He has gone further than perhaps any other major investor, betting the majority of his wealth on gold and other precious metals. And it reflects his deeply held conviction that global economic instability could bring rising demand for gold.
Spot gold fell more than 1 percent to two-week lows as investors sold to cover losses in other markets, especially as stocks dipped, while platinum group metals fell on worries euro zone debt crisis will sap industrial demand. Asian stocks were do
Three truck drivers, showing what appeared to be the right paperwork, drove off with $500,000 worth of copper wire from a Georgia company, police said.
"When the history of this time is written people will say - how in the world did they believe that a few people in a secret room can decide what interest rates should be, how much the money supply should be, who should fail, what worthless assets...
Basically, it’s a total joke as is everything else the politicians have done. No one and nothing is allowed to fail and this relates to the fact that the global monetary and financial system is a complete house of cards. It’s insanely bullish for gol
The refinery, which usually sells 2,000 coins to each customer at a time, says that last week it received an order from one German bank for 30,000 coins. Another bank requested 15,000 coins.
Something that is known to ZH readership since day one, is now finally said openly on the most watched [probably] business channel in the world. And just for the sake of it, lets thrown in Peter Schiff and his take on the real price of gold.
The exterior of the machine is coated with a thin layer of gold and offers customers 320 items to choose from, ranging from gold bars that can weigh up to 10 grams, to customized gold coins.
Gold surged to a record high on Wednesday as investors sought safety from the risk of Greece's debt crisis spreading to other countries, with demand for coins, bars and bullion-backed exchange-traded funds all climbing.
"Money is printed or created and thrown at people to actually cover their insolvency with waves of free money and waves of liquidity that we end up with fiat currencies being completely devalued in the eyes of people and gold at $7,000 an ounce...
The probes are centering on whether or not JPMorgan, a top derivatives holder in precious metals, acted improperly to depress the price of silver, sources said.
Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, centering on whether or not the top derivatives holder acted improperly to depress the price of silver.
But there is an alternative. The U.S. could return to a gold standard, a system that would not only prevent the government from running chronic budget deficits but would also curb attempts to manipulate the value of the dollar for political reasons.
Rickards replies that he isn't, and follows it up with some gold price target observations based on "8th grade math": the former LTCM man sees gold going up by at least 10 times, and hitting $5,000 rather easily.
So contagion risks loom and there are simply not enough trees on the planet that can provide enough paper currency to backstop countries like Portugal and Spain.
It has since emerged that the London Bullion Market trades on 100 to 1 leverage, meaning that for every ounce of real gold, there are 100 ounces of paper gold being traded. If, or when, people try to take delivery, there could be a dramatic shortage.
Arnold appeared visibly nervous' prompting agents to run his suitcase through a scanner, which detected several containers inside, the Mexican Public Safety Secretariat said.
The Treasury is still fishing for blanket authority to change compositions rather than asking the Congress to authorize a specific replacement composition as used to be done.
Which is extremely alarming, because the size of this fraud absolutely dwarfs the Madoff or Enron scandals. In fact, this fraud is so gigantic that it is not even worth comparing to any of the other major financial scandals of recent times.
Extrapolate a comparable dilution of IAU holdings in all the other vaults, it would appear that instead of holding just under 2.5 million TOz of gold, the ETF only has access to one-tenth of this amount, or just under 250k troy ounces.
It appears that this kind of lack of physical holdings by all who claim to have gold in storage, is pervasive as the actual gold globally is held primarily in paper or electronic form. Lenny Organ, says "What shocked me was how little gold...
Panic, that's what. A global market meltdown in which a handful of huge banks (who are very, very short in the futures market) suddenly get assigned for delivery - and yet they don't have, and cannot acquire, enough physical gold to make delivery...
"The CFTC, on the public record, has been shown to have known in advance of massive market manipulation, and have done nothing."
Andrew Maguire & Adrian Douglas: Discuss What Could Be the Largest Fraud in History - Andrew is an independent metals trader turned whistleblower at the center of a storm for exposing what could be the largest fraud in history involving countries, ba
The question becomes when, not if, holders of futures contracts will start demanding physical delivery. Most will discover that the metal isn’t there, which will, ahem, unsettle the commodity and currency markets.
They are going to demand delivery of their metal. They will then discover that there is only one ounce for every one hundred ounces claimed. They will find out they are “unsecured creditors”.
Any unbiased observer who knows how to put two and two together will be able to tell that something very fishy is going on. The urgency with which trillions in debt is being shoved down the market's throat at the worst possible time for the US Econom
On February 24, Reuters reported that the Reserve Bank of India was “set to be a buyer” of the 191.3 tonnes (6.74 million ounces) of gold the IMF is selling. Although the bank wouldn’t comment directly on the possibility, they did say, “We are closel
Two big name hedge funds have recently set their sights on the same investment. John Paulson's firm Paulson & Co and George Soros' hedge fund firm Soros Fund Management are set to purchase shares of NovaGold Resources...
As you know, Russia, India, China and some of the BRIC-like countries will continue to push hard for a gold and silver content in the new formulation of the SDR this year. The US and UK are vehemently opposed.