Friday Wrap-Up

It's once again the end of the great American work week at least for those of you doing the 9-5 thing in a cubicle or hopefully an office where you can close your door and enjoy the unique repartee Turdville has to offer.     Some of the guest writers are on a well deserved vacation so you get me one more time providing the Friday morning quarterbacking.    It's kind of like being a kid and peaking in the class room to see who the substitute will be.   Lantern again?  Spitball throwing contest day!

ALL SYSTEMS DOWN

You are spending a quiet evening at home scrolling through the latest comments on Turdville when all of a sudden your computer screen turns blue, and lines of white text start scrolling past including the words beginning dump of physical memory, fatal error.   You scratch your head and say to yourself, "now that can't be good!"   Yesterday, the NASDAQ experienced a collective Blue Screen of Death when trading of stocks and options came to a complete stop for over three hours because of a technical malfunction.

It was serious enough that both the President and Treasury Secretary were briefed on the situation shortly after the lights went out.  Earlier this week,  Goldman Sachs experienced a serious problem with their computer trading system that resulted in a flood of erroneous orders being sent to U.S. equity options markets.   Bloomberg is reporting the glitch may have affected about 400,000 contracts for companies including JPMorgan.  They are still investigating but I heard Rick Ackerman say yesterday that there could be losses up to 9 digits.

http://www.bloomberg.com/news/2013-08-20/goldman-says-exchanges-working-to-resolve-options-order-mishap.html

Folks this is serious stuff.  I suppose computers do malfunction but when it happens twice in a week to the most sophisticated financial computers in the world, red flags should be popping up all over the place.    As you might remember, in 2010 the DOW experienced a Flash Crash where the market lost 1000 points in 9 seconds and the technical glitch which occurred during the IPO of Facebook.   These are only the more notable ones but the US exchanges have been experiencing other technical failures that it's time to ask, what is REALLY going on here?

Now consider this article printed by the WSJ back in 2009 regarding the computer system that run the US electrical grids being the target of foreign sabatoge.

"The spies came from China, Russia and other countries, these officials said, and were believed to be on a mission to navigate the U.S. electrical system and its controls"

http://online.wsj.com/article/SB123914805204099085.html

So you see where I'm with going with this?  With all the revelation of the sophistication of the world network of the NSA, and all the stories of hacking over the last couple of years, it's not too much of a leap of faith to suggest that something stinks here.   I guess I'm not the only one to think so as yesterday Jim Rickards tweeted on the situation including the following,

Jim Rickards.  Am I the only one who believes #Goldman & #NASDAQ trading glitches back-to-back may be #Iran cyber warfare, hitting us where it hurts: $$ ? 

         to which one "Victor the Cleaner" replied yes.  Boy that guy gets around.

Sorry Victor but there is at least two of us now that think that this rash of technical glitches is something more than the result of an incompetent PC support staff.  Earlier in the month, Catherine Austin Fitts was talking on a similar subject on how the US spying network is quite suitable for tapping into our financial system for purposes of manipulating the trade.  One doesn't have to be Tom Clancy to imagine the possibilities of sabotaging either our transportation system, electrical grid or financial markets.  Of course, if there was some foul play involved, you better believe that you would be the last to know. 

Let's move on to some very brief market news. 

In case you missed it, here is a full synopsis of the fed minutes.  The bottom line was that there was no change in the Fed's stance on bond buying.  

http://blogs.wsj.com/economics/2013/08/21/key-passages-from-fed-minutes-2/

Yesterday as I was reading the analysis in both the alternative and MSM, it was clear that EVERYONE is certain on what the outcome will be.  Zerohedge represented the alternative media by suggesting that anybody who believes that they will taper QE is delusional.  And the MSM media suggested that something like 60% of economists were certain that the QE would be tapered in some form.  

I thought to myself with all this certainty in what the Fed will do in September, it must be that all the people writing aren't the same people who invest in the markets.  Clearly, the markets don't seem to know up from down and gold had a momentary lift and then sputtered again.    Maybe those who are invested in the market don't really believe anything they read? 

As you know, I am in the camp of entertaining all the various scenarios and then sitting back and watching the game unfold.  Not to belabor the subject, but I did mention a 4th storyline which the Fed could opt for that would save face for the Fed while continuing to print piles of fiat.  Nobody ventured a guess so let me spill the beans.

