Portfolio Log-inNew Developments in Tungsten (non) Gold bars in NY
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9/24/12
Every day cannot be a day when there is only positive news about gold. I refuse to become a hype machine for the metals industry. You will find both the good and the bad in this column.
In this case, there is an uproar in the NY diamond district over phony gold bars that contain low value tungsten with an outer covering designed to make the bars look they are gold bars. 10 ounce Pamp Bars, specifically, are the problem bars in this case. The simple solution is to purchase NON Pamp bars and to gravitate toward collecting one ounce gold coins.
For larger investos who buy 10 ounce and higher bars, you should have the ability to have the bars ultra sound tested as explained in my post below.
Read more at my Financial Balderdash Blog at: http://buttonwood1792.blogspot.com/
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December gold this morning is down nearly $17 oz. I see this more as consolidation and due to pressure from a firm dollar weaker euro though fake gold reports are never a positive for gold, at least in the short term. Bottom line, gold has well established support with QE remaining an open ended catalyst for further upside action in gold.
Argentina Seeks to Reduce Gold Hoarding
It is in this article, in Spanish, from a newspaper in Argentina. http://www.cronista.com/finanzasmercados/Bancos-y-casas-de-cambio-exportaran-el-oro-que-ya-no-pueden-vender-en-el-pais-20120911-0050.html.The Mainstream media will eventually catch on.The gist of the article leads me to believe that while it is not illegal to own gold in Argentina, its government has taken to regulating the purchase and sale of gold for FOREX purposes.As economic conditions deteriorate in that country, people are naturally flocking to gold. This means competition for the government, which if it has any sense, is also hoarding gold!
Gosh, were has this script played out before?? Gold hoarding because people are shunning a broken fiat currency which then causes liquidity problems for said country to operate within the world banking system? Hmmm, it sounds like this has happened before in some other BIG country – back in the 1930s which led to gold confiscation. Oh, right, here in the U.S. New times, same old tricks. Next, we’ll be hearing about the taxation of gold transactions and/or confiscation.
–A Quick Summary: DEUTSCHE BANK: Western Economies Are Screwed, And Investors Face A ‘Disturbing Paradox’
The authors of this DB report believe a gold standard is possible. I would disagree so long as there is a Shadow Banking system with its derivatives and notional value of over a quadrillion dollars and the ever traditional fractional reserve banking system that tolerates leverage at the excruciating levels of 40x or more which is ultimately a by product of Central Banking and accounting mumbo jumbo. The system of finances today are to corrupted to be inter mingled with a gold standard. The Gold standard is a lovely idea, but structural problems stand in the way. But I digress.The problems DB also addresses with the colossally extreme levels of debt are in my opinion beyond ever settling (paying off) and can only be perpetuated by continuous restructurings which only lead to higher levels of debt. Is that really a cycle that go on to infinity? The bankers may be clever, but they are not eternal.The unworkable solution would be a jubilee, or a reset of the system back to zero with a complete structural reform to prevent a new cycle of extreme leveraging. Banks, or the lending class hold an unprecedented level of control over society today. One upon a time, the leaders of eons ago, were smart enough to know that the lending class would from time to time (every 75 years or so) have to be neutered, or that debtors would owe forever. Jubilee was the answer and it worked.That certainly was no fun for the lending class who ultimately have become the banksters as we know them today. They have never wanted jubilee as it starved them of fees and the ability to enslave people to permanent debt serfdom. They have since made sure to eliminate the concept of jubilee by becoming interwoven with government. Jubilee will never happen voluntarily again. As a result, at some future point we are doomed to a banking system implosion under its own weight and as it overwhelms the ability for society to share in the supply of available money. Yes, one day your ATM cards will not work. Then, the bankers will find a way to take over and control bartering. Humanity seems destined to lose out to the banking cabal no matter what. Now there’s a cheery thought! Now go hug a loved one and go about your ‘normal’ business. lol.
DEUTSCHE BANK: Western Economies Are Screwed, And Investors Face A ‘Disturbing Paradox’ http://www.businessinsider.com/deutsche-bank-issues-a-terrible-warning-on-the-health-of-the-global-financial-system-2012-9?
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Author Jim Kingsland
Market commentator with focus on Gold and Silver after long broadcast career at FNN, Bloomberg, and Fox. #RandomHouse published author on PMs. Jim has also been involved in projects for CAC and Coinplex.
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