Saturday, June 22, 2013

Nigel Farage – The Government Is Going To Steal Your Money

from King World News
On the heels of yesterday’s drubbing in the gold and silver markets, MEP Nigel Farage spoke with King World News about recent turbulence in key markets, and also warned KWN readers to expect more government theft as Cyprus is used as a template to steal money from citizens in the future. Below is what Farage had to say in part II of his powerful interview series.
Eric King: “I wanted to ask you about your thoughts on the propaganda coming out of the Federal Reserve (as we go through this orchestrated smash in gold and silver).”
Farage: “The fact is that America is living massively beyond its means. Pursuing policies that really are not in the interests of America. They are just a means of keeping the whole thing (financial system) propped up.
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Sub $20 Silver: David Morgan & Andy Hoffman

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Markets Approaching Key Support

Its Jerry Lee Lewis day at all about trends today namely: ”Great Balls Of Fire” And there’s a “Whole Lotta Of Shaking Goin On”
And that is what we are seeing here folks today.
Yesterday folks the 1600 zone on the SPX was holding all until? The afternoon when it broke and free fell into the close. Since then? We are in the process of seeing some confluence that tells us to beware on the short side and if the what to watch out for on the short side is starting to rear its head? Well then its the what to watch for on the long side that’s also in play.
Lets get into the charts here shall we.

So like it or not from an emotional standpoint here the best course of action is to probably do nothing here and wait for Jerry Lee Lewis to exit the stage, the charts are sure saying so. Who knows maybe the next act on American Bandstand is going to be Elvis and everyone went gaga when he took the stage. After all volatility goes both ways as we’ve seen recently. We’ve seen big moves to the upside and of course we’ve seen big moves to the downside so expect that to continue.
Its the weekend and who knows, MAYBE the new mainstream media battle cry emerges of the reason they are talking about scaling back tapering is because the economy is strong enough to stand on its own and that is a good thing. At some point that will be the next ra ra ra you watch. You see folks at extremes the market always looks for a catalyst or something it can hang its hat on to move it the other way if even for a few days.
Game Plan Week of 6-17
We have a fair enough of exposure right now with our current positions. Now it’s all about managing our risk here. In the end it’s going to be gain wash or loss. We know where supports are, we employed trade size risk management.
6-21 Given the markets have just sold off , given its options expiration, given the end of the quarter is next week, given we are getting some extreme short term indicators kicking in some deep oversold levels we are probably best served to bend like a willow tree in the wind right here for the day and use any strength next week to lighten the load on the longside.
Not fun here I get that, I get the emotional stance of wanting to kill everything here I really do (in order to stop the emotions of fear), but that is also about the time they turn the markets. Its an internal indicator Nervous Nellie uses to stop the emotions she feels and that’s about the time (after she walks away) the markets tend to turn around (without her) and show some sort of bounce.
Yesterday we said:
We work with what we have currently and should we see bounces in our issues we may start to cull some names and reduce exposure as we’re not sure big picture we are done going down till we take a look at the support zone of 1575-1580 ish when all said and done.
And here we are looking at the 1575 ZONE into the weekend. We’ll talk about this weekend about the short side, what to do with a bounce, where are we big picture? All of that so stay tuned, in the meantime like we said, bend like a willow tree in the wind vs an oak tree who’s limbs tend to break in the wind.
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Five Miners Chen Lin Expects to Buck the Trend

The Gold Report: As you noted in your last interview with The Gold Report in February, Goldman Sachs was predicting that gold would to go down to $1,200/ounce ($1,200/oz) in several years, and now "Dr. Doom," Nouriel Roubini, says it's going to $1,000/oz. What's your view?

Chen Lin: In the near term, I think gold is being controlled by the paper market on Wall Street, which is unfortunate. However, I'm still bullish for the long run.

TGR: Do you see anything on the economic horizon that could create a more positive environment for gold in the near term?

