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ISIS wants to introduce its own currency and plans to bring back solid gold and silver dinar coins, it has emerged.

The Middle East terror group apparently wants to introduce its own Islamic currency as part of its attempts to solidify its makeshift caliphate.

Militants are said to want to bring back the original dinar, which is an ancient currency from early Islam, and religious figures in Mosul and Iraq’s Nineveh province have apparently announced its return in mosques.

The currency known as the dinar, which once consisted purely of gold and silver coins, is today used by a variety of countries, but the coins are created from different materials to the originals.

However, the jihadi group is understood to be planning to return to the original gold and silver coins, which were first introduced during the Caliphate of Uthman in 634 CE.

Gold Rigging Settlement With UBS – Other Banks To Follow

November 11, 2014

Gold Rigging Settlement With UBS – Other Banks To Follow.

Suspicions that the price of precious metals are frequently manipulated by a few international banks were further confirmed over the weekend. UBS agreed to settle with various international regulatory bodies investigating rigging in foreign exchange and precious metals markets.

While failing to admit wrongdoing one person familiar with UBS’s internal probe said that the bank found “a small number of potentially problematic incidents at its precious metals desk,” reports the Financial Times:

UBS is expected to strike a settlement over alleged trader misbehaviour at its precious metals desks with at least one authority as part of a group deal over forex with multiple regulators this week, two
people close to the situation said. They cautioned that the timing of a precious metals deal could still slip to a date after the forex agreement.

…click on the above link to read the rest of the article…

They’re Burning The Furniture Now | Investment Research Dynamics

November 10, 2014

They’re Burning The Furniture Now | Investment Research Dynamics.

Whenever destroyers appear among men, they start by destroying money, for money is men’s protection and the base of a moral existence. Destroyers seize gold and leave to its owners a counterfeit pile of paper. Francisco’s Money Speech – When Atlas Shrugged

Last night around 12:30 a.m. EST, $1.5 billion of paper gold was dumped into the Comex Globex computer trading system during one of the least liquid periods of trading in any 24 hour period. It was done when there was almost no resistance from the physical market. The two largest physical buying markets in the world were dormant when this hit occurred: India was closed for holiday observance and Shanghai was on its mid-day trading hiatus.

Dumping this enormous load of paper gold onto the market like this can only be done by an entity that has an agenda other than profit motive. Even if a big player wanted to establish or add to a short position to express a bearish view on gold, a position of this size would be carefully set up in order to maximize the price level received for selling-short the gold futures. Instead, a powerful entity who can easily absorb the likely losses dumped this paper gold on the market with the goal of manipulating the price lower.

To be sure, hoards of “little guys” in the U.S. seem to understand the real truth. The record buying of U.S. minted silver eagles – aka “poor man’s gold – during September and October bears witness to this assertion. As the western Governments force the price lower with phony paper gold and continue to loot all visible sources of physical gold in order to meet delivery requirements, it seems that the “hoi polloi” is fighting back by buying even more physical metal. It’s not just in the U.S. The Royal Canadian Mint reports its silver maple leaf sales on a lagged basis but unofficial reports suggest that buyers there have been wiping clean the cupboard. And a report surfaced out of Germany about a run on silver coins there by the public (LINK).
…click on the above link to read the rest of the article…

Another “Conspiracy Theory” Bites The Dust: UBS Settles Over Gold Rigging, Many More Banks To Follow | Zero Hedge

November 9, 2014

Another “Conspiracy Theory” Bites The Dust: UBS Settles Over Gold Rigging, Many More Banks To Follow | Zero Hedge.

As we previewed on Friday, when we reported that “Russia Nears Completion Of Second “Holy Grail” Gas Deal With China“, moments ago during the Asia-Pacific Economic Cooperation forum taking place this weekend in Beijing, Russia and China signed 17 documents Sunday, greenlighting a second “mega” Russian natural gas to China via the so-called “western” or “Altay” route, which as previously reported, would supply 30 billion cubic meters (bcm) of gas a year to China.

Among the documents signed between Russian President Vladimir Putin and Chinese leader Xi Jinping were the memorandum on the delivery of Russian natural gas to China via the western route, the framework agreement on gas supplies between Russia’s Gazprom and China’s CNPC and the memorandum of understanding between the Russian energy giant and the Chinese state-owned oil and gas corporation.

“We have reached an understanding in principle concerning the opening of the western route,” Putin said. “We have already agreed on many technical and commercial aspects of this project, laying a good basis for reaching final arrangements.”

