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PMs Higher As Eurozone Downgrades, Libya and Japan Ignored for Now

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From Goldcore

Gold and Silver Higher - Eurozone Downgrades, Libya and Japan Ignored for Now

Gold and, particularly, silver are higher in European trading, especially in Japanese yen, which has come under pressure again today. The initial 'repatriation funds' yen rally in the days after the natural and nuclear disaster has abated.

Gold is again close to record nominal highs in yen (119,000/oz) and other currencies. The outlook for the yen is not good due to massive fiscal and demographic challenges, zero percent interest rates and ongoing currency debasement - none of which will be helped by the nuclear disaster.

London AM Fix - Cross Currency Rates (1030 GMT) GoldCore

London AM Fix - Cross Currency Rates (1030 GMT)

Risk appetite remains high with investors buying equities and shrugging off considerable geopolitical and sovereign debt risk. The downgrades of Portugal and Greece have led to new record high 10-year bond yields for both - at over 8.02% and 12.73% respectively.

GoldCore

Gold in US Dollars - 17 February 2010 - 30 March 2011 (Tick)

Gold is supported at $1,410/oz and at $1,380/oz and €995/oz. A close above the record nominal high of $1,447.82/oz would likely see gold rise to psychological resistance of $1,500/oz in short order.

Gold commenced 2011 at $1,420.78/oz and with two days of trading left in the first quarter, gold is marginally higher at $1,420/oz. It is therefore flat for the quarter after another quarter of correction and consolidation.

A lower quarterly close would be the first lower quarterly close in 9 quarters. This may be beneficial to some of those short the gold market who may be attempting to 'paint the tape' and engineer a lower quarterly close - in the forlorn hope that this could lead to momentum selling by trend, following hedge funds and traders.

A lower quarterly close may be achieved but the fundamentals of anaemic supply and continuing strong demand both from the investment sector, but also from the jewellery and industrial sectors (dental and electronics primarily) internationally, and particularly in China and Asia in general will likely see gold continue to rise in 2011.

GoldCore

Gold in US Dollar - 1 January 2010 - 30 March 2011 (Daily)

Interestingly, March 2010 and the first quarter last year (see chart above), also saw gold flatline prior to strong gains in April and the second quarter of 2010 (Q2 10). Gold rose by nearly 6% last April and by nearly 12% in the quarter.

The unresolved eurozone debt crisis and the emergence of the Japanese natural and nuclear disasters and geopolitical risk in oil producing nations means that the fundamentals today are as sound as they were in 2010 - if not more sound.

Bearish predictions that higher gold prices would lead to sharp falls in industrial and jewellery demand are being proven wrong as seen in the figures released by the CPM group this morning (see news).

News

(MSN Money) -- Gold price may hit $US1,600 an ounce
The gold price could climb to a record $US1,600 an ounce this year if investment demand remains strong amid sovereign debt fears, a metals consultancy says.

London-based GFMS World Gold Ltd managing director Paul Burton said the gold price was likely to remain strong this year.

Gold, at about $US1,420 an ounce, is nearing the recent all-time record of $US1,444 an ounce.

"We're probably going to see the $US1,500 (per oz mark) broken and certainly the $US1,600 mark is within range this year," Mr Burton told Paydirt's Gold Conference in Perth on Wednesday.

"We're still quite optimistic, going out for two years.

"But I could be speaking here this time next year and the whole economic scene could have changed radically."

He said all the economic factors were lined up for investment demand to stay high for gold.

"It really depends on how the major economies of the world, how the governments, react and try to keep growth within our economies," Mr Burton said.

"How you see governments respond to the economic crises around the world and if they continue with their quantitative easing, it is going to have a major impact on investor demand and where the gold price is going.

"If we start to see countries, central banks especially ... increase interest rates, other investments will start to look attractive.

"But if we do see the gold price fall, you're not going to see anything below $US900.

"I think the base level is pretty high.

"We don't certainly see the gold price going down to the 2001 $US250 an ounce level again."

Mr Burton warned delegates that rising costs of production would continue to be a challenge for gold miners.

"Basically, the sector needs the gold price to stay above $US800 an ounce for a producer to stay in business," he said.

