Friday, August 16, 2013
Thanks to my Latvian followers
Just wanted to say hi to all my Latvian blog readers. I have noticed a spike in readers from Latvia over the last few weeks, hopefully that is because you are interested in what I post on this blog and not some portend of doom, with Latvians franticly seeking the safe haven of gold and silver.
Precious Metals Extend Rally as Equities Fall
August 16 (Bloomberg) -- Bloomberg's Zeb Eckert and David Ingles discuss the broad-based gains in precious metals and tell us why things are moving on Bloomberg Television's "First Up with Susan Li."
Keiser Report - Mind-Controlled Rat(e)s
From RussiaToday
Published on Aug 15, 2013
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss boycotting and shrugging in response to the total surveillance state where even the 'progressive' recycling bins are following you. They look at the email service providers who committed corporate suicide and destroyed their assets rather than collaborate in 'crimes against the American people.' In the second half, Max talks to John Butler, author of The Golden Revolution, about interest rates, bonds and gold.
Published on Aug 15, 2013
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss boycotting and shrugging in response to the total surveillance state where even the 'progressive' recycling bins are following you. They look at the email service providers who committed corporate suicide and destroyed their assets rather than collaborate in 'crimes against the American people.' In the second half, Max talks to John Butler, author of The Golden Revolution, about interest rates, bonds and gold.
42 is the Answer to Everything
This week marks the 42nd anniversary of Nixon ending the Bretton Woods agreement by the halting convertibility of the US dollar into gold. Interesting to note that the average lifespan of the 3,800 fiat currencies that have been tried is 40 years, so we are 2 years overdue for it all to end in tears.
Some background to the 'closing of the Gold Window':
The President of France Charles De Gaulle fearing a future default by the USA on its gold backed dollars instructed the Banque de France to increase the rate at which new US dollars holdings were converted into gold bullion. De Gaulle sent the French navy across the Atlantic to hand over US dollars and bring back gold bullion in exchange. In 1965 alone, the French navy ferried back over $150 million of gold bullion thereby increasing the proportion of French national reserves held in gold from 71.4% to 91.9%.
Due to inflationary pressures on the US$ as a result of printing to many dollars and foreign borrowings to fund the Indo-China (Vietnam) war on August 15, 1971, President Nixon imposed a 90-day wage and price freeze, a 10 percent import surcharge, and, most importantly, “closed the gold window”. Forever ending convertibility between US dollars and gold.
Nixon announcing to the American people that the US Dollar is no longer 'good as gold':
Some background to the 'closing of the Gold Window':
The President of France Charles De Gaulle fearing a future default by the USA on its gold backed dollars instructed the Banque de France to increase the rate at which new US dollars holdings were converted into gold bullion. De Gaulle sent the French navy across the Atlantic to hand over US dollars and bring back gold bullion in exchange. In 1965 alone, the French navy ferried back over $150 million of gold bullion thereby increasing the proportion of French national reserves held in gold from 71.4% to 91.9%.
Due to inflationary pressures on the US$ as a result of printing to many dollars and foreign borrowings to fund the Indo-China (Vietnam) war on August 15, 1971, President Nixon imposed a 90-day wage and price freeze, a 10 percent import surcharge, and, most importantly, “closed the gold window”. Forever ending convertibility between US dollars and gold.
Nixon announcing to the American people that the US Dollar is no longer 'good as gold':
India bans gold coins, medallions imports to curb deficit
Article link
NEW DELHI: Seeking to reduce the import of gold, the Reserve Bank today prohibited inward shipment of gold coins, medallions and dores without license.
"From now onwards, import of gold in the form of coins and medallions is prohibited and henceforth all import of gold in any form or purity shall be subject to a licence issued by DGFT prescribing 20-80 scheme," Economic Affairs Secretary Arvind Mayaram told reporters.
The latest measures are part of the series of steps taken to curb gold import, the single biggest contributor to the widening Current Account Deficit (CAD).
After a dip in June, gold imports again surged in July with 47 tonnes of inward shipments compared to 31 tonnes in the previous month.
Import of gold in April-July rose 87 per cent to 383 tonnes.
Also importers will be required to make full upfront payment for the shipments.
"Gold dore imported will also be subjected to the discipline and it would be monitored at the refinery level.
"The gold which is extracted by refining gold dore, only 80 per cent of that would be provided for domestic use, 20 per cent has to be exported and similarly proof of export has to be shown before the next consignment is imported," Mayaram said quoting RBI notification.
Under the scheme, any gold that is imported will have to be imported into custom bonded warehouse. Out of the imported gold, 80 per cent can be given to domestic users of the designated kind and 20 per cent must go to exporter.
"The refinery shall make available for domestic use only to the entities engaged in jewellery business/bullion dealers and to the banks authorised to administer the Gold Deposit Scheme against full upfront payment and sale of gold against any other form of payment shall not be permitted.
"Further, the import of gold dore is permitted only against a licence issued by DGFT," the RBI said.
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