The Fed could begin shaving off some of the sterilized QE, keep the banks well buffered, bond buying at a healthy level while starting to put some of that gelt into the real economy vs a sterilized QE.  There are many ways the Fed could do this save a true Bernanke style helicopter drop.  If you have been paying close attention, Elizabeth Warrens' proposal of buying up $1 trillion dollars worth of student loans instead of $85 billion a month of government bonds.   However, that would likely produce the kind of real inflation that gold bugs would really like and would be the impetus for the next strong leg up in the gold market.  There are the obvious dangers of trying such a thing.

One last point, I wanted to make was the one that our friend Argentus wrote two weeks ago " A pulse of inflation now, is probably not THE gold bull market that the gold bugs hope for, seeing as government structural reforms are not yet in place."    There is that BIS buzz word again, "structural reforms"     If you feel so inclined you might want to go back and reread AM's  post.  http://www.tfmetalsreport.com/blog/4934/coping-stagflation-gold-traders-point-view.

Finally, this was posted over at Jesse's Cafe last night around the Witching' Hour on the steeply falling Comex inventories. . 

http://jessescrossroadscafe.blogspot.com/

By now, you have all considered Turd's short list of unusual things that are happening.   And all I have to say on the subject is There is More! 

In the spirit of Turd Friday's,  the thread is an open one.   Feel free to comment on any thing dear to your heart.  

Enjoy your weekend!

317 Comments

murphy's picture

woo hoo

TGIF. Thanks GL. 

As an aside, for all those who have considered joining  TF's Vault membership and have not taken the plunge. I would suggest you give it a try for at least a month.  There have been numerous new names that I had never seen before. The  common thread from them and others saying that they have all ready got their moneys worth. 

silver foil hat's picture

Hi there

In a totally coincidental happenstance I lost all my phyzz in a freak cruise ship accident in the middle of Death Valley yesterday.

Some of you will immediately see the <sarc> as it relates to the 'technical glitch' in the market yesterday.

The next one will conveniently eliminate trillions in wealth in retirement funds.

AndrewRyan's picture

Whats a central banker gotta do to get some inflation round here

Just read this article from Reuters.  That's 5 years at an anemic 1% inflation.  I just don't see how they taper with inflation that low and unemployment this high.  Market seems to be thinking QE ends June 2014, but I'm not seeing it.

For once I bet the BLS wishes shadowstat's data was right.  SS claims >4% inflation since 2008. Yeah, right, we should be so lucky.  We'd be seeing a much healthier job market and GDP if that were the case, not to mention some more robust PM prices.

Monedas's picture

Very Suspicious !

Why doesn't the IRS .... ever suffer a systemic collapse .... or the SNAP card system .... or HUD Section 8 .... duh .... because it's "them" .... that's doin' it to US  ?         Monedas       1929        Comedy Jihad Follow The Trail Of Gingerbread Crumbs To The Free Shit Army  World Tour    devil     PS:  The Goobermint protects it's WIC (Welfare Indolent Complex) secrets more closely from the taxpayer/worker bee boobs .... than the MIC secrets from our admirable avant garde ever so chic socialist adversaries !

sengfarmer's picture

One more

Why not have an income tax holiday for a couple years?  That would only cost less than 3 trillion a year. Why shovel over 23 trillion into the financial system over the last 5 years?  Give us peons a break.

Mantis's picture

I'll take 5th

Think 1st might be achievable under the non paid section..

now for the article..

dannyhaha's picture

Cyber attacks?

I don't think it is very farfetched to consider any cyber mishaps to be other than any "attacks' by Iran or any of the other designated targets.

I don't say impossible, but it is at least as likely, and probably more so a dishonest laying of blame in order to justify response, maybe militarily.

This has been the desire of this government and the other government that has so much sway with it.

It's a shame that such a thing can be considered, but the last dozen years have shown that it can be a likely thing.

lamare's picture

CONFIRMED: US Military Alliance Defeating Federal Reserve

I just finished reading David Wilcock's latest article:

http://divinecosmos.com/start-here/davids-blog/1145-us-military-fed

A very interesting read, I would say, with lots of details suggesting patriots with the US Military have been up to something for a long time. To me, this appears to connect very nicely to the computer problems in Green Lantern's post. Some quotes and notes:

http://www.zdnet.com/anger-rises-as-fed-confirms-anonymous-hack-downplays-us-bank-emergency-system-breach-7000010902/

After Anonymous posted sensitive credentials of over 4,600 banking executives to a government Web site on Super Bowl Sunday, the Federal Reserve acknowledged the attack in a Tuesday morning statement to affected individuals and press.

So, anonymous clearly does not like the FED and makes clear it has access to (some of) their computers.