(Bloomberg) -- Japan Says Radiation From Nuclear Plant Not 'Big' Seafood Threat

Japan's government said levels of radiation emitted from the crippled Dai-Ichi nulcear plant in Fukushima will not have a "big impact" on seafood. The plant including reactors No. 5 and No. 6 will be shut down and the government hasn't ruled out sealing the facility in concrete, Chief Cabinet Secretary Yukio Edano told reporters today in Tokyo.

(Bloomberg) -- Mali Cuts 2011 Gold Output Forecast More Than 17%, Reuters Says
Mali cut the amount of gold it expects to produce this year by more than 17 percent after mining companies reduced their guidance, Reuters reported, citing Bafa Sangare, an official at the Ministry of Mines.

The West African nation now expects to produce about 49.58 metric tons of the precious metal, down from an earlier forcast of more than 60 tons, the news agency said.

(Bloomberg) -- Odyssey Hunts Nazi-Torpedoed Ship's $260 Million of Silver
Odyssey Marine Exploration Inc., the ocean salvager featured in the Discovery Channel series "Treasure Quest," is trying to recover silver valued at as much as $260 million by October from a ship torpedoed by a Nazi submarine in 1941.

The Tampa, Florida-based company was awarded a contract by the U.K. government last year that would allow it to keep about 80 percent of the bullion treasure of the S.S. Gairsoppa, a cargo steamer sunk by a German U-boat off the Irish coast. There's an estimated 4 million to 7 million ounces at the shipwreck site, according to Odyssey President and Chief Operating Officer Mark Gordon.

"This is the year we're going to go out and find it," Gordon said in an interview. He said the cost of the search would be less than $10 million. "The total survey and recovery costs will be a fraction of the value," Gordon said.

Odyssey aims to salvage Gairsoppa's cargo from beneath as much as 14,000 feet (4,270 meters) of water amid surging prices for silver, which has more than doubled in the past year, and gold, which rose to a record last week. The company recovered 17 tons of gold and silver coins in 2007 in an Atlantic Ocean operation it codenamed Black Swan. It also plans to hoist treasure from at least five other ships, including HMS Sussex, which sank in 1694 near Gibraltar and may hold gold that the New York Times has estimated is valued at as much as $4 billion.

'Big Idea'
"We've got a buy rating on the stock; it's what we call a big idea," Mark Argento, a Minneapolis-based analyst at Craig- Hallum Capital Group LLC, said in a telephone interview. "It's got biotech-type returns without the massive upfront capital. The next few months should prove interesting."

Odyssey climbed 41 cents, or 15 percent, to $3.15 at 11:21 a.m. in Nasdaq Stock Market trading. The shares doubled in the 12 months through yesterday.

Odyssey's other salvaging targets include HMS Victory, which sank off England in 1744 carrying 100,000 ounces of gold, and the Enigma, Shantaram and Firebrand, three merchant ships estimated to have cargoes worth at least $50 million each, Gordon said.

"We're probably the most excited we have ever been," Gordon said of the 17-year-old salvaging company that was featured in the Discovery series in 2009. "We have more projects at relatively late stages than we've ever had in the history of the company."

Wreck Hunters
Depending on the weather, hunting for the Gairsoppa may start as early as May using sonar, metal detectors and undersea robots, Gordon said. The wreck's condition will help determine how quickly the cargo can be extracted, he said.

Odyssey has also signed deals to mine the South Pacific sea floor. Companies such as Nautilus Minerals Inc., Neptune Minerals Plc and an AngloGold Ashanti Ltd. joint venture are seeking gold, copper and silver deposits with technology adapted from deep-water oil exploration.

Odyssey has agreed with closely held Neptune to mine gold, silver, zinc and lead off New Zealand for $3 million in cash and as much as 15 percent of the London-based company's equity, Gordon said. Odyssey also owns 41 percent of closely held Dorado Ocean Resources, which plans to drill near the Solomon Islands in the next few months, he said.

Odyssey returns to the U.S. appeals court in May, Gordon said, to fight a Spanish government claim for about $500 million in coins the salvager found and hauled from the bottom of the Atlantic off Portugal in 2007. The company dubbed the site where the treasure was found the Black Swan, a reference to Nassim Taleb's book on improbable and transformational financial events.

