Here’s Mike Maloney from GoldSilver.com reviewing the logic behind the recent and long-term trending in the precious metals markets.
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All the Silver in the World
Over at demonocracy.info, they’ve cleverly put together a neat project that visually expresses how much silver exists in the world.
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Sign the Petition to Audit US Gold Reserves
Update: February 9, 2013
The Whitehouse.gov site has removed the petition because it failed to gain enough support in the time allotted. It lacked approximately 18,000 signatures of the 25,000 necessary. It seems not many people care about this issue.
January 11, 2013
For many years, the Gold Anti-Trust Action Committee (GATA) has been gathering official government documents that indicate the US gold reserves are insufficient and cannot cover the paper obligations assigned to them. Through leasing and swap agreements with other nations, the details of which are hidden from the public, the nation’s gold could be in jeopardy and at the very least, over-reported. Some people have even openly speculated that the Fort Knox facility contains mostly empty space.
There is now a movement to have the gold reserves audited. As the description in the petition notes, the reserves have not been audited since 1953! Prior to that, there were semi-regular audits. In the last 60 years, there has been too much turmoil to simply assume normality in this matter. A prudent and measured action is necessary.
It’s amazingly easy to create a White House account and sign the petition – all you need is a valid email address and zip code. If the petition gets at least 25,000 signatures, the White House must take action to take the issue to the next step for further study. Read and sign the petition today.
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Jim Rickards on the Continuing Currency Wars
The currency wars being waged among the world’s nations at this time are going to continue for quite some time, according to Jim Rickards, author of Currency Wars. In this DJ FX Trader podcast posted at the Wall Street Journal, Rickards explains how nations around the world will likely continue their currency devaluations in order to gain an edge in their international trading.
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Take a Lesson from Iceland
The president of Iceland, Olafur Ragnar Grimsson, explains how his country has healed from the economic crisis while Europe and the rest of the western world are still grappling with the same problems that caused the crisis. Basically, they let poorly managed institutions (banks) fail and encouraged resources to be reallocated to more responsibly managed firms.
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Who Said This?
“It is also midnight within the moral order. At midnight colors lose their distinctiveness and become a sullen shade of grey. Moral principles have lost their distinctiveness. For modern man, absolute right and wrong are a matter of what the majority is doing. Right and wrong are relative to likes and dislikes and the customs of a particular community. We have unconsciously applied Einstein’s theory of relativity, which properly described the physical universe, to the moral and ethical realm.“
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