…click on the above link to read the rest of the article…

Gold – Falling From Grace | Armstrong Economics

November 7, 2014

Gold – Falling From Grace | Armstrong Economics.
Gold has been trending lower Breaking the June low of 2013 showing that the Benchmark Forecasts in The 2014 International Metals Outlook Report are right on track as it hits fresh four-year lows. The Gold Promoters are just desperate for bullish news and will craft whatever they can to continue their delusional bubble in which they live. They will never admit being wrong. As long as anyone who still listens has a dime left to buy in a falling market, why give up now. The latest bullish news they cling to is the vote in Switzerland at the end of the month when the Swiss go to the polls on November 30 in a referendum that will lay down new rules for the country’s central bank concerning its gold reserves. There are actually people claiming a yes vote will send gold up 20% and somehow this will make the Swiss franc the most secure currency in the world. Since the Swiss have these reserves, why have they not prevented gold’s decline? So why holding on to a position makes gold bullish? Not sure where is the logic. Of course a NO vote would be super bearish for then everyone would expect the central bank to dump gold. The effective problem, naturally,is that such story spinners overlook the facts every single time.

The Swiss have suffered tremendous capital inflows because of the collapse the Euro, which this crowd also touted would displace the dollar. Sorry – the euro has been a failed corrupt currency. Their bias simply knows no bounds and comes at the expense of the life savings of so many people they have misled. The Swiss pegged the franc to the Euro and it has been dropping in tandem. The Swiss central bank has lost a ton of money on gold and the euro. Pegging the franc to the euro meant that they were buyers of euro. Then gold has crashed. The central bank has lost money from every which way possible and actually risk reducing Switzerland to a third world country. The Swiss pension funds are mandated to buy government bonds by over 80% and that pays nothing. The Swiss bureaucrats have given up just about everyone with any loose change to the Americans, French, and Germany, not to forget the Italians. The Swiss have been trying to create a security zone for data, but there too can they really be trusted? The bureaucrats in Switzerland ask other countries what would they like now?They hand over info way too easily. The Swiss bureaucrats are reducing their economy to one based on chocolate, cheese, and watches. Now with Ebola threatening the cocoa crops, they may even lose the chocolate franchise.
…click on the above link to read the rest of the article…

Sprott Money Blog | Sprott’s Insights into the Gold, Silver and Platinum Markets

November 7, 2014

Sprott Money Blog | Sprott's Insights into the Gold, Silver and Platinum Markets.
Going into the Halloween weekend, silver investors felt like they had a fist shoved in their stomachs, silver took a massive hit and fell towards the $15.00 mark. A far cry from the once hailed $50.00 level.

Since then, silver has rallied slightly, retaking the $16.00 level. The fact that it has not rocketed higher, has baffled many investors, as the additional QE announcement from Japan is being credited as the reason for the sudden collapse in silver prices. Obviously, this news should of sent prices higher. Unless something more nefarious is at work, keeping prices artificially lower.

This has to be the case, or the market has gone completely insane. One precious metals expert who agrees with this assessment is Ted Butler. Well known for his silver analysis and for exposing the manipulation in the silver market. In a recent interview with Peak Prosperity, Ted Butler had the following to say:
…click on the above link to read the rest of the article…

Physical Gold Shortage Worst In Over A Decade: GOFO Most Negative Since 2001 | Zero Hedge

November 6, 2014

Physical Gold Shortage Worst In Over A Decade: GOFO Most Negative Since 2001 | Zero Hedge.

The last time there was an systemic physical gold shortage was in July 2013. It is then that, for the first time in 5 years, the 1-month Gold forward offered rate, or GOFO, went negative. We said:

Today, something happened that has not happened since the Lehman collapse: the 1 Month Gold Forward Offered (GOFO) rate turned negative, from 0.015% to -0.065%, for the first time in nearly 5 years, or technically since just after the Lehman bankruptcy precipitated AIG bailout in November 2011. And if one looks at the 3 Month GOFO, which also turned shockingly negative overnight from 0.05% to -0.03%, one has to go back all the way to the 1999 Washington Agreement on gold, to find the last time that particular GOFO rate was negative.

Fast forward to today, when as noted over the past week there has been a massive shortage of precious metals – most notably silver which as of this moment is indefinitely unavailable at the US Mint – as a result of the tumble in the paper price, and following 8 days of sliding and negative 1 month GOFO rates, today the physical metal shortage surged, as can be seen by not only the first negative 6 month GOFO rate since last summer’s much publicized gold shortage when China was gobbling up every piece of shiny yellow rock available for sale, but a 1 month GOFO of -0.1850%: the most negative it has been since 2001!

…click on the above link to read the rest of the article…

Japan Central Bank Throws Granny Under The Bus | Peak Prosperity

November 3, 2014

Japan Central Bank Throws Granny Under The Bus | Peak Prosperity.

This one was so good, we’re making it public!

