Peter Schiff's Advice for Switzerland

Thu, Nov 6, 2014 - 3:15pm

With the all-important vote on the Swiss Gold Initiative just 24 days away, today Peter Schiff chimes in with this excellent and informative video address to the good people of Switzerland.

In just 14 minutes, Peter addresses not only the Swiss Gold Initiative, he also gets into the dynamics of why a "gold standard" is preferable to the present, global fiat currency regime. This presentation is a must watch and, if you know of anyone in Switzerland who will have the opportunity to vote in this referendum, please send to that person a link to this video and request that they forward it along.


About the Author

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Nov 7, 2014 - 6:32am

China responds to BOJ QE

News Analysis: Japan's moves to devalue yen could have inherently detrimental effects in the long-term

TOKYO, Nov. 6 (Xinhua) -- Japan's central bank sent shock waves through financial markets at the end of last week by ramping up its purchases of government bonds and assets to try and achieve its somewhat arbitrary inflation target and kickstart an acutely obstinate economy. But questions are now being asked about the central bank's autonomy from the government and in particular the finance ministry, which analysts suggest has and continues to be dragooned by Prime Minister Shinzo Abe, as the hawkish leader tries to salvage his aggressive "Abenomics" brand of economic policies and spare his own blushes in the run up to the general election scheduled for the year after next.

On the one hand experts attest that part of the Bank of Japan's (BOJ) latest bid to buy up massive amounts of assets, was aimed at, as an element of the central government's broader monetary and fiscal stimulus program, jolting the floundering economy back into action, but on the other hand, the immediate result was a significant devaluation of the Japanese currency, although both motives are, of course, inextricably linked.

In fact, following the BOJ's move to inject trillions of yen into financial systems to trigger spending, against a backdrop of failing initiatives by Abe under his ailing "Abenomics" blueprint for reviving growth -- including the April consumption tax hike from 5 to 8 percent which almost derailed the world's third largest economy entirely as consumption weakened, corporate investment dropped, industrial production waned and exports slumped -- while raising expectations of higher inflation and encouraging the nation to spend, literally "forced" the yen to plummet to seven-year lows versus the U.S. dollar.

Granted, the Bank of Japan's plans to increase its purchases of government bonds and other assets by between 10 trillion yen and 20 trillion yen (91 billion to 181 billion U.S. dollars) to about 80 trillion yen (725 billion dollars) annually, will, as some economists point out, ensure lower bond yields, rising stock prices and a lower yen, which are all plusses for the economy here in the short-term, but the longer-term prognosis remains unclear, economists noted.

Local market analysts have questioned whether the long-term plans of the central bank have been properly thought through, as its chief, Haruhiko Kuroda, has mentioned no end game, and although being hailed by some as an economic genius, unleashing an arsenal of QE weaponry, just two days after the U.S. Federal Reserve decided to end its own asset purchasing program, others claim he's a pawn of the finance ministry, and, hence Abe himself, and has simply picked up the government's slack as the economy has spluttered and spurted, but, invariably, failed to burst into life.

"The BOJ is supposed to be autonomous from the finance ministry, but questions have been raised about the two working into cahoots to, primarily, fix the yen at the lowest rate possible for as long as possible, in a bid to buoy the nation's key export sector, and, thereafter, attempt to hit the bank's arbitrary inflation goal of 2 percent in two years," a senior investment analyst at Nomura Asset Management told Xinhua. "In short, flooding the market with newly printed money pegs the yen at a very conducive rate for exporters and raises their profile in their respective overseas markets. The profits made are then repatriated here and when converted back into yen become largely inflated," the analyst said. "It's a simple move and we've seen it here numerous times before, but, in the short time, it irks other large economies, as we've seen from some Group of 20 world leaders, who in 2010 basically agreed not to launch competitive devaluation as it could trigger 'currency wars' or the exporting of deflation by such devaluation. " "Since then, world leaders have tended to turn a blind eye to Japan's unilateral and open forays into currency markets to devalue the yen, under the commonly held assumption that QE does not constitute the start of a 'full-scale currency war,' but this won't last forever. Other countries could do the same and escalate such a currency war or retaliate with trade blockades or launch more aggressive economic weaponry against Japan," the investment analyst said, requesting his name be withheld. "It's all theoretical at the moment, but Kuroda has hinted that he's not necessarily finished yet and the BOJ stands poised to act again if it deems necessary. Leading economists seem to agree that with the prime minister standing to benefit politically as his elusive structural reforms appear to pay off, Japan could indeed risk waging a currency war in order to hit its inflation target, inject some life into the economy and allow the prime minister to go ahead and raise the sales tax again next year, and, claim all the credit for the inevitable economic uptick ahead of the elections," he said.