(Irish Times) -- All that Glitters
Gold can yield significant returns, if the investment is timed right. Last week it was hovering around $1,433.90 an ounce, up three per cent since Pricewatch last discussed its value in December, and is set for its 10th consecutive quarterly gain. It may be too late to buy, as speculation rather than heightened demand has fuelled price increases for nearly two years. Gold certificates and exchange traded funds (ETFs) are two ways to fold gold into an investment portfolio. GoldCore is an approved dealer for the Perth Mint Certificate and allows investors buy certificates backed by physical gold bullion. There is an entry charge of 3.9 per cent and an exit cost of 1 per cent. The minimum investment is €8,000. Another Goldcore product allows individuals to invest as little as €150 a month for a 12-month period. Websites such as US-based BullionVault.com allow people to buy gold online. The site charges a commission of 0.8 per cent on transactions and 0.12 per cent storage.

(Editor's Note: Firstly, advising retail investors to 'time markets' is not good financial advice. Secondly, the statement "speculation rather than heightened demand has fuelled price increases for nearly two years" is factually inaccurate.)

(Reuters) -- Bolivia Silver Mine San Cristobal Hit by Strike

Strike grips San Cristobal silver, zinc mine Government says strike started on Friday

A four-day-old strike has paralyzed Bolivia's San Cristobal mine, which produces silver, zinc and lead and accounts for about half the country's mining exports, the government said on Monday.

San Cristobal is the world's third-largest producer of silver and the sixth-largest producer of zinc, according to Japan's Sumitomo Corp (8053.T: Quote), which fully owns the mine. It produced some 620,000 kilograms of fine silver in 2009, official data shows.

Government Mining Director Freddy Beltran told Reuters the strike started on Friday after days of threats by miners, who are calling for improved working conditions and the firing of several officials.

"Today is the fourth day that the mine's been halted, bearing in mind that it keeps operating over the weekend," he said.

A company statement expressed concern about operations at the remote Andean site and for staff safety, without giving further details. Labor disputes are common in Bolivia, a significant global producer of zinc, silver, tin and lead.

(Financial Times) -- Americans feather nests with silver Eagles
At Stack's, a coin dealer in midtown Manhattan, the shop floor is filled with glass cases displaying coins and banknotes ranging from recently-minted pieces to 18th-century antiques. These days, however, customers mainly have eyes for one product: the silver American Eagle.

"Silver's hot. People want it. People don't want to have money in the bank," says Eric Streiner, the shop's manager. Buyers include everyone from "business executives to lunatics", he adds.

The same story is being repeated across the US. Silver has become the favoured investment of disaffected Americans. The recent wave of disenchantment with the economic stewardship of the country's institutions - from the government and the Federal Reserve to big Wall Street banks - has sent demand skyrocketing.

With that, the price of silver has more than doubled since the Fed first raised the prospect of a second round of quantitative easing - effectively, printing money to prop up the economy - in late August. That has made it the best performing precious metal, with nominal prices rising to levels only seen during the height of the Hunt brothers' famous squeeze in 1980.

Daniel Brebner, commodities analyst at Deutsche Bank, says silver investors "don't like where their country is going - particularly in the US but elsewhere as well.

"They are looking at other political alternatives, but they're also looking at diversifying away from conventional assets they've held in the past."

Nowhere is the unbridled enthusiasm for silver clearer than at the level of coins and small bars - the type of product most accessible to smaller investors. All the world's top mints are selling silver coins at record pace: the US Mint has sold 12.4m ounces of silver American Eagles in the first three months of the year - equivalent to about 6 per cent of quarterly global mine output.

David Madge, head of bullion sales at the Royal Canadian Mint, says sales of silver Maple Leaf coins "remain robust with demand still exceeding our supply".

The level of demand means dealers are sold out of popular products. "Anything you can get right now you can sell," says Michael Kramer, president of Manfra, Tordella & Brookes, a New York-based coin dealership. "If I want to, I can sell my [weekly] allocation in five minutes."

The level of demand for products such as 100 ounce bars and silver American Eagles has caused premiums - the cost of particular products over and above the value of the metal they contain - to jump to the highest levels since 2008, dealers said.

Silver has even outshone gold, which shares its perceived quality as a hedge against the debasement of paper currencies. In part that is because the grey metal also has industrial characteristics, which mean it has benefited from the global economic rebound. More important, dealers say, is the perception that silver, with its lower headline price, may have further to rally than gold.

Jonathan Potts, managing director of Fidelitrade, another US bullion dealer, draws a parallel with equity markets, where some investors prefer to invest in cheaper stocks. "We're seeing people from all walks of life, all income levels," he says.

