Gold_USDX_10-14

Rising Gold And US Dollar. Will The Impossible Continue?

(H/T Gold Silver Worlds)

Last month we saw this chart–in which the swings in the GoldxUSDX index had formed a triangle going back over a year. At that time we were quite close to the apex.

Gold USDX 10 14 category technicals

The last few weeks have been eventful. We saw a clear break below the lower trendline, followed by a bounce up above the upper trendline. It appears a decision has been made.

Gold USDX 2013 2014 category technicals

Barring further smashdowns, it seems we are moving out of the triangle and into a climb. Supporting this is the action of the last few weeks in the chart of USDX vs gold price.

USDX Gold Weekly 21 November 2014 category technicals

In the last two weeks, we are seeing the impossible–a rise in the gold price and the US dollar.

This isn’t as impossible as it seems–we’ve seen this before, from late 2009 to about mid-2010. It was a good time to be invested in gold equities.

Read rest of article

Outrage In Missouri Town

Watch: Store Robbed by Brown Looted on National TV

(H/T Breitbart)

Ferguson Market and Liquor, the store that Michael Brown robbed before he was killed by Officer Darren Wilson was looted during the aftermath of the grand jury’s decision to not indict Wilson as CNN’s cameras rolled on Monday.

Read rest of article

grandmother-waving-flag-ap

Morici: Whites Face a Government Working Against Their Interests and Their Children’s

(H/T Breitbart)

grandmother-waving-flag-ap

President Obama’s decision to ignore the law by granting de facto amnesty to millions of illegal immigrants brought to America as children and those who are parents of children with legal status was a terribly foolish act. It will only serve to exacerbate racial tensions.

Polls indicate the overwhelming majority of whites view illegal immigration as threatening. Many see immigrants as taking jobs from native-born Americans, pushing down wages and contributing to cultural decline.

While many may silently harbor racial bigotry, the adverse economic consequences for whites are real and palpable.

Illegal immigration increases the supply of low-skilled workers, and that drives down wages for less educated whites and African-Americans.

Millions of illegals will qualify for work permits and be able to take more visible, better-paying jobs. Native born Americans will face more competition for positions paying significantly above the federal minimum. For example, those paying between the averages for the hospitality and construction industries—$17 and $25 per hour, respectively.

Exacerbating racial tensions among highly skilled professionals, elite universities, reflecting years of pressure from the Department of Education, divide admissions along informal racial quotas, and that disadvantages white applicants.

A group called Students for Fair Admissions has brought suit in federal court against Harvard and the University of North Carolina charging that the practice discriminates against Asians, who tend to be the best academically qualified racial group.

If they prevail, and given the inclinations of the administration to pressure schools to admit African-Americans and Hispanics, even more white applicants would be squeezed out of top universities their antecedents founded and endowed.

Read rest of article

Texas Attorney General

Texas’ Governor-Elect Didn’t Like Obama’s Immigration Announcement — and He Has a Plan to Fight It

(H/T TheBlaze)

Texas Governor-elect Greg Abbott pledged quick action to President Barack Obama’s immigration plans Thursday night, saying he is prepared to challenge it in court.

greg abott

“President Obama has circumvented Congress and deliberately bypassed the will of the American people, eroding the very foundation of our nation’s Constitution and bestowing a legacy of lawlessness,”Abbott, a Republican and the state’s current attorney general, said in a statement.

Texas Attorney General

“Texans have witnessed firsthand the costs and consequences caused by President Obama’s dictatorial immigration policy and now we must work together toward a solution in fixing our broken immigration system,” he continued.

Read rest of article

US_Fed_bank_gold_holdings_1880_2014

How Much Earmarked Gold Holds The Federal Reserve?

(H/T Gold Silver Worlds)

Nick Laird at Sharelynx has recently complied historical data from multiple sources on the amount of earmarked (custodial) gold held by the US Federal Reserve Bank for other central banks. The chart below shows these stocks, in green, as well as the US’ gold reserves (in blue) and in red is an estimate by the Fed (pre confiscation) of gold held in the US by citizens and others. It provides a broad historical view of monetary gold in the US.