Along with other sources close to the matter, the expert added the current goals were all relatively short-sighted, with the longer-term effects possibly leading to more "stealthy" economic woes globally, which will force other economies and their central banks to react to protect their producers and employment market. This in turn would lead to an increased "wheeler-dealer-type" of clandestine currency manipulation here by the government, by way of the BOJ and or the finance ministry, that previous administrations have caught a lot of flak for, and so the tit-for- tat problem escalates globally,

It would seem to be then that the consensus among leading economists is that it is a question of when, not if, other economies stop turning a blind eye to Japan's intentional currency devaluating moves and foreign policymakers start to take decisive action to combat the effects, with the ultimate outcome being increased global deflation. Thus, Japan may win in the short time, but could find itself as the catalyst for a global economic downturn, economists have surmised.

Hence, in answer to the question: is Kuroda an economic genius? Economists and market analysts are leaning towards suggesting that he is, indeed, not. That said, he has been described by one notable analysts here as resembling an "aggressive hedge fund manager," doing what needs to be done immediately and seemingly content to deal with any fallout at "some point down the road." "The BOJ took markets by surprise last week, but this had to happen at some point for Abe to even to be able to contemplate hiking the sales tax again next year and rebooting his economic policy drive, so in actuality it was no surprise at all," pacific affairs research analyst, Laurent Sinclair, told Xinhua.

"What remains to be seen is how ballsy is the BOJ going to be henceforth and how much of this is Abe's influence? What we can expect, I believe, is that future devaluation will result in other banks going on the offensive, as economic wars are essentially fought between central banks," Sinclair said.

"Perhaps Japan has been granted leniency in the past because the size of its QE program relative to its economy has been relatively small, in comparison, let's say, to the U.S. Federal Reserve's, but the stakes are far higher this time, as the BOJ has essentially doubled its QE program. In light of this, Japan is walking a precarious economic tightrope -- it and Abe could come up trumps, or they could stumble and fall very, very hard indeed," Sinclair concluded.

Nov 7, 2014 - 6:35am


U.S. to levy punitive duties on steel products

WASHINGTON, Nov. 6 (Xinhua) -- The International Trade Commission (ITC) of the United States on Thursday said in a final ruling that an American industry is materially injured by reason of imports of non-oriented electrical steel (NOES), a cold-rolled and flat-rolled alloy steel product, paving the way for the U.S. government to levy punitive duties on the products.

The U.S. Department of Commerce will issue antidumping duty orders on imports of these products from Chinese mainland and Taiwan, Germany, Japan, the Republic of Korea and Sweden, as a result of this affirmative determination. The department will also issue countervailing duty orders on imports of these products from Chinese mainland and Taiwan, said ITC in a statement.

As the U.S. steel industry has been struggling with excess steelmaking capacity around the world and has posted net losses in four of the past five years, U.S. steel producers have increasingly resorted to trade protection.

Last month, the Commerce Department announced its final determination that these products from Chinese mainland and Taiwan were sold in the U.S. market with dumping margins of 407.52 percent, 27.54 percent to 52.23 percent, respectively. The dumping margins for products from Germany, Japan, the Republic of Korea and Sweden ranged from 6.88 percent to 204.79 percent.

