Sandy vs Subway

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Ship carrying gold ore vanishes in Sea of Okhotsk

Doug Casey - There will be Panic into Gold

Oct 29, 2012 by KitcoNews

Sandy Plunges NYC Into Darkness

Oct 29, 2012 by AssociatedPress

Much of New York was plunged into darkness Monday by a superstorm that overflowed the city's historic waterfront, flooded the financial district and subway tunnels and cut power to hundreds of thousands of people.

Turkish Banks try to lure $302 Billion in Gold

Why the hell would you ever want to hand over physical gold in your possession to some thieving bank who would then on sell it? Overwhelming the gold investors I speak to are wanting to invest in gold to escape the banking system. Have the Turks lost their collective minds?

From Bloomberg.com

Original source

Deniz Kalkan, a 32-year-old housewife in Istanbul, is ready to move her gold.

“I’ll put these in a deposit account as soon as I get the time,” Kalkan said of the half-dozen gold coins she has collected and stashed in her apartment. “It’s much safer to keep them in the bank than at home.”

When Kalkan brings in her coins, she’ll be joining a wave of Turks responding to a drive to lure an estimated $302 billion of hidden gold into the economy to help ease the nation’s current-account deficit, the world’s biggest after the U.S. Gold-based deposit accounts surged 15 percent this year through the end of July, three times the increase in standard savings accounts, according to the central bank.

The gold accounts give customers an amount in Turkish lira equivalent to the weight of the precious metal they turn over to the bank. They can then withdraw cash or take out loans, while the lender is able to sell or hold onto the gold.

At Yapi Kredi Bankasi AS (YKBNK), owned by UniCredit SpA (UCG) and Koc Holding AS (KCHOL), deposits in gold-based mutual funds, which invest at least 51 percent of their money in precious metals and offer a guaranteed return on capital, increased 62 percent in 2012. Turkiye Is Bankasi AS (ISCTR), Turkey’s largest bank by assets, said gold deposits increased 10-fold in the two years through June.

The campaign by Turkey’s banks, featuring ads for “golden age” accounts and products such as gold gift checks, is targeted at Turks who traditionally give gold coins or jewelry as presents at weddings, births and circumcision ceremonies. The custom gained popularity a decade ago as Turkey’s inflation rate topped 70 percent, making gold an attractive store of wealth. 

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Alex Jones on hurricane Sandy

Watch "Hurricane Sandy Slams New York" on YouTube

Trading at Noon: Hurricane Sandy's impact on sectors, stocks

Oct 29, 2012 by ReutersVideo

The latest on Hurricane Sandy and on sectors that stand to benefit or lose from the impact of the storm.

Nigel Farage on loss of democracy in the Euro Zone and Gold

Nigel Farage discusses the EU takeover of sovereign states and the current action in the gold market. Listen to the KWN interview here

Romney Victory Perceived as Near Term Bearish for Gold

Oct 29, 2012 by KitcoNews

Egon von Greyerz on Central Bank Gold Holdings

Your blogger with Egon at the Gold Symposium

Egon discusses why Central Banks do not want their gold audited and the importance for individuals to hold gold outside of the banking system. Listen to the KWN interview here