US Fed bank gold holdings 1880 2014 physical market

First feature to note is the privately held/circulating gold stocks figure in red. Up to 1915 we see that the gold held by government was stable and it was privately held gold that was growing. After this, the amount of gold in circulation as a proportion of total monetary gold reduced with the introduction of the Federal Reserve System. It ceased completely at the point holding gold was made illegal.

During the Bretton Woods period you will note that from 1950 to 1965 the total amount of gold held by the Fed was relatively stable at 25,000 tonnes.

However, the US’ gold reserves declined during this period from 22,000 tonnes to below 13,000 tonnes, with the ownership of the 9,000 or so tonnes simply being transferred to other central banks by book entry. In 1950 only 15% of the gold stored in the Fed was owned by foreign central banks – by the end of 1965, 48% of the gold was owned by foreigners. This reflected the change in the US towards deficits and the exchange of dollars for gold by nations running trade surpluses with the US.

From 1965 onwards the US’ gold reserves continue to fall while the holdings of other central banks at the Fed were quite stable at around 12,000 tonnes. It is not coincidental that foreign gold holdings at the Fed should peak at 12,282 tonnes in August 1971, the month the US unilaterally cancelled the direct convertibility of the US dollar to gold. Thereafter foreign central banks holdings at the Fed fell to 7,200 tonnes by 2000, an average rate of 15 tonnes a month.

The period mid-1992 to mid-2001 saw a rapid decline in foreign gold holdings at the Fed, a reduction of just over 3,000 tonnes in 9 years.

Read rest of article

kassig-AP

ISIS Beheads American Peter Kassig, Recent Convert to Islam & Former Army Ranger

(H/T Breitbart)

The Islamic State (IS/ISIS/ISIL) released a video on Sunday showing what the group claims is the severed head of American aid worker Peter Kassig.

Kassig, who previously served the United States military as an Army Ranger, was captured last year while delivering medical aid to a region in northern Syria.

In the video, the jihadi executioner says to the camera, while standing above what he claims is the severed head of Kassig:

This is Peter Edwards Kassig, a US citizen of your country. Peter, who fought against the Muslims in Iraq whilst serving as a soldier in the American army, doesn’t have much to say. His previous cellmates have already spoken on his behalf.

“But we say to you Obama. You claim to have withdrawn from Iraq four years ago. We said to you then that you were liars, that you had not withdrawn. And that if you had withdrawn you would return even after some time – you would return.”

The masked jihadi continued:

Your forces will return greater in number than they were before. We also remind you of the haunting words of our Sheikh Abu Musab al-Zarqawi told you. The spark has been lit here in Iraq and it’s heat will continue to intensify by Allah’s permission until it burns the crusader army.

The ISIS militant then says his group intends to kill and bury American troops under Syrian soil, “eagerly waiting for the remainder of your armies to arrive,” he taunts.

Read rest of article

SUV

Wait Until You See What’s Inside the Car

(H/T TheBlaze)

Here’s a CEO really putting all his trust in the product.

Texas Armoring Corporation released a video Monday of an employee firing a dozen AK-47 rounds into an SUV — with the boss inside.

SUV

Lawrence Kosub, the company’s sales and export compliance manager, fired an AK-47 at a Mercedes-Benz that Texas Armored Cars had outfitted to be bulletproof. To prove his confidence in their product, company president and CEO R. Trent Kimball took the driver’s seat first.

The video showed that even after a dozen bullets were fired directly at the front window, the glass didn’t shatter, and neither did Kimball’s nerves of steel: The CEO barely moved at all while the bullets smashed into the glass, just inches from his face.

Read rest of article

Gold_and_silver_coins

Events Impacting The Gold And Silver Price In The Week Of November 10th

In this article, we summarize the key events of the running week that could have an impact on the price of gold and silver price because of trading in COMEX futures.

