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He also warned that all countries would have to face up to mounting debt levels and said that central bank’s ultra loose monetary policies were not the answer. King echoed the IMF’s Lagarde recent declaration that the world needs a “global economic reset”.

Gold is nearly 2% higher this week and its technical position has further improved (see key charts). On Wednesday, gold broke out of bullish descending wedge chart pattern that has formed in recent months. Another buy signal for gold came when gold rose above the 20 EMA and 50 EMA (exponential moving averages). Also positive is the fact that the price momentum oscillator (PMO) has turned up, indicating that a positive momentum shift has occurred.

Bank of England plans to make bondholders and depositors bear the cost of bailing out failing banks has led Moody’s to downgrade its outlook on the UK banking sector. Depositors in some Cyprus banks saw 50% or more of their life savings confiscated overnight. Moodys largely ignored, as did much of the media coverage of their report, the real risk that bail-ins pose to people’s life savings and companies capital, the likely negative impact of this on consumer sentiment and employment in already fragile economies.

The White House has previously said that talks between Russia and Iran were a matter of "serious concern". Currency wars are set to escalate as the petro dollar’s decline continues. U.S. and European Union sanctions against Russia threaten to hasten a move away from the petro dollar that’s been slowly occurring since the global financial crisis.

In the physical markets, buying remained subdued in the seasonally quiet summer period. Gold and silver bullion coin buyers have secured their allocations and there is very little new entrants into the bullion market which  has contributed to falling demand recently. Data from the U.S. Mint showed that gold coin sales in July fell about 40% from a month ago.

The summer months frequently see seasonal weakness as has been the case in recent years and since gold became a traded market in 1971. Gold and silver often see periods of weakness in the summer doldrum months of May, June and July.

The stealth phenomenon that is silver stackers or long term store of value buyers of silver coins and bars continues and is seen in the record levels of demand for silver eagles from the U.S. Mint. Silver stackers are those who are more informed about the fundamentals of the silver market and are concerned regarding systemic and monetary risks ...

“But long term...and economic law says, if you keep printing a lot of paper money, the value of the dollar and currency will go down, and things and most prices will go up and indeed gold always goes up against that currency” - Ron Paul

Aggressive buying of gold and particularly silver by Russia will likely lead to defaults on the COMEX gold and silver futures exchanges and potentially an international monetary crisis. As sanctions, economic war and currency wars intensify we expect Russian and Russian ally buying of gold and selling of dollars to intensify ...

Manipulation of the silver market was covered in a just released ‘Get REAL’ Special on Silver. Key topics discussed in the interview include * The fix is in: Old boys, pints of beer, big cigars and top hats, * the risk of manipulation through HFT, computer trading and ‘dark pools,' * “Meet the new boss; same as the old boss,'  * The importance of owning allocated and especially segregated silver

Singapore’s plans to become a gold and precious metals hub took a key step on Thursday. Jim Rogers, Jim Sinclair and Marc Faber have extolled the virtues of owning physical coins and bars in Singapore. “Individuals are making a mistake if they’re holding all their assets in one country.…I still have the majority of my gold in Switzerland, but I am already moving gold to Asia,” Faber recently said.

The EU and global drive toward bail-ins continues unabated. Bail-ins are coming to financial institutions and banks in the EU, UK, U.S. and much of the western world - with painful consequences for unprepared investors and savers.

When it comes to the apocalypse, Krugman likes to have his apocalyptic cake and eat it too. Krugman says that the recent concern about “debts and deficits” was a “false alarm.” He attempts to paint those who were concerned about the debt crisis as scare mongers. He sarcastically says that “the debt apocalypse has been called off.”

Ukraine, Gaza, Iran, Isis, Syria and Turkey are all just pawns in a grotesque geopolitical game. All sides have their narratives. But in all cases, innocents must die ...

Bank of England officials led by Mark Carney, the Bank of England governor, are attempting to bridge sharp differences among leading G20 countries as they prepare a landmark set of proposals aimed bringing in the new bail-in regime. The issue is of major consequence also to depositors who could see their savings confiscated as happened in Cyprus. Bail-ins are coming to banks in the western world with consequences for depositors.