Nov 7, 2014 - 6:37am

Yuan deposits in S.Korea hit record high on high rates

SEOUL, Nov. 6 (Xinhua) -- Chinese yuan-denominated deposits in South Korea hit a record high as local branches of Chinese banks offered higher deposit rates compared with domestic banks, central bank data showed Friday.

Yuan deposits by local residents reached 21.7 billion U.S. dollars as of the end of October, up 1.35 billion dollars from a month earlier, according to the Bank of Korea (BOK). Local residents mean foreigners who stay here for six months and more, foreign companies doing business here and South Koreans.

The October figure accounted for 32.7 percent of the total deposits denominated in foreign currencies, breaching the previous record high of 32 percent tallied in September.

The yuan deposit portion continued to rise after topping 10 percent last December. The ratio exceeded 20 percent in June this year and 30 percent in September respectively.

Nov 7, 2014 - 6:40am

Worries in S. Korea deepen over weaker Japanese yen

SEOUL, Nov. 7 (Xinhua) -- Worries in South Korea are deepening over the weaker Japanese yen as local exporters are expected to be hit hard by the yen depreciation amid economic uncertainties at home and abroad.

Bank of Korea (BOK) Governor Lee Ju-yeol told reporters on the sidelines of a forum Friday that the central bank does not "sit idle" on the sharp fall of the yen though there are limits and restrictions in the bank's policy tools.

Both the yen and the won have been falling, but concerns deepened over the weak yen as the Japanese currency depreciated at a steeper pace than the South Korean won.

South Korea's Vice Finance Minister Joo Hyung-hwan told lawmakers Thursday that the ministry has been on works to make the yen and the won move in tandem.

Nomura said in a report that the yen weakness would influence the South Korean economy more negatively than before due to the weakening business sentiment and a fall in stock price, forecasting that if the yen/dollar rate rises to the 125 yen level, competitiveness of South Korean automakers, steelmakers and shipbuilders would be hit heavily.

Nov 7, 2014 - 6:47am

Gold, silver at multi-year lows on overseas cues

NEW DELHI: Gold and silver prices slumped to their multi-year lows in the national capital today amid weak cues from global markets as strengthening dollar curbed demand for the precious metals.

In addition, absence of buying by jewellers and retailers on hopes that gold may see further slide in its prices in coming days, dampened sentiments.

Bullion merchants said besides a weak trend in the global market where gold fell to its lowest level since April 2010 as surging dollar eroded demand for safe-haven, considerable fall in demand from jewellers and retailers on hopes of further correction in prices, weighed on the precious metal

Nov 7, 2014 - 6:52am

Pressure mounts on Russian central bank as rouble crisis deepens

MOSCOW: The rouble edged higher on Friday afternoon amid signs that Russia's central bank could take emergency action to halt a sharp slide that analysts said amounted to a full-blown currency crisis.

The rouble appeared to be in free-fall in morning trading, falling over 3 percent against both the dollar and the euro, following similar falls on Thursday.

But the currency recouped some ground in the early afternoon on market speculation of an emergency central bank meeting. A source told Reuters that the bank's Governor Elvira Nabiullina was holding a meeting, without providing further details.

By 1100 GMT, the rouble was 0.4 percent weaker from the previous close, at 47.07 against the dollar. The Russian currency was 0.4 percent weaker at 58.29 against the euro, and 0.4 percent weaker at 52.10 against a dollar-euro basket.

"This is full-blown panic, with signs of a self-fulfilling currency crisis," Dmitry Polevoy, chief Russia economist at ING Bank in Moscow, said in a note. "At such times, the central bank should intervene, after all if this isn't a risk to financial stability, then what is" On Wednesday, the central bank altered its interventions policy to limit its support for the Russian currency by cutting the size of its interventions to $350 million a day.