"A lot of people believe that silver has a lot more upside potential than gold right now."

Disenchanted Americans are not the only driver for silver's rally. Consumption in other countries has also jumped, led by China and India. Over the past three years China has shifted from being a net exporter to a significant importer of the metal.

Nonetheless, many traders confess to bafflement at the strength of the grey metal, pointing to rising supply from mine production and growing scrap levels as factors that ought to damp price gains.

Some investors appear to be equally wary. According to Edel Tully of UBS, "while many market participants are impressed by silver's industrial and retail demand, and are concerned about physical shortages, another portion believe there is too much speculative noise in the market right now".

But for every investor or analyst concerned about silver's fundamentals, there are plenty of others calling for much higher prices.

Mr Brebner of Deutsche Bank is expecting silver to average a record $50 a troy ounce next year, compared with current prices of $37. Others are even more bullish, calling for the ratio of gold to silver prices to fall in line with the relative abundance of the two metals in the earth's crust - about 19:1 - or for silver to surpass its inflation-adjusted high of 1980, which stands at about $150.

For the time being, at least, the silver bugs are making more noise than their detractors.

On a recent call to discuss the results of Pan American Silver, the fourth-largest miner, one private investor's comment was less a question than a rallying call: "With the entire United States of America, the states going bankrupt, which means they'll have to unleash ... QE3 because the Federal Reserve will not allow them to go [bankrupt], and [with] silver [above] $35, the sky is the limit."

Industrial boom
It is not just investors that are driving silver demand higher,writes Jack Farchy.

Industrial use of silver, in everything from electrical circuits in mobile phones to plasma television screens, has risen sharply, accounting for more than half of total silver consumption.

According to forecasts from consultancy GFMS this week, industrial silver demand is set to rise 37 per cent between 2010 and 2015, with much of that coming from the use of silver in solar power cells, which is expected to double from 2010 levels.

(Bloomberg) -- Gold May 'Tread Water' Following Investment Gains, CPM Says
Investment demand for gold increased 24 percent last year amid wide currency swings and escalating sovereign debt in Europe, CPM Group, a commodity- research company, said.

In its annual outlook reported released today, the New York-based company said that "continued economic problems following the financial crisis which began in 2008 and political issues worldwide" also spurred gold demand. Investors added 33.8 million ounces to holdings in 2010, compared with 27.3 million ounces in 2009, CPM said.

The price may "tread water" for the next couple of years as "investors become less concerned about the economic and financial problems," Jeffrey Christian, CPM's managing director, said in a presentation in New York. Buyers may pull back later in 2011 or in 2012, causing "a sharp fall" to as low as $1,160 an ounce, he said.

In 2010, gold prices gained 30 percent, climbing for the 10th straight year. The metal reached a record of $1,448.60 on March 24. Today, gold futures for June delivery fell $3.80, or 0.3 percent, to $1,417.50 on the Comex in New York. The most- active contract has dropped 0.3 percent this quarter.

"The proliferation of relatively new investment vehicles such as exchange-traded funds has helped boost investment demand in recent years," CPM said in a statement. Futures of smaller contract size and gold ATMs also attracted buyers, the group said.

Central banks and government institutions increased holdings by 10.2 million ounces and were net buyers for the third straight year, CPM said. Fabrication demand rose 0.6 percent to 76.8 million ounces, the company said.

Total gold supply increased 0.3 percent to 120.8 million ounces as mine production increased, CPM said.

(Bloomberg) -- Sales of 1-Ounce American Silver Coins Fall, U.S. Mint Says
Sales of 1-ounce American Eaglesilver coins are heading for a three-month low, according to the U.S. Mint.

About 2.767 million coins have been sold in March, data on the Mint website showed. That would be the lowest since December and the smallest March total since 2008. Purchases also declined in February. In January, the monthly total reached 6.422 million, the highest since sales began in 1986.

Silver futures for May delivery dropped 10.1 cents, or 0.3 percent, to $36.987 an ounce on the Comex in New York today. The price touched a 31-year high of $38.18 last week as investor demand for precious metals as alternative investments surged.

 

 

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Wed, 03/30/2011 - 08:12 | 1116342 Inibo E. Exibo
Inibo E. Exibo's picture

Shiny, bitchez!

Wed, 03/30/2011 - 08:30 | 1116364 Harlequin001
Harlequin001's picture

onward and inexorably upward...

until gold is back in money...

