Thursday, September 29, 2011

Today's Most Current Comment On Eastern Hemisphere Gold Buying

Think I'm making this up?  I pulled this from the "JB" report today:
Standard Bank comments today: Although buying interest out of India has been particularly strong, support is broad-based throughout Asia, with physical demand in places like Thailand and China also rising. At the same time, gold scrap sales, though present, have been sporadic rather than consistent. Year over year, current buying momentum is much stronger than the respective comparable period in 2009 and 2010.
So there you have it.  You can access the excerpts from JB's invaluable daily report at in the nightly "Midas" report.


  1. The Chinese Mean To Control The Global Gold Market

    In June you’ll be able to buy spot gold or futures contracts in China. It also means that the Chinese currency- not dollars– will for the first time become the ruling currency used in one of the major speculative commodities of our age. All eyes will be on the influence of the gold trade in China rather than New York, London, Switzerland or South Africa.

  2. You'll enjoy this one, Dave. I use the term enjoy advisedly.

  3. California and Bust

    The smart money says the U.S. economy will splinter, with some states thriving, some states not, and all eyes are on California as the nightmare scenario. After a hair-raising visit with former governor Arnold Schwarzenegger, who explains why the Golden State has cratered, Michael Lewis goes where the buck literally stops—the local level, where the likes of San Jose mayor Chuck Reed and Vallejo fire chief Paige Meyer are trying to avert even worse catastrophes and rethink what it means to be a society.
    David Crane, the former economic adviser—at that moment rapidly receding into the distance—could itemize the result: a long list of depressing government financial statistics. The pensions of state employees ate up twice as much of the budget when Schwarzenegger left office as they had when he arrived, for instance. The officially recognized gap between what the state would owe its workers and what it had on hand to pay them was roughly $105 billion, but that, thanks to accounting gimmicks, was probably only about half the real number. “This year the state will directly spend $32 billion on employee pay and benefits, up 65 percent over the past 10 years,” says Crane later. “Compare that to state spending on higher education [down 5 percent], health and human services [up just 5 percent], and parks and recreation [flat], all crowded out in large part by fast-rising employment costs.” Crane is a lifelong Democrat with no particular hostility to government. But the more he looked into the details, the more shocking he found them to be. In 2010, for instance, the state spent $6 billion on fewer than 30,000 guards and other prison-system employees. A prison guard who started his career at the age of 45 could retire after five years with a pension that very nearly equaled his former salary. The head parole psychiatrist for the California prison system was the state’s highest-paid public employee; in 2010 he’d made $838,706. The same fiscal year that the state spent $6 billion on prisons, it had invested just $4.7 billion in its higher education—that is, 33 campuses with 670,000 students. Over the past 30 years the state’s share of the budget for the University of California has fallen from 30 percent to 11 percent, and it is about to fall a lot more. In 1980 a Cal student paid $776 a year in tuition; in 2011 he pays $13,218. Everywhere you turn, the long-term future of the state is being sacrificed.

  4. Like the saying goes, "everyone's full of sh!t!"

    Friedrich Hayek Joins Ayn Rand as a Hypocritical User of Medicare

    This should put Hayek in some sort of libertariam circle of hell, along with Ayn Rand, who took Medicare and Social Security payments when she was diagnosed with lung cancer.

    To quote Blue Texan at FireDogLake:

    And before any glibertarians come back with “but…but…she paid into it so there’s no hypocrisy” in comments, Rand herself wrote,

    There can be no compromise on basic principles. There can be no compromise on moral issues. There can be no compromise on matters of knowledge, of truth, of rational conviction.

  5. The Complete Undermining of Capitalism in the Name of Perpetuating U.S. Dollar Hegemony

    By keeping the “bailout” front-and-centre the Federal Reserve / U.S. Treasury are cast in the role of saviours by our mainstream “whore” press. This way, unthinkable acts being committed by Fed and the Treasury’s Exchange Stabilization Fund [ESF] – UNDERMINING CAPITALISM – are largely ignored or go un-noticed. Just think about this: the GAO clearly stated that,

    [pg. 23] “The Federal Reserve Board is a federal agency that is responsible for maintaining the stability of financial markets; supervising financial and bank holding companies, state-chartered banks that are members of the Federal Reserve System, and the U.S. operations of foreign banking organizations; and supervising the operations of the Reserve Banks.”

    So how is it that Morgan Stanley – a BANK HOLDING COMPANY with a 31 billion dollar market cap – grew their derivatives book by 14 TRILLION in notional over the latest 6 month reporting period Dec. 31, 2010 – June 31, 2011 – and the Fed says NOTHING?

    The instruments which Morgan Stanley “piled on” require 2-way-credit –checks” meaning counterparties need to have credit for each other before these trades can be consummated.

    WHO ON GOD’S GREEN EARTH HAS CREDIT LINES THIS LARGE FOR MORGAN STANLEY – to enable them to grow their book by 14 TRILLION in 6 months??????

    Anyone who believes this occurred “naturally” or in “free markets” must also believe in Santa Claus, the Easter Bunny and Keebler Elves.

  6. Excellent article above. May be you need more time to share all the knowledge that you have.
    So, thanks for share this information with us, I always come across this amazing post.

  7. Finally! A relevant, intelligent post about a theme that so much good judgment is missing. Many thanks for sharing this inventive and intelligent commentary with the world.I hate to harp on this, but I continue to see some exhaustion on the charts and additional downside moves ahead of us, especially if the S&P 500 April low of 1,294 is not reached.Gold Buying