Citi economist Ivan Tchakarov said in a note that "the rouble slide in the last couple of days is starting to turn into a clear and present risk to macroeconomic and financial stability in the country".

The central bank "can ill afford a situation where the rouble weakness turns into a possible rout," he added, calling for the bank to "massively and unpredictably intervene in the FX market".

Also on Wednesday, the central bank reserved the option of carrying out ad hoc currency interventions in order to preserve financial stability.

"In our view, if today's market conditions do not satisfy such criteria, then we are at something of a loss for the central bank's true reaction function," Sberbank CIB analysts said in a note.

"If - and we are far from confident it will - the CBR does intervene today, we would suggest several bouts of heavy FX sales, perhaps each in the region of $5 billion. An alternative is a single $10 billion shot."

Analysts also speculated that the central bank may be forced to carry out an emergency increase in interest rates, despite raising its key lending rate by 1.5 percentage points to 9.5 percent last Friday.

"Past form suggests that rates may need to rise to as much as 11.50-12.00 percent," said Neil Shearing, chief emerging markets economist at Capital Economics, said in a note.

Plunging oil prices and Western sanctions over the Ukraine crisis have shrivelled Russia's exports and investment inflows, driving the rouble lower over several months. But the rouble has taken a particularly heavy hit since the beginning of October, with the central bank spending around $30 billion to prop up the ailing currency, its largest monthly interventions in over five years.

However, analysts said that the slide in the rouble seen over recent days cannot be explained by economic fundamentals alone, arguing that it is now being driven by ordinary Russians exchanging rouble savings into dollars. "We think the rouble's 30 percent depreciation year-to-date clearly poses certain risks for financial stability, as not many will have assumed such a dramatic price action when doing their business planning," said Maxim Korovin, a forex analyst at VTB Capital in Moscow.

"Although some increase in geopolitical risks yesterday added to FX volatility, the key pressure on the rouble is most likely now primarily from households, which is a self-fulfilling process," he said.

Nov 7, 2014 - 6:54am

French central bank sees near-zero growth in fourth quarter

PARIS: France's central bank said Friday that growth will likely ground to a near halt in the fourth quarter, confirming forecasts by the nation's statistics agency in another blow to embattled leader Francois Hollande.

The bank said the economy in the last three months of the year would likely grow by just 0.1 percent after a 0.2 percent rise in the third quarter of 2014.

Hollande has been unable to kickstart growth in the country since he came to power in 2012, and his approval rating is at a historic low of 12 percent as a staggering 97 percent believe he has failed on the economy.

Unemployment, meanwhile, has risen 27 months out of the 30 he has been in charge.

Nov 7, 2014 - 7:08am

Buy silver not gold

The gold silver ratio is telling me that silver is the much better bet just now. Looks likely we are nearing the top of the range for gold being expensive compared to silver. ie silver is much better bargain. Switch back to gold when GSR hits about 30

Thats a great Peter Schiff video. Almost no-one explains economic realities better than Peter.

Nov 7, 2014 - 7:21am

Ottawa, Beijing Strike Deal

Ottawa, Beijing Strike Deal on Yuan Trading Hub

Steven Chase

OTTAWA — The Globe and Mail

Last updated Tuesday, Nov. 04 2014, 5:44 PM EST

Ottawa and Beijing have struck a deal that will see this country designated as a trading hub for China’s yuan currency, a benefit that will lower the cost of doing business for Canadian companies seeking Chinese markets.

The hub, a financial centre sanctioned by China to clear and settle transactions in the Chinese currency, would likely be based in Toronto, sources say.

Some details remain to be worked out but sources say this is expected to be announced during Prime Minister Stephen Harper’s trip to China that begins this week.


It’s been estimated by the Canadian Chamber of Commerce that this hub could generate as much as $32-billion in additional exports over 10 years.