In this week’s Off the Cuff podcast, Chris and Mish Shedlock discuss:

The expected but shocking Japanese central bank decision
Increasing central bank desperation
How central banks transfer wealth from the masses to the few
The impact on gold and silver prices

Summary: In this podcast Chris and Mish let their guard down and say a few choice words about the actions of central banks that obviously and seriously harm average people all in the service of assuring that banks and governments can continue to operate as they have in the past.

…click on the above link to read the rest of the article…

Ted Butler: The Silver Nightmare Will Be Over Soon | Peak Prosperity

November 2, 2014

Ted Butler: The Silver Nightmare Will Be Over Soon | Peak Prosperity.

Halloween couldn’t have been more terrifying for silver investors. The gray metal cracked under $16/oz on Friday, a price not seen for nearly half a decade.

For years now, it has seemed like silver has been beaten down so badly its price couldn’t go lower. But then it has.

Why has silver seen such a gut-wrenching price decline? (now down 2/3 compared to its high in late 2011). And will it ever see brighter days again?

This weekend, Chris has a long discussion with silver expert Ted Butler on the real culprit behind the wild price slams that have plagued silver: unfairly concentrated positions within the derivatives market:

You have to sit back and try and drill down to the cause of what’s going on. Now, the actions by the Bank of Japan and the actions of our own Central Bank have basically been to inflate all investment assets such as bonds, stocks, real estate. And the ironic thing is that in the past whenever we’ve gone through this asset inflation mode ,gold and silver and a variety of commodities have always participated. It stands out this time that, contrary to the movement and all other assets, that gold and silver have been particularly weak.

…click on the above link to read the rest of the article…

How China & Gold Will Shape The Future | Zero Hedge

October 27, 2014

How China & Gold Will Shape The Future | Zero Hedge.

Willem Middlekoop, author of The Big Reset – The War On Gold And The Financial Endgame, believes the current international monetary system has entered its last term and is up for a reset. Having predicted the collapse of the real estate market in 2006, (while Ben Bernanke didn’t), Middlekoop asks (rhetorically) – can the global credit expansion ‘experiment’ from 2002 – 2008, which Bernanke completely underestimated, be compared to the global QE ‘experiment’ from 2008 – present? – the answer is worrisome. In the following presentation he shares his thoughts on the future of the global monetary system; and how gold, the US and China are paramount for its outcome.

…click on the above link to read the rest of the article…

Mining CEO Proposes: Crush Market Manipulation By Halting Silver Sales: “Would Send Ripples To The Entire System”

October 26, 2014

Mining CEO Proposes: Crush Market Manipulation By Halting Silver Sales: “Would Send Ripples To The Entire System”.

In 2011 the price of silver topped $48 per ounce, but just a few years later we’ve seen it collapse to such levels that it is now becoming nearly impossible to for mining companies to get it out of the ground and make any sort of profit.

Many believe the price of silver, and it’s precious metal counterpart gold, is being manipulated by top-tier financial organizations that include large investment firms as well as Western central banks. Through the use of heavy leverage and coordinated attacks it is believed that these ‘cartels’ are working to keep the price of silver and gold low in an effort to prevent these resources from supplanting the global reserve status of the U.S. dollar. It’s gotten so bad that the Chinese government has actually decided to open their own precious metals exchanges just to try and counter the manipulation.

Now, even the private mining sector is saying enough is enough.

In an interview with Future Money Trends, Future Majestic Silver Corp. CEO Keith Neumeyer says that manipulated paper markets are not representative of the physical price of silver. According to Neumeyer, it costs about $16.50 to get silver out of the ground and with it’s current “paper” spot price trading at about a dollar over that, it is becoming more and more difficult for mining companies to break even, let alone maintain profitable businesses.

…click on the above link to read the rest of the article…

Why Gold Is Undervalued – Alasdair Macleod | Peak Prosperity

October 24, 2014

Why Gold Is Undervalued – Alasdair Macleod | Peak Prosperity.

Gold has been in a bear market for three years. Technical analysts are asking themselves whether they should call an end to this slump on the basis of the “triple-bottom” recently made at $1180/oz, or if they should be wary of a coming downside break beneath that level. The purpose of this article is to look at the drivers of the gold price and explain why today’s market value is badly reflective of gold’s true worth.

First, I think a reminder would be timely. Those who seek to trade gold are at substantial disadvantage:

they line themselves up against too-big-to-fail banks which have the implicit backing of the taxpayer to bail them out of their trading positions;
furthermore markets have become so manipulated and dangerous that gold should be considered as insurance against systemic risk instead of a punt.

Because the majority of market investors don’t fully grasp these risks, when the current global financial bubbles eventually burst, there will only be a tiny minority who end up possessing gold — by which I mean physical gold held outside the fiat money system.

…click on the link above to read the rest of the article…

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