Wed, 03/30/2011 - 09:40 | 1116572 High Plains Drifter
High Plains Drifter's picture

Could we handle that?  Could the world? 

Wed, 03/30/2011 - 12:37 | 1117522 Harlequin001
Harlequin001's picture

yes, for a short while...

Wed, 03/30/2011 - 08:13 | 1116344 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Gold and silver? No thanks, i'd rather have The Bernank's "Jew confetti"  to use as a store of wealth thanks, he's a man i can, and do, trust.

Wed, 03/30/2011 - 08:16 | 1116352 wandstrasse
wandstrasse's picture

'Jew confetti'!!! Terrible. Hilarious. Did YOU coin this word? Unbelievable. Wonderful.

Wed, 03/30/2011 - 08:25 | 1116369 tmosley
tmosley's picture

No, that is the German word for hyperinflated cash.  And part of what lead to the Holocaust, i might add.

I, personally, would call it BANKER confetti, and send the members of that particular profession to the ovens, rather than the members of a given race/religion.  It doesn't matter how much the two overlap, as the overlap is not 100%.

Wed, 03/30/2011 - 08:44 | 1116425 wandstrasse
wandstrasse's picture

didnt know that it was a nazi propaganda word. I never heard it before... google gives no results for legal reasons... I thought it was a blogosphere creation. Apologies for my finding it so funny, seriously. 

Wed, 03/30/2011 - 08:49 | 1116440 tmosley
tmosley's picture

It's pre-Nazi, but was a large part of the Zeitgeist that led to their rise to power and what followed.

"Banker confetti" is a bit more modern, perhaps.  Or "Bernanke confetti".  Hell, that almost rhymes.

Wed, 03/30/2011 - 08:52 | 1116452 snowball777
snowball777's picture

Bankonfetti or Bernankenfetti.

Wed, 03/30/2011 - 08:58 | 1116466 tmosley
tmosley's picture

I really like "Bernankenfetti".

Here's hoping it catches on.

Wed, 03/30/2011 - 09:52 | 1116609 Pegasus Muse
Pegasus Muse's picture
The Weimar Hyper-inflation and the Judefetzen

by Ben Atlas on 07.27.2010

An article in the Telegraph - The Death of Paper Money quotes from the book ”When Money Dies: The Nightmare of the Weimar Hyper-inflation”. The book describes economic upheaval in Germany in the 20s, the upheaval that paved the way for the Third Reich:

“Near civil war between town and country was a pervasive feature of this break-down in social order. Large mobs of half-starved and vindictive townsmen descended on villages to seize food from farmers accused of hoarding. The diary of one young woman described the scene at her cousin’s farm.

 

“In the cart I saw three slaughtered pigs. The cowshed was drenched in blood. One cow had been slaughtered where it stood and the meat torn from its bones. The monsters had slit the udder of the finest milch cow, so that she had to be put out of her misery immediately. In the granary, a rag soaked with petrol was still smouldering to show what these beasts had intended,” she wrote.

 

Grand pianos became a currency or sorts as pauperized members of the civil service elites traded the symbols of their old status for a sack of potatoes and a side of bacon. There is a harrowing moment when each middle-class families first starts to undertand that its gilt-edged securities and War Loan will never recover.

 

Irreversible ruin lies ahead. Elderly couples gassed themselves in their apartments.

Foreigners with dollars, pounds, Swiss francs, or Czech crowns lived in opulence. They were hated. “Times made us cynical. Everybody saw an enemy in everybody else,” said Erna von Pustau, daughter of a Hamburg fish merchant.

 

Great numbers of people failed to see it coming. “My relations and friends were stupid. They didn’t understand what inflation meant. Our solicitors were no better. My mother’s bank manager gave her appalling advice,” said one well-connected woman.

 

“You used to see the appearance of their flats gradually changing. One remembered where there used to be a picture or a carpet, or a secretaire. Eventually their rooms would be almost empty. Some of them begged — not in the streets — but by making casual visits. One knew too well what they had come for.”

 

Corruption became rampant. People were stripped of their coat and shoes at knife-point on the street. The winners were those who — by luck or design — had borrowed heavily from banks to buy hard assets, or industrial conglomerates that had issued debentures. There was a great transfer of wealth from saver to debtor, though the Reichstag later passed a law linking old contracts to the gold price. Creditors clawed back something.