CL: Personally, I'm not sure all the problems are behind us. Japan just had a big swing in the stock market and is going through a risky experiment to do a quantitative easing (QE), which is actually on a much larger scale than that of the U.S. I think Japan, for the next few months if not year or two, will decide how successful QE can be. Japan is doing much, much stronger QE than that of the U.S, which has 100% debt to gross domestic product (GDP). Japan has over 200%. So actually it's a blessing to the U.S. to see what is going to happen with the Japanese experiment. I think that will be a key indicator for the longer term effectiveness of QE. (more)

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Unretirement ahead for more than half of Canadians

A businesswoman is considering retiring later than 65.Just 27% of working Canadians expect to be retired at 66. That’s the key finding of this year’s Sun Life Canadian Unretirement™ Index. Almost the same number (26%) believe they’ll be working full-time at 66. Another 32% say they’ll be working part-time.
Five years ago, when we asked the same question in the heat of a global financial crisis, 51% of Canadians said they expected to be retired at 66. Interestingly, the percentage was even higher a year later. In 2009, 55% of Canadians expected retirement by 66. This year’s result is less than half that number.

While the data doesn’t tell us why attitudes began to grow more negative after 2009, the timing does coincide with a growing realization that the recovery following the 2008-2009 recession was relatively weak. After a period of optimism in 2009 — during which Canada’s economy was held up as a source of stability in a volatile world — it had become clear by 2010 that economic growth across much of the country would probably be soft for the foreseeable future.
Few retirees, more workers after age 65
The study also asked those who expect to be working at 66, why they believe that will be the case. Will they keep working because they want to or because they need to? Here, too, we see a sharp contrast between our first two years of Unretirement™ research and the three years since.
This year, among the 58% of Canadians who expect to be working either full- or part-time at 66, more than six in 10 (63%) say it’s because they’ll have to. The other 37% say it’s because they’ll want to. The gap between the percentages that want to and need to has never been wider.
These numbers tell us a lot about how much Canadians’ retirement expectations have changed in the five years since the financial crisis. The top reasons Canadians gave for working past 65 in 2008 and 2009 were about enjoying their work and wanting to stay mentally active. That changed in 2010. Since then, the top reason has been “to earn enough money to pay basic living expenses.” Back in 2008, just 11% cited that reason for working at 66. This year, one-quarter of the Canadians who expect to be working at 66 say it’s so that they will be able to cover the basics.
Other key findings this year:
  • Six in 10 working Canadians (59%) expect to retire with less than $250,000 in savings. Thirty-eight per cent say they’ll retire with less than $100,000 saved.
  • Just one-third (34%) say they are either “very satisfied” or “somewhat satisfied” with their retirement savings. Four in 10 (42%) are “very dissatisfied” or “somewhat dissatisfied.”
  • Almost four in 10 (38%) say there is a “serious risk” that they will outlive their retirement savings. Thirty-one per cent are not confident they will be able to cover their medical expenses in retirement.
  • Paying down debt is far and away the top financial priority. Forty-five per cent say paying off a loan or paying down a credit card balance is their No. 1 priority. Just 23% say the same about saving for retirement.
There is a bit of good news in this year’s results. Eighty per cent of working Canadians said they’ve taken at least one step toward achieving their retirement goals. In some cases, that step has been pretty rudimentary. Forty-three per cent have “started thinking about it” and 30% have discussed retirement plans with their spouse or partner. Others are taking more meaningful action: 42% are investing in a personal registered account; 29% have met with a financial advisor; and 22% make automatic/regular deposits to a retirement savings account.

One in five (20%) Canadians have taken no steps at all.

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The Coming Bond Bubble

Michael Synder from the popular Economic Collapse Blog joins us today.
He discusses:
(1) How he believes that Gold + Silver look attractive at these levels (even though he believes there could be more downside)
(2) Why the economy may be headed towards a short term deflationary crash. But then, the inflation genie may come out of the bottle.
(3) How he believes the bond market may crash.

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Treasuries’ Worst Week In 50 Years; Stocks Worst Week In 2013

from Zero Hedge:
5Y yields rose a stunning 37% this week – the most in the 50 year record of Bloomberg data. The 38bps increase in yields is also among the worst absolute shifts over that period but off such low levels it is quite a shock. Credit markets saw hedge protection bought early on in the week and then covered as real money started to sell their bonds on the back of redemptions in the last two days. The high-yield bond ETF had its biggest weekly loss in 13 months (notably clinging to the Lehman ledge levels). Equity markets suffered too (down 3.5 to 4.0% from the FOMC) with the S&P’s worst week of the year (even as it bounced off its 100DMA). Most sectors hung around the 3-4% drop but homebuilders are down over 8% since the FOMC. The USD surged over 2.1% on the week with JPY’s worst week in 43 months. VIX ended the day down 1.7 vols at 18.8% but beware as OPEX and hedge unwinds into underlying covers seems prevalent. Gold’s worst week in 21 months left it back under $1300.
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