Anonymous’ Secret Presence in the US Army
 

An active-duty Army captain and member of Anonymous describes how the organization operates, his own involvement in the Arab Spring, how the crackdown on Bradley Manning and Edward Snowden has affected soldiers, and how more leaks are on the way.

He has agreed to speak with BuzzFeed on the condition of anonymity.

Are there a lot of members of Anonymous in the Army?

There are more than you would thinkmore heavily in the techie world [of the military] — especially at Fort Huachuca, where all the intel people are.

A lot of them wanted to get the job [there] because they want to learn secret stuff and have a better personal understanding of how the world actually works.

Many US Army personnel are working for anonymous...

Snowden Downloaded NSA Secrets While Working for Dell, Beginning in April 2012
 

WASHINGTON, Aug 15 (Reuters) - Former intelligence contractor Edward Snowden began downloading documents describing the U.S. government's electronic spying programs while he was working for Dell Inc in April 2012, almost a year earlier than previously reported, according to U.S. officials and other sources familiar with the matter.

At least, this was not a "last minute" action, but a well thought-trough and coordinated plan. 

Now, consider this: 

http://zeenews.india.com/news/world/wikileaks-releases-400gb-of-encrypted-insurance-data_870053.html

WikiLeaks releases 400GB of encrypted 'insurance' data    

That's a LOT of data, which suggests Snowden may not have worked alone, but may be associated with "anonymous" or at least some of their US Army members.

To contintue with Wilcock:

Very soon after Snowden became a public figure, he ended up in Russia. This was no accident. I highly doubt he ever intended to go anywhere else.

As I wrote on June 8th, before Snowden was even identified, "Vladimir Putin is the most visible coordinating member of this alliance today."

What I found very interesting to read, is this part:

SHERMAN SKOLNICK FIRST BROKE THE NEWS OF THE ALLIANCE

More than one insider has revealed to me that a significant majority of the US military -- at least 60 and possibly now over 75 percent -- is directly opposed to the occult "New World Order" Cabal running the Federal Reserve.

The commanding officers of some divisions are now 100 percent in agreement of the need to bring down the Federal Reserve and restore the Constitution.

Before the BuzzFeed article, there was no major, public indication that the military was working against the Federal Reserve -- other than the groundbreaking Veterans Today website.

Still to this day, Manning and Snowden are generally being seen as loners, operating in isolation -- and not members of any greater alliance.

However, the US military alliance against the Cabal was first publicly revealed by Sherman Skolnick -- all the way back in the late 1990s and early 2000s.

[...]

THIS PLAN IS NOT FAKE, AND HAS BEEN IN THE WORKS FOR MANY YEARS

By 2001, Sherman Skolnick had openly revealed that there was an alliance of patriots working to save our planet from financial tyranny.

However, a coup d'etat in America would not be sufficient to solve this problem -- it is much bigger and far more international than just the United States.

The patriotic US military "flag officers" who fled to a Paris suburb after the 1995 airplane sabotage have apparently helped consolidate a vast international alliance.

Russia is playing a key part in this alliance, as I said earlier. Snowden's amnesty in Russia is a major clue that supports what our insiders have been saying.

COMPUTER HACKERS ARE A KEY PART OF THE PLAN

Computer hackers have always been a key part of the US military alliance.

I have been told that a significant number of ordinary hackers who get caught and arrested end up enlisting, rather than going to jail.

Quietly, the patriotic US military has built up a vast army of computer hackers -- well over 40 percent of all enlisted personnel, I was told.

The hacker group "Anonymous" is apparently a visible, public manifestation of this ongoing military hacker alliance.

The propaganda, spin and disinformation machine is so effective that many people still do not believe an alliance even exists -- or has positive intentions.

Nonetheless, I have had personal contact with insiders who are involved in this alliance, to varying degrees.

This did not come easily. I have had friends die and others get poisoned and brought to the brink of death -- but I did not stop the work.

P.S.: There's no mentioning of UFO's or aliens or anything of that kind in this article, but there are references to the idea of "synchronicity" and numerology, which you may not like.

In that case, just skip over these parts and ponder on the idea that "anonymous" may be an operation by patriots within the US army a/o aiming to end the FED, within/cooperating with an international alliance with a/o the Russians and the Chinese, those who hoarded the gold and thus bankrupted the FED...

DeaconBenjamin's picture

Gold down by Rs 330 to Rs 31,420 on lower sales

NEW DELHI: Gold prices today plunged by Rs 330 to Rs 31,420 per 10 grams in the national capital on lower sales by retailers and jewellers at current high levels.