Over the last week, between November 3d and 7th, both gold and silver went steeply lower before rebounding sharply on Friday 7th. For now, this seems to be a V-bottom on the making, like the U.S. stock indexes did mid-October of this year. Mind the next few days are key as there MUST be follow-through to the upside, otherwise the V-bottom will be invalid.

Over the last two weeks, when both gold and silver started to move sharply down, the primary driver has been the US dollar, which has surged higher following last week’s hawkish FOMC statement and increasingly more dovish central banks elsewhere in G10. The Bank of Japan’s surprise decision to expand its asset purchases program last week was followed by a dovish European Central Bank meeting on Thursday. At the follow up monthly news conference, Mario Draghi said the ECB is prepared to act more aggressively to combat deflation threats if needed and that the policy makers were unanimous on this view. He also said that the ECB’s Governing Council expects the central bank’s balance sheet to reach the early 2012 levels, implying an increase of up to €1 trillion. The net effect of the BoJ and ECB announcements has been positive for not only the US dollar, but also the global equity markets. Thus this has weighed on safe-haven demand.

For the week commencing November 10th, there are some key economic data coming both from the U.S. and European Union. There is only one formal Central Bank statement expected, i.e. one from Governor Mark Carney in the UK on Wednesday; he will talk about the quarterly inflation report. Mainly the data on Friday have the potential to cause some moves in the markets and metals.

Read rest of article

fema-aid-1

Here’s What FEMA Is Demanding From a Dozen Assisted-Living Residents Made Homeless by Superstorm Sandy

(H/T TheBlaze)

fema-aid-1

NEW YORK (AP) — The residents of Belle Harbor Manor spent four miserable months in emergency shelters after Superstorm Sandy’s floodwaters surged through their assisted-living center on New York City’s Rockaway peninsula.

Now, the home’s disabled, elderly and mostly poor residents have a new headache: The Federal Emergency Management Agency has asked at least a dozen of them to pay back thousands of dollars in disaster aid.

Robert Rosenberg, 61, was among the Belle Harbor Manor residents who recently got notices from FEMA informing them that they had retroactively been declared ineligible for aid checks they received two years ago in the storm’s immediate aftermath. The problem, the letters said, was that the money was supposed to have been spent on temporary housing, but that never happened because the residents were moved from one state-funded shelter to another.

FEMA gave Rosenberg until Nov. 15 to send a refund check for $2,486 or file an appeal.

“We’re on a fixed income. I don’t have that kind of money!” said Rosenberg, who suffers from a spinal disability and other chronic health problems. He said he spent the aid money long ago on food and clothing, both of which were in short supply after the storm.

The demand letters are part of a broader FEMA effort to recover millions of dollars in aid payments that went to ineligible households, either because of errors, a misunderstanding of the rules or outright fraud.

The Associated Press reported in September that FEMA was scrutinizing 4,500 households it suspected had received improper payments. At that time, 850 had been asked to return a collective $5.8 million. The other cases were still under review.

The AP on Tuesday asked for updated numbers on the number of storm victims who had been asked to return money, but FEMA didn’t immediately provide them.

Data obtained through a previous public records request, however, showed that as of July 30, the agency was considering a recoupment action against 35 residents of assisted living facilities in the same part of Queens that is home to Belle Harbor Manor. Collectively, those residents had received $108,598, with most of that money intended to cover temporary housing. Five residents had also received aid to cover destroyed belongings.

Read rest of article

House of Representatives — 2008

This Was How America Looked After Obama Was Elected in 2008…

(H/T TheBlaze)

Tuesday’s midterm elections gave way to the largest Republican majority in the House of Representatives since World War II, dramatically shifting the country away from the Democratic wave President Barack Obama rode into office.

Two House maps illustrate just how much the country shifted politically.

House of Representatives — 2008

House of Representatives — 2008

Read rest of article