wants his silver, refund of all the storage fees paid, interest on the storage fees, plus enough in other damages so that the brokerage firm will not do this kind of scam again. I'm aware that if a broker did this to one client, they are likely to have done it to others. I will try to find out more details on who the brokerage firm is, but if anyone can share some ideas, it would be much appreciated. Thanks.
Patrick A Heller
General Manager
path@libertycoinservice.com
Editor of Liberty's Outlook
Gold Market Commentator for 
www.numismaster.com

 

end.

 

 

 

Yesterday, I commented to you that the month of October saw a huge 176 billion dollar deficit.

 

Now I want to show you the official site of the government and how it lists its increase in Federeal Debt;

 

he Daily History of the Debt Results

Historical returns from 09/30/2009 through 10/31/2009

The data for the total public debt outstanding is published each business day. If there is no debt value for the date(s) you requested, the value for the preceding business day will be displayed.

( Debt Held by the Public vs. Intragovernmental Holdings )


 

Date Debt Held by the Public Intragovernmental Holdings Total Public Debt Outstanding
09/30/2009 7,551,861,558,736.77 4,357,967,444,774.98 11,909,829,003,511.75
10/01/2009 7,505,894,097,177.82 4,414,625,067,141.60 11,920,519,164,319.42
10/02/2009 7,506,060,217,428.15 4,411,888,484,141.91 11,917,948,701,570.06
10/05/2009 7,506,024,509,561.69 4,413,854,612,177.85 11,919,879,121,739.54
10/06/2009 7,506,665,459,975.17 4,420,770,440,973.73 11,927,435,900,948.90
10/07/2009 7,506,680,720,194.61 4,419,038,807,750.01 11,925,719,527,944.62
10/08/2009 7,479,183,127,883.09 4,419,769,623,061.44 11,898,952,750,944.53
10/09/2009 7,479,168,824,625.64 4,416,630,467,582.82 11,895,799,292,208.46
10/13/2009 7,489,508,528,359.81 4,418,100,017,463.43 11,907,608,545,823.24
10/14/2009 7,489,758,664,164.96 4,413,829,996,787.07 11,903,588,660,952.03
10/15/2009 7,530,213,965,500.18 4,416,489,167,307.16 11,946,703,132,807.34
10/16/2009 7,530,179,294,059.39 4,418,543,249,790.56 11,948,722,543,849.95
10/19/2009 7,530,348,395,836.58 4,422,263,009,932.44 11,952,611,405,769.02
10/20/2009 7,530,432,902,398.43 4,426,151,846,210.15 11,956,584,748,608.58
10/21/2009 7,530,693,518,040.49 4,417,762,963,533.49 11,948,456,481,573.98
10/22/2009 7,475,811,772,019.34 4,420,996,472,550.94 11,896,808,244,570.28
10/23/2009 7,475,706,137,162.55 4,420,182,880,613.60 11,895,889,017,776.15
10/26/2009 7,475,025,203,198.51 4,422,561,190,458.16 11,897,586,393,656.67
10/27/2009 7,475,651,677,449.49 4,425,777,634,298.42 11,901,429,311,747.91
10/28/2009 7,476,449,717,282.13 4,417,219,163,806.88 11,893,668,881,089.01
10/29/2009 7,456,680,623,919.04 4,411,776,853,992.90 11,868,457,477,911.94
10/30/2009 7,487,886,930,552.47 4,405,204,097,808.54 11,893,091,028,361.01
 
 
Note:  On Oct l the debt is 11.92 trillion and on Oct 30. it is 11.893 trillion
Today on Nov 12.09 it is 11.991.
 
The Boys are cooking the books.
 
 
Here is a story on the perils of various states in the usa. There are 10 states in serious financial trouble:
 

BEYOND CALIFORNIA: STATES IN FISCAL PERIL

Some of the same pressures that have pushed California toward economic disaster are wreaking havoc in a number of other states, with potentially damaging consequences for the entire country.   Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin join California as the 10 most troubled states, according to a new report.

In "Beyond California: States in Fiscal Peril," researchers with the Pew Center on the States identified factors that have contributed significantly to California's difficulties, then determined the degree to which other states are experiencing the same challenges.  These factors are: loss of state revenues; the relative size of budget gaps; increasing joblessness; high foreclosure rates; legal obstacles to balanced budgets — specifically, a supermajority requirement for tax increases or budget bills and (6) poor money-management practices.

The report identifies threads that cut across the 10 states and could point to vulnerabilities in others as they try to navigate their way out of the fiscal crisis:

A number of states on the list, including Florida, Michigan, Nevada and Oregon, have struggled in part because their economies have depended so heavily on a particular industry.

The severity of the recession has resulted in states across the country facing substantial gaps between what they collect in revenue and what they spend.

In most of the 10 states, including Arizona, California, Florida, Nevada and Oregon, lawmakers' latitude to respond to the fiscal crisis by raising taxes or cutting spending is limited by their states' constitutions, ballot measures passed by voters, or other statutory or legal impediments to change.

Several states on the list were unable to muster the political resolve to enact long-term fixes to their fiscal problems.

More…


end
 
 
I thought that we are now in the recovery stage in the economy.  The Dow is rising.
 
The why this?
 
 

World Bank warns of more unemployment in 2010 
Fri, 13 Nov 2009 10:31:19 GMT

The World Bank chief has predicted another tough year for the global economy, impending large-scale unemployment for wealthy nations.

Robert Zoellick on Friday outlined a list of potential drawbacks to a business forum held on the sidelines of an Asia-Pacific summit in Singapore.

Zoellick said that next year "is the year I am more concerned about."

He added that continuing high levels of unemployment, particularly in developed nations, would create second-wave effects for banks including defaults on consumer loans, credit cards and mortgages.

The US consumer, who has been the savior in previous downturns, can no longer be relied upon to drag the global economy out of the doldrums by returning to enthusiastic spending, he said.

More…

 
 
end.
 
 
 
 
I hope you all have a grand weekend and I will report at my usual time on Monday
 
Harvey.

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