Silver also eased by Rs 100 to Rs 51,800 per kg on lack of buying support from industrial units and coin makers.

Traders said reduced offtake by retailers and jewellery fabricators at existing higher levels mainly kept pressure on the prices of both the precious metals. They said besides falling demand due to off marriage and festive season, investors shifting funds from bullion to rising equity markets further influenced the market sentiment.

In line with a general weak trend, silver ready declined by Rs 100 to Rs 51,800 per kg, while weekly-based delivery rose further by Rs 110 to Rs 51,650 per kg. The white metal had surged by Rs 1,745 in the previous session. However, silver coins continued to be asked around previous level of Rs 88,000 for buying and Rs 89,000 for selling of 100 pieces.

http://economictimes.indiatimes.com/markets/commodities/gold-down-by-rs-330-to-rs-31420-on-lower-sales/articleshow/22001732.cms

¤'s picture

Good Morning

einstein.jpg

Thanks for the thread GL and a happy TGIF to everyone.

Ditto what Murphy said...there are lots of lurkers/newbs coming out of the woodwork over there and the tenor is pleasant and NOT an echo chamber. I recommend those on the fence to give it a try even if it's a brief one to just check it out.

Green Lantern's picture

thanks Lamare!

thanks Lamare!

Mudsharkbytes's picture

If all I'm gonna be…

…is a lousy twelfth, what's the point?

¤'s picture

BIS Gold Talk 1934

I thought it might be interesting to some if they read some of the BIS Annual Meetings and the mentions of gold.

Here's the link to all of the BIS Annual Report's.

For further fun, if you go to Bank of International Settlements and type in the word "gold" you'll get lots of hits and you can sift through it chronologically if you'd like.

There is no shortage of gold being mentioned within that site or this Annual Report below...

0415-gold-prices-630x420.jpg

FOURTH ANNUAL REPORT

TO THE GENERAL MEETING OF THE

BANK FOR INTERNATIONAL SETTLEMENTS

BASLE, May 14, 1934.

Gentlemen :

I have the honor to submit herewith, as required by the Statutes, the Annual Report

of the Bank for International Settlements for the fourth fiscal period, beginning April 1,

1933, and ending March 31, 1934:

These twelve months have been striking ones in the financial history of the modern world. They have witnessed the dramatic episodes in the United States of America, culminating first in the abandonment of the gold standard, with its worldwide economic and monetary repercussions, and then, after a series of novel currency experiments, and a profound change in the banking and central banking structure, in the devaluation of the dollar and a qualified return to the standard abandoned.

They have witnessed the high hopes aroused on every continent by the convocation of the London Monetary and Economic Conference, which was to find joint solutions for financial ills and economic difficulties and to prepare the way for a reconstituted international monetary system —hopes which were dashed to the ground when this vast assembly met and promptly discovered that it was either in disaccord on fundamentals (especially as regards

early currency stabilisation) or, if in agreement on some fundamentals (for example on

the economic side), in disharmony as to the ways and means of reaching the agreed

objectives.

They have witnessed, as a consequence, the formation, in the monetary

field, of the "gold bloc", determined to preserve the status quo in their monetary

system based on the classic gold standard, and in the financial and economic field, a

retreat from the direction of internationalism toward a self-reliant, self-contained but

ominous nationalism. In international financial and monetary relations the twelve months

have seen a series of retrograde developments — more moratoria, more transfer impediments, more artificial clearings, more gold hoarding than during any year on record, more conversion of foreign balances and their repatriation into the home currency, or

in gold, by private and central banks, an almost complete cessation of new long-term

lending abroad and a further limitation or reduction of the volume of short-term credits.

But in the national field, marked progress has been made. Indeed, as world conditions

stand to-day, it may well turn out that the shortest, though hardest, route back to the

healthy and stimulating financial and economic internationalism which existed almost

unnoticed in so widespread a degree before the war will be found to pass first through

an area of nationalism, in which each country endeavors to liquidate the past by its

own efforts and strives for national reconstruction by isolated endeavor.