It also gives Canada the first yuan hub in the Americas, which will result in a significant advantage in trade finance – one that could prompt multinationals to move treasury operations to Canada.


Chinese companies prefer transacting in their own currency. Otherwise they have to convert their transactions into U.S. dollars, and then “re-convert” back in China.

A yuan trading hub has the financial infrastructure for settlement and clearing, and sufficient liquidity to handle large transactions at a stable and predictable exchange rate.

Mr. Harper heads to Asia Wednesday to try and set the China-Canada relationship on a more even keel after a rough couple of years.

Relations have cooled since Mr. Harper’s last trip to Beijing when Canada and China clinched a foreign investment deal.

Since then, the Canadian government has barred Chinese state-owned companies from further investment in the oil sands, raised concern in the media about security risks of buying technology from a major telecom company in China and publicly blamed Beijing for hacking Canadian government computers.

Mr. Harper, who has alternated between a hawk on China who wouldn’t sell out to “the almighty dollar” and a pragmatist calling for deeper economic ties, will now try to strike a rapport with Chinese President Xi Jinping in Beijing.


Making it easier for Canadian companies to do business in the yuan should provide a major boost to Canada’s trade and encourage Chinese investors to view Canada as their beachhead in North America.

The likelihood of the deal being signed was greeted with cheers by Neil Tait, a former long-time banking executive in China who is now vice-chair of the Canada-China Business Council, and among the leading voices calling for the creation of a settlement hub.

Not only does it stand to reduce costs for businesses, he said, it will also direct attention toward Canada.

“In Asia, they don’t look to Canada as a major financial centre. They look to New York, they look to London, they look elsewhere. Now when they suddenly see this in Canada, it elevates us tremendously, and that itself can presumably open additional doors to us, if we so wish to pursue them,” he said.

Nov 7, 2014 - 7:55am
Nov 7, 2014 - 7:59am

Tank column crosses from Russia into Ukraine: Kiev military


KIEV (Reuters) - A column of 32 tanks, 16 howitzer artillery systems and trucks carrying ammunition and fighters has crossed into eastern Ukraine from Russia, the Kiev military said on Friday.

"The deployment continues of military equipment and Russian mercenaries to the front lines," spokesman Andriy Lysenko said in a televised briefing referring to Thursday's cross-border incursion.

The report of a new Russian movement of armor across the border follows a charge on Thursday by pro-Russian rebels in eastern Ukraine that Kiev government forces had launched a new offensive - which Kiev immediately denied.

Sporadic violence has continued since a Sept. 5 truce in a conflict that has cost over 4,000 lives.

But the ceasefire has looked particularly fragile this week, with separatists and the central government accusing each other of violations after separatist leaders held elections in self-proclaimed 'people's republics' last Sunday.

"Supplies of military equipment and enemy fighters from the Russian Federation are continuing," Lysenko said. He added that five Ukrainian soldiers had been killed and 16 wounded in the past 24 hours despite the ceasefire.

Nov 7, 2014 - 8:01am

100,000 workers protest Belgian labor reform

  • Policemen carry an arrested protestor , during a national trade union demonstration in Brussels, Thursday Nov. 6, 2014. Tens of thousands of demonstrators are converging on the Belgian capital to protest government policies that will extend the pension age, contain wages and cut into public services. Photo: Geert Vanden Wijngaert, AP

About 50 people were injured and 30 detained, police said, in one of biggest postwar labor demonstrations in Belgium, a country long seen as a vaunted welfare state.

The violent end overshadowed a raucous but largely peaceful march for better protection of workers during the economic crisis. The workers were protesting government policies that will raise the pension age, freeze wages and cut into public services.

"They are hitting the workers, the unemployed. They are not looking for money where it is, I mean, people with a lot of money," said Philippe Dubois, who came from the industrial rust belt of Liege.

The unexpectedly big march opens a monthlong campaign by the trade unions against the business-friendly governing coalition and is to be capped with a nationwide strike on Dec. 15.