 

A conspiracy theory took root that the inflation was a Jewish plot to ruin Germany. The currency became known as “Judefetzen” (Jew- confetti), hinting at the chain of events that would lead to Kristallnacht a decade later.”

 

http://benatlas.com/2010/07/weimar-hyper-inflation-and-judefetzen/ 

Wed, 03/30/2011 - 10:48 | 1116868 Manipulism
Manipulism's picture

Fetzen is not confetti.

In german Confetti is Konfetti.

Fetzen means a piece of fabric or a piece of paper.

Wed, 03/30/2011 - 13:28 | 1117777 Harlequin001
Harlequin001's picture

'My mother’s bank manager gave her appalling advice,” said one well-connected woman.'

perhaps not if you are a bank manager...

Wed, 03/30/2011 - 08:12 | 1116346 tmosley
tmosley's picture

OpEx is over, bitchez.

Wed, 03/30/2011 - 08:28 | 1116371 Harlequin001
Harlequin001's picture

"We don't certainly see the gold price going down to the 2001 $US250 an ounce level again."

No shit Sherlock....

My, it must really grip to have to finally admit that...

Wed, 03/30/2011 - 08:57 | 1116465 High Plains Drifter
High Plains Drifter's picture

Schmailes says the gold bubble is about to burst.....I know he is telling the truth because he reads a lot of books.

Wed, 03/30/2011 - 12:38 | 1117525 Harlequin001
Harlequin001's picture

and doesn't answer his critics...

must be a politician...

Wed, 03/30/2011 - 08:19 | 1116358 Oh regional Indian
Oh regional Indian's picture

Gold is trying to scale a wall of worry.

Silver is breaking it's shackles.

I'd bet on the latter and go all in. 

ORI

http://aadivaahan.wordpress.com/2011/03/30/sex-unnatural-oxymoron-and-comment-streams-of-consciousness/

Wed, 03/30/2011 - 08:23 | 1116363 cossack55
cossack55's picture

Fundamentals as sound as in 2010. Tyler keeps on with the hits.

In a world made of quicksand,

the man with clown shoes is King.

Wed, 03/30/2011 - 08:30 | 1116383 Harlequin001
Harlequin001's picture

Now that is one awesome quote...

but seriously, '"But if we do see the gold price fall, you're not going to see anything below $US900.'

They just can't resist getting those low figures in can they, just to mess with your head.

Gold at 1428 and rising as we speak. $900 again my ass...

 

Wed, 03/30/2011 - 08:41 | 1116409 falak pema
falak pema's picture

Does a harlequin's ass look like its got checkered flags all over it with a sign saying money is a fool's paradise?! Or, I'm a gold digger who will only sell his pants at $1428+ per ounce of fine, shiny dust?

Wed, 03/30/2011 - 13:07 | 1117535 Harlequin001
Harlequin001's picture

Dunno, but I'll take option 2 any day...

whatever it was...

a harlequin's ass is a very private place...

Wed, 03/30/2011 - 09:01 | 1116471 High Plains Drifter
High Plains Drifter's picture

Its like the Prechter  $600 gold call. Gee, I wonder how that is working for all of those who took his "advice" ?

 

 

Wed, 03/30/2011 - 11:11 | 1116978 DosZap
DosZap's picture

If gold falls, silver will be it's companion.

The two are siblings.

Wed, 03/30/2011 - 12:42 | 1117537 Harlequin001
Harlequin001's picture

If...

That's a very big word...

Wed, 03/30/2011 - 08:32 | 1116388 Oh regional Indian
Oh regional Indian's picture

That is a good one Cossack, did you coin it?

ORI

Wed, 03/30/2011 - 12:43 | 1117543 Harlequin001
Harlequin001's picture

Yes, I will remember that one...

Wed, 03/30/2011 - 08:35 | 1116401 falak pema
falak pema's picture

Clown shoes and twinkling feet...that is what I felt when he sang under the rain. Those soggy shoes just danced through the streets like rippling laughter on a sunny day.

Wed, 03/30/2011 - 08:51 | 1116442 snowball777
snowball777's picture

Big Fred Astaire fan are ya?

Wed, 03/30/2011 - 12:44 | 1117549 Harlequin001
Harlequin001's picture

Morecambe and Wise, definitely...

funniest thing you'll ever see...

made my sides hurt.