In a considerable number of countries, national indices have begun to show signs of improvement: a recovery in industrial production, a great decline in unemployment, a brisker movement of goods to consumers, a strengthening in raw material prices, a lowering

of the rates at which credit and capital are available, a firmer tendency on the stock

markets, and an adjustment of production costs and prices — in other words evidences

that equilibrium is being gradually reestablished thanks to thousands of individual...

http://www.bis.org/publ/arpdf/archive/ar1934_en.pdf

The Doc's picture

Jim Willie: 13 Reasons Why

Jim Willie: 13 Reasons Why Gold Will Hit $5000/oz

5000 gold

The financial crisis has been a fixture since 2008 when Lehman failed.  The crisis became acute when QE began, and later the hyper monetary inflation was clear as permanent  In the last several months, the perma-crisis elevated in danger level, from a skein of high risk critical extreme events.
The Gold price will rise dramatically in the future from numerous powerful forces and factors.
The following factors are directly relevant as to why the Gold Price will rise to $5000 per ounce, then higher.   At the same time, the Silver price will rise multiples higher. The gains for Silver will most likely be a greater multiple than seen on the Gold price rise. The shortage for Silver is astounding and obvious to analysts and experts, except those who work for banks. The shortage for Gold is more subtle, as thousands of tons have been leased illicitly. Therefore the accounting is replete with double counting and outright missing accounts in false reporting.
The following are 13 fundamental and locked-in-stone reasons why gold will first hit, and then surpass $5,000/oz.

http://www.silverdoctors.com/jim-willie-13-reasons-why-gold-will-hit-5000oz/

flyinkel's picture

A Wise Man Once Said

Surveillance is not for terrorism folks.....unless of course your government considers decent citizens as such....which is likely....

Surveillance is not for terrorism folks.....unless of course your government considers decent citizens as such....which is likely....

Surveillance is not for terrorism folks.....unless of course your government considers decent citizens as such....which is likely....

oops, stuck button

Turd Ferguson's picture

New from The Jackass

MODERATOR

http://news.goldseek.com/GoldenJackass/1377288000.php

Back in November 2003, before the Hat Trick Letter was hatched and launched, a seminal article was written about 25 reasons why Gold will rise. It was updated afterwards, around 2008 with a couple more reasons. Given the extreme situation in the last few months, the entire outlook has changed. The gnarly intractable crisis began in late 2008 when Lehman Brothers failed, Fannie Mae was nationalized, and AIG was given a nationalist prop. In the last several months, the crisis has entered a new elevated level of perma-crisis and constant tension, widely recognized as something more serious, dangerous, and risk-filled.

The key changes that mark a quantum change in the global environment for Money, Banking & Gold are many. Taken collectively, they are truly impressive and mindboggling. The new normal is deep constant crisis without resolution, nor the attempt to resolve anything. The banker power structure refused to endure liquidations. They will forced upon them, consequently. The elevated sense of urgency, greater degree of distress, and higher risk of systemic breakdown are the result of many developments. They are largely due to:

  • ZIRP Forever & QE to Infinity (hyper monetary inflation forever)
  • Negative Gold Forward Rates & Futures Contract Backwardation
  • Arab Spring & Instability across Middle East & North Africa
  • Bail-in Plans for Western Bank Account Confiscation
  • Monthly Gold Market Ambushes
  • COMEX Vaults Going Empty
  • Exposure of Derivatives as Bank Sector Point of Vulnerability
  • Constant Pressure for Intervention & False Support of Financial Markets
  • Draghi Bond Solutions Declared Invalid
  • Unresolved Debt & Deficits in Southern Europe
  • Recognized Dysfunction of USGovt Spending
  • Infiltration of Chinese Yuan Swap Facilities into Western Nations
  • Renegade G-20 Meetings with Gold Trade Settlement as Key Project
  • Birth of EurAsian Trade Zone with Pipeline Infrastructure
  • Revelation of Widespread Security Eavesdropping

Click the link above to keep reading.

<edit> And now I notice that The Doc just posted the same article. Double coverage. Go read it.

StevenBHorse's picture

Griddle me this

map of the ten Regional Transmission Organizations (RTOs), as described in the article text

Hedge funds have gotten into these markets.  There is something called FTR (future transmission rights) that can be speculated against.  In 2008, a hedge fund blew up and cost the PJM Interconnection $90M.  My memory is fuzzy on the details at the moment, but I think the loss had to be divided up between the members of PJM.  

http://www.publicpower.org/files/PDFs/January28PPW.pdf

Each utility company that runs generation can do so at their own discretion in the event of a system breach.  As it stands now the ISO networks tell the individual member utility companies how much power to generate given the current load (demand).  The individual utility company has control over its own transmission network as well.  The ISO control the flow from each individual territory.

So in the event of an attack on the grid, places that import power because they haven't the generation capacity (think California), would be under more strain than a place like Southwest IN (25+ coal fired plants in a 50 mi radius).  If the Regional ISO were to ever gain access to the computers that run the individual utility power plants, then yes the whole thing could be at risk.  The good thing about that is, the utility companies would fight that tooth and nail, because it would be taking potential revenue away from them.