The government says it has been forced to push through stringent austerity measures to keep the budget deficit within European Union constraints and insists that businesses need more lenient tax policies to become more competitive in the global market.

The trade unions object to government policies that promise to raise the pension age from 65 to 67, freeze the automatic link between wages and inflation, and cut public services in a way that would affect the entire population.

Urban Roman
Nov 7, 2014 - 8:24am

The way Schiff describes it,

The way Schiff describes it, deflation means a smooth decline in prices.

Deflation means that all that debt-based money is harder to repay. Impossible, in fact.

Deflation means bankruptcies.

And this is why the bankers fear it. As the biggest creators of debt-based money, the bankers themselves would be going bust.

And that is the crisis that is about to happen. Banks in trouble, bail-ins, etc.

(I still agree that the Swiss should re-home their gold, btw. If they don't do it before the bail-ins start, they won't be able to do it at all.)

Nov 7, 2014 - 8:29am

Last nights trading in the metals

At 11:45 about 6000 contracts traded for a mini smash, down $10 in gold. then at 1:30 10,000 contracts reversed it up $10.. I guess some shorts are worried about the jobs report.

Nov 7, 2014 - 8:48am


30,000 contracts traded in 8 minutes in gold, to the upside no less! I recall ever seeing this many contracts traded in 15 minutes.. @38,000!! Its not holding.. figures!

Nov 7, 2014 - 8:55am

Coin Heaven

@ arch stanton, hey I wanted to give you shout out and thank you for your post back in the Andy Hoffman thread about Coin Heaven in Cottonwood. I was there yesterday and told him about your post on TFm of you and this site I was there to buy some silver. I did buy all of his silver eagles @ $4 over spot.

Nov 7, 2014 - 9:25am

All you need to understand is

All you need to understand is that Maguire's schtick is all about making money by trading paper metal. He pulled a stunt to get his name out there to sell his trading service. If he allowed the screen shots to become public, the gravy train would end.

Nov 7, 2014 - 9:27am

Rouble crashes as Russian economy teeters on brink of recession

Everyone stopping their QE (Artificial Currency Support) At the Same Time ???

Any insight would be greatly appreciated. Just happened across this story

Rouble crashes as Russian economy teeters on brink of recession

The rouble’s troubles in recent days were triggered on Wednesday by a decision by Russia’s central bank to cease its artificial support for the currency, reversing a policy of 15 years that mandated unlimited interventions on the market to hold the rouble within a certain price range.

Nov 7, 2014 - 9:51am

Hey! It's after the election. Russia on the move to secure

Ukraine. Oil, gold, and silver have no where to go but up, as Russian war drums beat against insolvent western banksters hollow out fiat heads and empty western bankstering bullion vaults. Sauds just say boo to oil trade in many other currencies in competing with dead petro dollar and this holiday season in the USA will bury what remains of the retail store closings in mall nuff nuff land. China had it's expansion in ghost city building and ameriCON'd on mall retail space. Both will become remants of debt gone wild. Who's to say now and very soon, with all the debt gone wild, in any and near all western insolvent nations, the bonzi gig implodes. Countries with real commodities of substance, say no more debt; bonzi's but payment in gold. putin would never move to checkmate the west and then he will! No one on this thread will be surprised and if they are? They've been stevie wonder blinded and must be culled, body bagged, and disposed of as the rest in the depopulation of the western overeaters, sloths, and free lunch crowd. Dead and dumb people don't line up for insolvent western countries welfare assistance programs. I know it's an extremely harsh reality to now burst upon the mark to fantasy, debt gone wild, broken insolvent western nations of a silencing of the lambs. Sweeping a desolating scourge upon them; us as in none other time. It's not my EEE plan or stark raving economic panic, to heap upon peoples with no sense to make their own self sufficient way, such pain, suffering, and horror. It's the natural laws of selection, which always purifies the dead wood on the forest floor by fire. It's all turned to ashes in the passed, with many wars sweeping lambs to be silenced, off the face of the earth. It will now, in this our reality, come to an accelerated fruition. putin sees no way to avoid an inevitable wwIII. What putin sees; putin gets. Doesn't want it but doesn't fear it and is ready. western insolvent nations, have nothin left in debt expansion gone wild, in the fiat debt based currency world to wring out. I see what putin sees and it doesn't make me more or less than what I am but a pragmatic individual ready to survive whatever the world has to dish out and it will be epic. putin start your war engines thanks to western idiots provocation.