Wed, 03/30/2011 - 08:36 | 1116404 slow_roast
slow_roast's picture

Who the fuck pays CPM to make up this shit?  Nadler? 

Wed, 03/30/2011 - 10:53 | 1116894 DosZap
DosZap's picture

Nadler says WE are to blame, as the Internet Pushers.

Too much bad info,and too many opinions.

It's funny how we go from Record Highs,( Limit Raises) and 30 minutes late we drop back into the norm, or lower and we claw our way back within hours, or two or three days.

 

Wed, 03/30/2011 - 08:40 | 1116415 Yardfarmer
Yardfarmer's picture


again it is instructive to reference Martin Armstrong's latest "How and When" where he marks the red letter days of June 13 and 14 for a possible massive consolidation of Au to $1100 as a necessary prelude to the final ascent. read more

http://www.martinarmstrong.org/files/how%20and%20when%2003-01-2011.pdf

Wed, 03/30/2011 - 08:47 | 1116418 Negro Primero
Negro Primero's picture

"Odyssey returns to the U.S. appeals court in May, Gordon said, to fight a Spanish government claim for about $500 million in coins the salvager found and hauled from the bottom of the Atlantic off Portugal in 2007."

From Yahoo:

Thursday January 6, 2011

TAMPA, Fla. (AP) -- Deep-sea explorers in Florida are using some of the trove of recently leased WikiLeaks documents to try to force the U.S. government out of their legal battle with Spain over a shipwreck treasure.

Odyssey Marine Exploration Inc. of Tampa says documents released by Wikileaks show the U.S. State Department had offered to help Spain's side in the matter in exchange for help in returning a multimillion-dollar painting -- seized by World War II-era Nazis -- to a U.S. citizen.

Odyssey said Wednesday it filed a motion urging an appeals court to throw out a "friend of the court" brief by the U.S. government supporting Spain's bid for 17 tons of coins raised from a sunken Spanish galleon off Portugal in 2007.

A federal court ruled for Spain in 2009. Odyssey is appealing.

The State Department had no immediate comment when contacted Wednesday by The Associated Press.

Wed, 03/30/2011 - 08:48 | 1116435 snowball777
snowball777's picture

Finders keepers, bitchez.

Wed, 03/30/2011 - 08:46 | 1116429 snowball777
snowball777's picture

http://www.expatica.com/fr/news/french-news/china-s-hu-warns-sarkozy-on-...

"Hu told Sarkozy the use of force was no answer to problems, but would only make them more complicated...".

Who said the Chinese don't understand irony (fist)?

Wed, 03/30/2011 - 08:50 | 1116446 Sandy15
Sandy15's picture

Every type of news will be ignored since the Bernack wants to destroy to dollar and the economy.  It helps Soros and friends with their NWO.

Wed, 03/30/2011 - 09:16 | 1116508 monopoly
monopoly's picture

Nothing has changed. Just staying the course. Go ahead and mark AMZN at 200. I will pass. But I am not, and have not shorted this market. I do not fight Madmen.

Wed, 03/30/2011 - 09:22 | 1116523 camoes
camoes's picture

THE BEARS SAID BUY SILVER!!! TRUST THE BEARS, THEY HAVE THE INSIDE INFO!!!

Wed, 03/30/2011 - 09:31 | 1116549 tmosley
tmosley's picture

You don't need to have insider information to know it is a good idea to buy silver.

Wed, 03/30/2011 - 09:27 | 1116534 Quinvarius
Quinvarius's picture

I like how when the mint runs out of blanks it is reported as a drop in silver eagle sales.

Wed, 03/30/2011 - 10:58 | 1116915 DosZap
DosZap's picture

The mint has plenty of silver for Eagles.

Perhaps the price is a tad rich, when you can buy private label bulion for 3-$4.00 less an oz.

Wed, 03/30/2011 - 09:33 | 1116553 Silverhog
Silverhog's picture

Housing still in free fall, world deficits growing like your worse case cancer and a renegade Plutonium plant about to fart near one of the worlds biggest cities. Lets see, who else would like to add to such a positive economic outlook list?

Wed, 03/30/2011 - 10:30 | 1116781 earlthepearl
earlthepearl's picture

Why is the CHF spiking?

Wed, 03/30/2011 - 10:59 | 1116923 DosZap
DosZap's picture

Because everyone and his dog is buying it, and it will cost them long run.Too much of a good thng ultimately will usually destroy the "Good" thing.

 

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