The bigger risk is a financial risk from the funds that have begun to speculate in these markets.  The PJM episode taught the folks at MISO a lesson about collateral requirements, and there was a 10 month process to improve collateral requirements to prevent a similar thing to happen in their FTR market.  But even the most stringent collateral requirements won't prevent someone from potentially blowing a major hole into the regional ISO's. 

https://www.misoenergy.org/Library/Repository/Meeting%20Material/Stakeholder/CPWG/2010/20100914/20100914%20CPWG%20Item%2003%20Attachment%20L%20Credit%20Cap%20Redline.pdf

Turd Ferguson's picture

HELP PLEASE

MODERATOR

Time for TFMR to help and educate Turd. I've never tried to buy directly from The U.S. Mint. Can you only buy AGEs through dealers? Can you not buy them directly from The Mint?

What the heck is going on here? First, click this: http://www.usmint.gov

Then click "shop": http://catalog.usmint.gov/webapp/wcs/stores/servlet/TopCategoriesDisplay?storeId=10001&catalogId=10001

From there, under "Products", click American Eagle Coins: http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?langId=-1&storeId=10001&catalogId=10001&identifier=1000

Now wanting a gold "proof", I clicked on "gold uncirculated": http://catalog.usmint.gov/webapp/wcs/stores/servlet/CategoryDisplay?catalogId=10001&storeId=10001&categoryId=13238&langId=-1&parent_category_rn=10191&top_category=10191

And I got this. First, check the price: $1675!! No wonder they're not selling any! But look at the text:

Coin Specifications Click to Expand

Condition: Uncirculated
Composition: 

91.67% Gold, 3.0% Silver, Balance Copper

Edge: Reeded
Facility:  West Point
Mint Mark:  W

For investors, please click on the appropriate link for information on United States Mint American EagleBullion Coins or to locate a bullion coin dealer near you.

 
2013 AM EAGLE GOLD UNC 1 OZ2013 AM EAGLE GOLD UNC 1 OZ      
2013 American Eagle One Ounce Gold Uncirculated Coin (GB1)
 
Price: $1,675.00   Qty.    
 

Only 91.67% GOLD?!?! And they want $1675 for this??

Someone here has to be able to provide an explanation. Otherwise, WTF?!?

Green Lantern's picture

New Interview with Eric

New Interview with Eric Sprott

  • Will They Taper?
  • What Detroit Means
  • Shortage of Gold, GLD,  attacks on COMEX, banks going long gold

¤'s picture

Friday News Blast: Markets

Stock-Market-Crash.jpg

What Determines The Return On Gold? - Noah Smith, Noahpinion

Will John Hussman's Market Crash Guess Come True? - Business Insider

Why the Fed May Bail Out China - Alexander Friedman, Project Syndicate

Fed Tapering and the Indian Currency Crisis - Desmond Lachman, RCM
@Jackson Hole, Something Said Will Disturb Markets - John Crudele, NYP

Emerging Markets & Treasuries, A Vicious Cycle - MoneyBeat
A Buffet In A Box ETF? - Samuel Lee, Morningstar
The Buying Stampede May Be About Over - Jeff Cox, NetNet
The Other Big Question At Jackson Hole - Pedro da Costa, MacroScope

Emerging Markets Menace Global Economy - A. Evans-Pritchard, Telegraph
Emerging Markets the Latest in an Age of Bubbles - Paul Krugman, NYT
Investors Are Wrong on Emerging Markets - Michael Gayed, Minyanville
The Financial Crisis That Won't Go Away - Jeremy Warner, The Telegraph
QE Is Not Money Printing, It Is Betrayal - Jeffrey Snider, RealClearMarkets
Nasdaq Outage a 'Black Squirrel Event' - Chuck Jaffe, MarketWatch
The Government and the Entrepreneurs - Simon Johnson, New York Times
To Create Jobs, Gov't Has to Steal Them First - Jeffrey Dorfman, Forbes
Even Women Don't Feel They're Mistreated at Work - Kyle Smith, Forbes
ObamaCare Signals the End of Insurance - Ed Morrissey, The Fiscal Times
The Numbers Behind Spousal Benefit Cut - John Tozzi, Bloomberg BW
5 Hurdles for "Occupy"-Branded Banking Product - Martha White, Time
In a Plea To Raise Debt Ceiling, Jack Lew Repeats Himself - Joel Pollak, BG