Fred Hayek
Nov 7, 2014 - 10:09am

@Deacon Benjamin about that picture

The tank in the background behind those soldiers is a world war 2 era T-34. I just wanted to point that out so that no one mistakenly thought that it was an actual picture of the claimed trespassing/invading russian tanks.

Urban Roman buzlightening
Nov 7, 2014 - 10:21am

Re: Russia on the move to secure

Russian war drums beat

But it's awful hard to hear them over the din of the war drums beating here. With Afghanistan, Iraq, and Libya, and now Syria, needing our "help", you'd think Ukraine could wait. But count on the new Congress sending some "aid".

You just can't have a big country like that, not doing any fracking, and with its banking system not plugged directly into the IMF/FED/ECB complex. And, I don't think there are any Walmarts in Ukraine. We must fix that!

Urban Roman
Nov 7, 2014 - 10:36am

@Fred Hayek, that picture

Haha, thanks for pointing that out. It looks like some sort of memorial re-enactment. Ukraine suffered a lot of WWII battles, with Hitler on one side and Stalin on the other.

It would be funny, if it weren't stoking the fires for WWIII. Most people are utterly ignorant of military hardware, and with that Cyrillic writing on it, no one knows what the heck they are looking at. So one antique tank in a town square becomes a "column on the move".

It was like that when they (somebody) shot down MH-17. The propagandists claimed that Russia must have supplied the missile, because those stupid Ukies could never have such a thing. Completely ignoring the fact that the 'Buk' missile system was manufactured in the Donbass, where a lot of Soviet era military hardware was made. And NATO's legendary spy-satellite network has gone blind.

Nov 7, 2014 - 10:41am

Nice relief rally so far

Just about hit the lower channel support and was a good buy point. The upper level to beat is the channel resistance on the weekly highlighted in yellow.

I predicted back in August that the goal seems to be getting the upper channel resistance near the 200 day MA to construct a more formidable barrier to break. This seems to have played out, but I did not see the price carnage required to get it there. It's gonna take a lot of mojo to get up there from here.

Squeeze dem shorts boys.

Nov 7, 2014 - 10:48am

That was fun

I do like it when they hit the accelerator

Nov 7, 2014 - 11:33am


Don't remember but someone mentioned about cost production. Well, here are couple.

Nov 7, 2014 - 11:39am

Tavarish Stalin

I would love to see a positive result in the Swis gold infinitive but a I am not so sure it will be allowed. Scotland vote was proof of what Stalin once said..." It doesn't matter who or how many vote, it only matters who counts the votes"..


Urban Roman
Nov 7, 2014 - 12:21pm

Hee hee, the Swiss gold infinitive

... a-golding we shall go ...

I try not to be a complete grammar nazi, but that was funny.

DeaconBenjamin Fred Hayek
Nov 7, 2014 - 1:02pm


I think they were photographing the troops in front of the tank, but it was what ran with the article.

Nov 7, 2014 - 1:06pm

Putin defends 1939 Nazi-Soviet pact

MOSCOW, Nov. 6 (UPI) -- Russian President Vladimir Putin defended a World War II non-aggression pact between Nazi Germany and the Soviet Union at a conference with history students.