Momentum As An Investment Strategy - Ryan Larson, Research Affiliates
The Torment Of All the Tapering Talk - Tom Sowanick, Omnivest Research
Part-Time Workers & the Labor Market - Brian Wesbury & Robert Stein, FT
Index of Leading Economic Indicators Moves Up - Tim Quinlan, Wells Fargo

A Cry For a Bigger Inflation Fix In Ivory Tower - Caroline Baum, Bloomberg
About Future of QE, Fed Proves Opaque - Nelson Schwartz, New York Times
It's Clear the FOMC Hasn't a Clue What to Do - John Crudele, New York Post
"Taper Tantrum 2": Investors Throw a Hissy Fit - Adam Shell, USA Today
Interest Rates Are Rising, And That's Good - Anthony Mirhaydari, MSN
Gilder On Why the Stock Markets Are a Lot of Noise - Jerry Bowyer, Forbes
Hedge Funds Have Severely Underperformed In '13 - Steve Russolillo, WSJ
Black Swans Are a Myth, Gov't Meddling Is Only Swan - John Tamny, RCM
The Foolish Push To Mothball Fannie and Freddie - Jason Gold, U.S. News

 

Byzantium's picture

@ Turd

That coin has a full ounce of gold in it; but with the other metals it weighs over an ounce overall.

They call it a one ounce coin as shorthand for saying 'this coin has a full ounce of gold in it.'

Edit: It is the same with Krugerrands and UK Britannias; more metal is added to the one ounce of gold, to harden it. Gold Buffalos and Maples on the other hand, are pure gold, but can be dented/bent easily; and lend themselves to the classic 'biting' test.

The 91.6% comes from the 22 carat status, which means that 22/24 of the weight is gold. The rest of the metal is in addition to that gold ounce.

22 carat is the traditional composition of a circulating gold coin; pure gold is too soft. 22 carat is now 'tradition,' even for coins not intended for circulation. Usually, the rest is copper, but some UK coins have one part silver to one part copper, and this gives the gold a more aesthetic 'yellowish' hue, rather than the reddish hue of just adding copper.

Late edit 2: Buy it quick, the spot price has just exploded!

¤'s picture

Friday News Blast: World

stock-footage-world-news-earth-glowing-b

The End of the World Is Starting in Syria - Ari Shavit, Haaretz

Choice Is Clear: Dictatorship for Egypt - Charles Krauthammer, WaPo
Will Obama Ever Get Serious About Syria? - Will Marshall, RealClearWorld
The Day After Assad Wins - Andrew Tabler, Foreign Affairs
Russia's Demographic Collapse May Lure China - Taylor Washburn, TNI
Iran's Just Shy of Being a Nuclear Power - Michael Wilner, Jerusalem Post
China's Incredible Shrinking Economy - Gordon Chang, WA Journal
Civil War May Be Inevitable in Egypt - Alain Rodier, Le Temps/Worldcrunch
Will Europe Beat Back Anti-Semitism? - Jonathan Tobin, Commentary
Quebec's War on Religion - Margaret Somerville, Ottawa Citizen
Can Latin America Survive China's Slowdown? - Jaime Daremblum, RCW
India, World's Next Great Naval Power - Harsh Pant, The National
Neocons Fall Out of Love with Democracy - Matthew Duss, Am. Prospect
Rise of the Nationalist Left - Sean Scallon, American Conservative
Proof the BBC Is Biased - Mike Berry, The Conversation
How the U.S. Found Russia's Loose Nukes - Bulletin of Atomic Scientists

How to Punish Assad? - The Guardian
A Holocaust Lesson for Japan - JoongAng Daily
Prayer of the Copts - New York Post
Tackling Israel's Fundamental Question - Jerusalem Post

Obama's Realism Lets Assad Win - Michael Hirsh, The Atlantic
It's the Geography, Stupid - Robert Kaplan, Stratfor
Why Syria's Southern Front Gives Us Hope - Michael Weiss, NOW Lebanon
Blurry Line Between Syria's War, Egypt's Chaos - Ariel Solomon, J. Post
The Case for Cutting U.S. Aid to Egypt - Max Boot, Los Angeles Times
A Smart Man with Jews on the Brain - Jeffrey Goldberg, Bloomberg
Spain's New "Fornicators" - Soeren Kern, Gatestone Institute
The World Won't Wait for Feckless Obama - William Dobson, Slate
Bo's Show Trial Tests Chinese Regime - Gillian Wong, Associated Press
China Still Clings to Mao - John Garnaut, Foreign Policy
U.S. Snubs Russia. China Doesn't - Ashley Hess, The Diplomat
Why Americans Demonize China - Dan Steinbock, China-U.S. Focus
Strange Death of Britain's Middle Class - West & Nelson, The Spectator
The Country Where Buddhists Beat On Muslims - Joseph Cox, Vice

Maybe Ousting Mubarak Wasn't a Great Idea - Max Fisher, WaPo
Authoritarianism Strikes Back - Paul Pillar, The National Interest
End of an Era for Egypt's Muslim Brotherhood? - Wael Nawara, Monitor
Egypt's Revolution in My Facebook Window - Maged Zaher, The Stranger
America's Unwise Anti-Russian Policies - Edward Lozansky, Moscow Times
Russia, China Undermine UN's Syria Response - Colum Lynch, FP
Russia Moves to Boost Trans-Arctic Shipping - Marco Evers, Der Spiegel
India's Currency Is in Big Trouble - Krista Mahr, Time

CarlC's picture

boom through resistance

Gold and silver just broke through resistance ?

Hawkman's picture

Great post GL

And being in the technology business now for almost 20 years, I can say you are right on target with the suggestion that these recent cyber-outages smell funny.  Don't forget the Google outage last Friday as well where for 5 minutes 40% of the entire internet came to a screeching halt. 

It's one thing when my laptop updates itself and I have to reboot. It's quite another when systems like NASDAQ and Google are hit so hard they go down.  Folks, the one thing these systems have in common is that they are designed above all to NEVER go down.  Multiple redundancies, backups to backups, geographic diversity of data facilities and so on.  The kind of money and effort that goes into the modern data center is simply staggering.

It's pure normalcy bias to accept without question that a cluster of outages at our most important cyber-institutions is just random chance.

And in other news, just as the 10yr flirts with 2.9% for the second time in a week, and taper-talk stays consistent out of the Fed, we wonder - How will the US keep that rate (some say the only number that really matters any more) from rising further?  Why our old friend, military intervention in the middle east of course!

An oldie but a goodie.  Flexing our military muscle gives Joe Sixpack (tired and depressed from being out of work for months) something to root for, gives flagging defense spending a shot in the arm, makes an argument for private money to 'run to safety' in USTs and most importantly - gives the Fed an excuse to taper the taper-talk and do what they planned to do all along. Keep printing.

Now, all we need is a reason to get involved...

http://www.washingtonpost.com/world/national-security/obama-issues-syria-red-line-warning-on-chemical-weapons/2012/08/20/ba5d26ec-eaf7-11e1-b811-09036bcb182b_story.html

And now for the second time we have what appears to be a use of nerve agents. It doesn't really matter whether the Syrian government or the rebels used them. Although in both cases the US administration seemed to come to the conclusion before any investigation that it was Assad's forces.  Truly, all that matters is we have a narrative to follow.

And Scene...

http://www.zerohedge.com/news/2013-08-23/us-refines-military-options-ahead-syrian-strikes

Hang on folks. Here we go again.

-Jack

Human Mushroom's picture

@Turd

Don't panic Turd. Go to the specs page. The coin weight is 1.0909 oz. Multiply by 91.67% = 1 oz of gold in the coin. The silver and copper just make the coin harder.

Terry

Gold Dog's picture

Thanks Green!

It took a bit to get used to all of the info flowing through on the new system, but hells, I couldn't keep up with the old one. There is a noticeable absence of pain in the ass posters behind the wall.

I just took off half of my gold position and have moved the balance to entry, 1364.8. These contracts will be held for the long term if not stopped out. (DEC contracts.)

Back to vacation!

Your friend,

Dog

EDIT- I lied---->Amanda just called from the floor, she is working me out slowly. Squeeze those EuroBanks!

¤'s picture

Up, up and away...

...it's a Beautiful Day...sun_smiley.gif

Live 24 hours gold chart [Kitco Inc.]

Live 24 hours silver chart [ Kitco Inc. ]

Igiveup2's picture

WTF

What just happened?  Hope it isn't a glitch in the system.  Wow!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Turd Ferguson's picture

Thanks to you and Byz

MODERATOR

However, I still need help.

Does The Mint only sell at spot+ to wholesalers? Do they not offer the same deal online? That seems odd.

Response to: @Turd
Turd Ferguson's picture

Nope.

MODERATOR

After trying ALL WEEK, attempt #8 to run the stops above the 100-day moving average was finally successful.

Response to: WTF
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