Putin said he approved of the 1939 Nazi-Soviet Pact, also known as the Molotov-Ribbentrop Pact, which assured neither country would attack the other, but included secret side arrangements -- denied until 1989 by the Soviet Union -- regarding the carving of Eastern Europe into Nazi and Soviet spheres of influence.

"Serious research must show that those were the foreign policy methods then," Putin told the young scholars Wednesday. "The Soviet Union signed a non-aggression treaty with Germany. People say: 'Ach, that's bad.' But what's bad about that if the Soviet Union didn't want to fight, what's bad about it?"

Germany and the Soviet Union were at war with each other, in what was called World War II's Eastern Front, by 1941.

Putin's comments bolstered critics who contend he seeks historical precedent to reinforce his authoritarian rule and military deployments to Georgia and Ukraine.

On Tuesday, a Russian national holiday, Putin visited a Moscow exhibit highlighting the Rurik dynasty, which founded the reign of tsars over Russia. A section on the 16th century Livonian War and Ivan IV Vasileyvich, better known as Ivan the Terrible, referred to the war as "the West's first anti-Russian information campaign," the British newspaper The Telegraph noted.

A comment on the exhibit by Russian state television suggested it was a precedent for modern world events.

"The Europeans tried to portray Russia as a country of cruel and aggressive barbarians. In the end, not strong enough to influence our independent international policies, they were obliged to introduce a raft of economic sanctions against us, as they would be called now."

Very comforting to Poland

Nov 7, 2014 - 1:19pm

Turkmenistan to supply gas to Turkish pipeline

Turkish President Recep Tayyip Erdoğan and his Turkmen counterpart Kurbanguly Berdymukhamedov. AA Photo

Turkmenistan has signed an outline deal with Turkey to supply gas to a new pipeline that could help Europe reduce its dependence on Russian gas imports.

The two countries struck a so-called framework agreement on Oct. 7 for Turkmenistan, which is keen to diversify exports of its gas to world markets, to supply gas to the proposed Trans-Anatolian natural gas pipeline project (TANAP).

“We attach great significance to deliveries of Turkmenistan’s natural gas to Europe via Turkey,” Turkish President Tayyip Erdoğan said through an interpreter during a visit to the Turkmen capital Ashgabat. “Europe’s energy security is important for us.”

Erdoğan and his Turkmen counterpart Kurbanguly Berdymukhamedov oversaw the signing of the agreement between Turkmen state gas company Turkmengas and private Turkish firm Atagas for the purchase and sale of Turkmen gas for TANAP.

The two sides did not disclose the terms of the agreement.

TANAP envisages carrying 16 billion cubic meters (bcm) of gas a year from Azerbaijan’s Shah Deniz II field in the Caspian Sea, one of the world’s largest gas fields, which is being developed by a BP-led consortium. TANAP’s capacity is set to rise to 23 bcm by 2023 and to 31 bcm by 2026.

However, to join the pipeline Turkmenistan will have to lay another pipeline across the Caspian Sea.
Asked how Turkmenistan could join the TANAP project, Atagas head Osman Saim Dinc told Reuters: “We are working on all alternative routes.” He did not elaborate.

TANAP will be built from the Turkish-Georgian border to Turkey’s frontier with Bulgaria and Greece. Its construction is expected to be completed by the end of 2018 in order to start deliveries of gas from Shah Deniz II in 2019. The preliminary cost of the pipeline has been estimated at $20 billion.

Turkmenistan, a Central Asian nation of 5.5 million, holds the world’s fourth-largest reserves of natural gas. Since independence in 1991 the reclusive desert nation has sought to break its reliance on gas exports to former imperial master Russia.

Beijing supplanted Moscow as the main importer of the fuel after a China-bound pipeline was launched in 2009. Next-door Iran buys small volumes of Turkmen gas.

Watching with unease Turkmenistan’s plans to sell its gas to Europe, Russia has voiced concerns that a would-be gas pipeline to be laid in the shallow Caspian could harm the fragile ecology of the sea.


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Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

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